Torian Resources Limited (TNR.AX) Quarterly Activities Report
Perth, Australia, Oct 27, 2020 - (ABN Newswire) - Torian Resources Ltd (ASX:TNR) is pleased to report on exploration activities during the September quarter. During the quarter Torian's focus has been on commencement of the Phase 2 drilling campaign at the Mt Stirling Gold Project as well as the interpretation of 50,000m of historical drill data at the Mt Monger-Wombola project.
Mt Stirling Gold Project Phase 2 Drilling Begins
During the quarter the Company advised that the Phase 2 drill campaign had commened at the Mt Stirling Gold Project. The ~15,000m drilling campaign commenced at the Diorite East prospect on the Diorite Block. 9 holes comprising of approximately 1,000m of drilling have been planned for the prospect to follow up on a number of historical gold-in-soil anomalies which were recently uncovered.
This will be followed by drilling on the main section of the Diorite Block where excellent high-grade gold results have been returned from soils and rock chip samples and the Mt Stirling Block which hosts two JORC inferred resources.
High Grade Results Returned from Diorite Sampling Programme
During the quarter on 27 July 2020 the Company released the results of its June 2020 rock chip and soil sampling programme on its 100% owned Diorite Block. Excellent high grade gold results have been returned from soils and rock chip samples including:
o 21 g/t gold and 2.10 g/t silver from the historic Unexpected mine dump.
o 9.04 g/t gold and 9.59 g/t silver from the historic Unexpected mine (in-situ).
o 6.09 g/t gold from the historic Unexpected mine (in-situ).
o 7.49 g/t gold and 0.96 g/t silver from the historic Diorite King shaft (in-situ).
Desktop Analysis Continues to Uncover Additional Areas of Interest at the Mt Monger Project
During the quarter the Company released a series of announcements relating to ongoing desktop analysis of up to 50,000m of drilling at the Mt Monger - Wombola Gold Project, with significant discovery potential. High grade historical drilling results have been uncovered within the Hoffmann and Ludlow Prospects within Torian's Wombola Tenement Area including:
At the Hoffman Prospect:
- 14m @ 1.03 g/t Au from 0m, incl. 1m @ 7.21 g/t Au from 2m;
- 3m @ 1.32 g/t Au from 33m, incl. 1m @ 3.22 g/t Au from 33m; and
- 9m @ 0.99 g/t Au from 27m, incl. 1m @ 7.66 g/t Au from 31m
Significant intercepts at the Ludlow Prospect include:
- 1m @ 18.40 g/t Au from 24m
Diorite Block Expanded Through Acquisition
Subsequent to the end of the quarter on 6 October 2020 the Company advised it had entered into an option agreement to acquire 100% of four tenements, including one granted mining lease. The tenements are located within Torian's Diorite Block at the Mt Stirling Gold Project, further strengthening the Company's exploration and development pipeline, and bolstering its land holdings in the highly sought-after Leanora gold fields.
Dampier to Embark on Major Drilling Program at Zuleika Gold Project
On 15 July 2020 Torian's joint venture partner Dampier Gold Limited (ASX:DAU) advised that following the successful drilling results at Credo Gold Project (refer ASX release 2 June 2020), drilling will commence within the coming weeks on the Zuleika Gold Project. The highly anticipated maiden drilling program will commence in July focusing on strategic exploration targets at Paradigm East and testing highly prospective zones at Browns Dam and Castle Hill East.
$3 million Oversubscribed Underwritten Rights Issue & Placement
On 6 July 2020 Torian advised it would untertake a renounceable rights issue offered on the basis of one new share for every four shares held (Rights Issue) at $0.016 per share together with (1) free attaching TNRO option for every two new Shares subscribed for, to raise up to approximately $2.2 million (before costs).
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About Torian Resources Limited:
Torian Resources Ltd (ASX:TNR) is a gold exploration and development company with an extensive and strategic land holding comprising eight projects and over 400km2 of tenure in the Goldfields Region of Western Australia.
Torian's flagship project, Zuleika, is located along the world-class Zuleika Shear. The Zuleika Shear is the fourth largest gold producing region in Australia and consistently produces some of the country's highest grade and lowest cost gold mines. Torian's Zuleika project lies north and partly along strike of several major gold deposits including Northern Star's (ASX:NST) 7.0Moz East Kundana Joint Venture and Evolutions (ASX:EVN) 1.8Moz Frogs Legs and White Foil deposits.
Torian's other projects include the strategically located Mt Stirling and Malcolm Projects in the Leonora region (near Red 5's King of the Hills Project), where it recently completed updated Mineral Resource Estimates and preliminary scoping studies, and a suite of other projects in the Kalgoorlie region including Credo Well JV Zuleika JV, Bonnie Vale, Gibraltar and Mount Monger/Wombola.
Torian Resources Limited
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