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Torian Resources Limited - Tyrannus Gold Footprint Expanded

10/27/2021 | 08:17am

Torian Resources Limited (Torian or the Company) is pleased to announce that Tyrannus gold footprint has been extended to 1000m with oxide mineralisation confirmed at various high priority targets in and around the Tyrannus prospect by AV drilling at the Mt Stirling Gold Project within anomalous surface pXRF arsenic zones.


Tyrannus Discovery Update

Tyrannus gold footprint has been extended to 1000m with Auger Vacuum (AV) selective arsenic-rich samples returning further gold intercepts from target zones 400m further NW

Tyrannus oxide mineralisation is expanding in both strike and width at multiple areas amenable to open pittable Resource(s)

Additional single-metre sampled zones from vertical AV drilling coincide with previously discovered surface pXRF arsenic (As) anomalous zones:

Broader zones have also been confirmed from asssays immediately surrounding previously reported (ASX 5th Octcober 2021) single meter sampled intercepts, with mineralised zones

Additional AV hole samples adjoining existing anomalous (>0.5 g/t Au) intercept zones have been submitted, with further assays (316) expected within 2 weeks

Tyrannus mineralisation has the potential to merge onto Mt Stirling East zones as anomalous gold zones overlap interpreted Eastern Zone strike projections

Tyrannus is located on an inflection of the Ursus Fault along strike of Red5 (ASX:RED) CerebusEclipse (Indicated & Inferred 2.8Mt @ 1.2g/t Au for 112k oz) and Centauri deposits (Indicated & Inferred 1.7Mt @ 1.5g/t Au for 81.3k oz)

20 RC drill holes at Tyrranus (from 39 planned) will immediately test 14 interpreted target zones, with permitting approved and earthworks in progress

Record date for New Options Rights Issue ($0.035 exercise, 2 year expiry) is the 29th of October. (Ex-date 28th of October).

To date, arsenic anomalies has proven to be highly correlated with gold occurrences and provide a significant vectoring footprint to oxide and potential primary mineralisation. The Company has now planned a 39-hole RC drilling campaign to follow up on these AV gold results, with 20 holes to be drilled in coming weeks to test 14 interpreted target zones.

Torian's Executive Director Mr Peretz Schapiro said 'We continue to see our methodical exploration strategy pay dividends, with numerous high priority targets being uncovered. Our recently updated geological model is really exciting as it points to the potential presence of one large and interconnected gold system.

Our exploration strategy ensures that the relatively more expensive RC holes are placed where we have already confirmed gold mineralisation. We are eager to end 2021 with a bang as we drill some of these exciting and highly promising targets. We are anticipating significant news flow over the coming weeks as we look forward to further results from the entirety of the Mt Stirling Gold Project (Diorite East, Diorite North (Unexpected), Mt Stirling SE, Mt Stirling East, Stirling Well, Hydra, Viserion, and Tyrannus) as well as the continuation of drilling at our high priority targets.

I would also like to thank our many option holders who have converted their options now to take advantage of the New Options Rights Issue. (ASX announcement 29 Sep 2021) We are blessed with a very committed and loyal shareholder base, so raising capital from our option holders as opposed to outside investors allows us to 'keep it in the family' as we continue to grow this company together.

Auger Vacuum drilling provides clean uncontaminated samples of overburden and oxide material above hard rock basement that are able to be screened by pXRF for vectoring minerals and elements and contoured to map out dispersion of elements and minerals of interest.

AV provides a low impact and cost-effective method to detect out the leakage of mineralised systems onto interpreted structures and prospective lithological contacts. Torian Resources Limited (Torian or the Company) continues in partnership with Strataprobe (AV) Drilling, in providing the technical successful on-going target generation, therefore de-risking and ranking priority targets for RC drill definition, ensuring the global increase resource base of the Mt Stirling Projec

Tyrannus Regional Update

Tyrannus gold footprint has been extended to 1000m with Auger Vacuum (AV) selective arsenic-rich samples returning further gold intercepts from target zones 400m further NW. Tyrannus oxide mineralisation is expanding in both strike and width at multiple areas amenable to open pittable Resource(s) due to the shallow and supergene nature of gold discovered adjacent to an inflection position of the NNW Ursus Fault.

Tyrannus Discovery Maiden RC planned drilling

20 RC drill holes (from 39 planned) will immediately test 14 interpreted target zones, with permitting approved and earthworks in progress. Several structural orientations are present at Tyrannus, with linking structures likely to also have some controlling influence on gold mineralisation dispersion. Drill orientation will commence targeting subvertical NE dipping interpreted lodes and also be able to identify flat-plunging orientations. A second phase will likely target NE striking mineralisation associated with NE shearing, with further exploration to target possible NNW striking SW-dipping interpreted mineralisation adjoining or originating from the Ursus Fault.

Tyrannus targets are structurally significant as they are situated on an inflection and splay junction of the Wonambi Shear termination onto Ursus Fault, 400m east of Mt Stirling gold mineralisation, and are highly likely to merge onto and along strike of Mt Stirling SE mineralised Au lode positions. There are 14 >0.10 g/t Au target zones with 7 > 1.00 g/t Au zones to be tested in upcoming RC drilling with earthworks advancing as permitting is also approved. Further gold assays from the recent AV drilling will aid positioning of planned drilling, and likely provide further target zones.


Peretz Schapiro


About Torian

Torian Resources Ltd (ASX: TNR) is a highly active gold exploration and development company with an extensive and strategic land holding comprising six projects and over 400km-2 of tenure in the Goldfields Region of Western Australia. All projects are nearby to excellent infrastructure and lie within 50km of major mining towns. Torian's flagship Mt Stirling Project is situated approximately 40km NW of Leonora, and neighbours Red 5's Kind of the Hills mine. The region has recently produced approximately 14M oz of gold from mines such as Tower Hills, Sons of Gwalia, Thunderbox, Harbour Lights and Gwalia.

Cautionary Note Regarding Forward-Looking Statements

This news release contains 'forward-looking information' within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget' 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or indicates that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be' taken, 'occur' or 'be achieved.' Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, Gold and other metal prices, the estimation of initial and sustaining capital requirements, the estimation of labour costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the Project, permitting and such other assumptions and factors as set out herein.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in Gold prices; sources and cost of power and water for the Project; the estimation of initial capital requirements; the lack of historical operations; the estimation of labour costs; general global markets and economic conditions; risks associated with exploration of mineral deposits; the estimation of initial targeted mineral resource tonnage and grade for the Project; risks associated with uninsurable risks arising during the course of exploration; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support exploration activities; risks associated with changes in the mining regulatory regime governing the Company and the Project; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; Page 19 of 25 / 26 October 2021 the reliance on key personnel; financing, capitalisation and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at the Project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation.

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