Drilling Contract Awarded for Mt Stirling Gold Project
Perth, Aug 3, 2020 AEST (ABN Newswire) - Torian Resources Limited (
ASX:TNR) is pleased to announce the engagement of a drilling contractor Precision Exploration Drilling (PXD). PXD's expertise in RC drilling and its strong local knowledge of the area, having recently drilled for both Red 5 and Torian (H1 2020), will greatly assist with the Company's progression of the Mt Stirling Gold Camp.
Highlights:
- Drilling contract awarded to family run Precision Exploration Drilling
- Programme to be kicked off in Q3 2020, with an initial 5,000m RC drilling campaign to continue to test the depth and strike of the current 1.45 g/t Au 33,900oz JORC inferred resource at Mt Stirling
- Assays from Phase 1 drilling returned grades of up to (refer ASX release 9/6/20):
o 4m @ 8.84 g/t (including 33.10 g/t over 1.0 m)
o 24m @ 1.26 g/t (including 2.89 g/t over 7.0 m)
- Phase 1 drilling has proven that the Mt Stirling Project is emerging as a potentially large gold system with ore grade Au now intercepted over 100m below prior drilling and extends over 1,000m strike
- Mt Stirling drilling to be followed by a drilling campaign to test the extent of the 2.01 g/t Au 16,000oz Stirling Well JORC inferred resource
- 8,000 - 10,000m drilling campaign at the Diorite Block to commence in Q4 2020, where recent sampling returned grades of up to 21 g/t gold and 9.59 g/t silver in and around the historic 73 g/t Diorite King mine (refer ASX release 27/7/20)
- The Mt Stirling Gold Camp sits adjacent to RED 5's (ASX:RED) 4Moz King of the Hills mine and is located within the prolific Leonora Gold district in the Eastern Goldfields, host to St Barbara's (ASX:SBM) 4.8Moz Gwalia Mine and Saracen's (ASX:SAR) 3.8Moz Thunderbox Mine
- Company well-funded from recently oversubscribed Rights Issue
Torian Executive Director Mt Peretz Schapiro said, "We were very impressed with the work ethic of PXD during our most recent drilling campaign at Mt Stirling and are delighted to have secured their services once again for this exciting campaign. PXD is a professional outfit and we look forward to working with them on the Mt Stirling Gold Camp in 2020 and beyond.
The focus of the upcoming campaign will be to build upon our previous drilling campaign at Mt Stirling, where we learned that the Mt Stirling resource does indeed continue at depth. We will look to further test this depth as well as the extent of the existing recourse.
Particular focus will be to follow up on our previous significant intercepts in the hanging wall zone of 2m at 48 g/t and 4m at 8.84 g/t (refer ASX release 9/6/20).
Drilling at Mt Stirling will be followed by a campaign at Stirling Well, where we will test the extent of the current JORC resource.
Following the drilling campaign at the Stirling Block, drilling will commence at the Diorite Block where we are in the process of planning an 8,000 - 10,000m drilling campaign. The campaign's targets align with the recent results of rock chip and soil sampling which returned grades of up to 21 g/t Au in and around the historic 73 g/t Diorite King mine, as well as by a detailed exploration following the report prepared by independent geophysical consultants, Southern Geoscience Consultants (ASX announcements - 29 January 2020, 15 April 2020).
We are excited by the coming campaigns, which are a testament to our commitment to systematically explore our tenements.
The Company is in a strong financial position and we will keep the market updated on our exploration efforts."
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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.
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