Final Interim Resource Estimate Gold Results
Perth, April 27, 2021 AEST (ABN Newswire) - Torian Resources Ltd (
ASX:TNR) is pleased to announce receipt of the final assay results to be included in the upcoming resource estimate update. Many of these latest results contain grades far exceeding the previous 2019 global grade. Results received also incorporate anomalous 4m comps previously reported and which are now upgraded as individual zones. The JORC interim resource estimate update is now scheduled to be completed by mid May 2021.
Highlights:
- Further high-grade gold intercepts are the final results to be included in the upcoming Mt Stirling JORC Resource Estimate update.
- The interpreted strike of the Mt Stirling gold system exceeds 1.160km and its interpreted depth surpass 300m with Mt Stirling Main Zone; Hanging Wall and Viserion lodes all remaining open along strike and down-dip.
- A further gold mineralised zone has now been discovered further to the east towards the Wonambi Shear and Ursus Fault zone.
- Numerous significant intercepts have been received from the north-western block beyond the Nexus Fault Zone.
- Significant arsenic anomalies have been found (pXRF) ~500m NW of Viserion implying continuity of the gold system to the NW.
- Assays results and footprint continue to track on par and are consistent with regional significant discoveries, e.g. St Barbara's (ASX:SBM) 4.8Moz Gwalia Mine and Northern Star's (ASX:NST) 3.8Moz Thunderbox Mine, with the Mt Stirling Gold System remaining open in all directions
- Further drilling has now commenced at the Mt Stirling Well gold project in anticipation of a JORC resource update in early Q3 2021.
- Results awaited from 16 holes at Mt Stirling Well and 19 holes from Diorite, with results forthcoming.
- Mt Stirling Regional targeting has identified numerous Priority 1 and Priority 2 targets along four key structural corridors; Viserion Shear (3.4km); Wonambi Shear (2.2km); Ursus Fault (2.5km) and Blue Jacket (2.2km) for immediate follow-up exploration including AV drilling.
Torian is now fully funded to conduct its 50,000m drilling campaign in 2021.
Drilling has now commenced at Mt Stirling Well, as the Company continues to work on expanding its current inferred resource estimate of 253,500t @ 2.01 g/t Au for 16,384 oz.
Twenty holes are planned at Mt Stirling Well for approximately 2200 metres of RC drilling.
Drilling will pursue the depth of the gold system at Mt Stirling Well and will aim to also test for multiple horizontal lodes as historical and recent drilling at Mt Stirling Well has generally been quite shallow.
Following drilling at Mt Stirling Well, the Company will commence RC drilling multiple targets on the Diorite Block. Until now the Company has prioritised results from Mt Stirling due to the upcoming resource estimate update. Now that all results have been received, the Company expects to receive results from its previous drilling campaign at Diorite (October 2020) in the coming weeks.
In addition to its active RC drilling campaign at both Mt Stirling and Mt Stirling Well, the Company has been working through a significant target generation campaign utilising both air vacuum (AV) drilling and its recently purchased pXRF to test for arsenic anomalies. To date, arsenic anomalies at Mt Stirling correlate significantly with gold mineralisation.
The Company has now detected arsenic anomalies up to 500m NW of the Viserion Zone, which may be indicative of a continued extension of the strike of the Mt Stirling Gold System further to the NW.
Torian's Executive Director Mr Peretz Schapiro said "Myself and fellow Executive Director, Paul Summers, visited the Mt Stirling Gold Project last week (Photo 1*). Our site visit across the project left us feeling increasingly confident that the future of Torian is very bright. The number of historical shafts and mines on our ground coupled with tapping into the local knowledge regarding the amount of alluvial gold that has been found on our ground in more recent years, points to the fact that we are very lucky to be in such a significantly rich part of the goldfields.
The latest batch of results received continue to bode well for a significant update to our interim resource in the coming weeks. Grades far above our global grade continue to be received, in addition to a significant extension both down dip and along strike. This continues to fill us with confidence that when our interim resource estimate is completed it will result in a significant revision to our tonnage and gold ounces at Mt Stirling. The interim resource will provide the Company with strong fundamental backing as we continue our journey to develop Mt Stirling into a Gold Camp.
Importantly, the system continues to remain open in all directions, meaning that once the resource estimate is received, we will continue drilling to define both the extent of the strike and depth of the system. Our recent discovery of arsenic anomalies ~500m NW of the Viserion zone, is a great indication of the possibility of a continuation of the gold system, particularly as we have already intercepted gold mineralisation on the adjoining north-west block, beyond the Nexus Fault.
In addition to attempting to prove up a larger footprint at Mt Stirling itself, we will soon be actively following up with other high priority targets in the region. For instance, there have been historical gold intercepts 1.2km NW and along strike from Mt Stirling. We are excited about a potential connection between Mt Stirling Well and Mt Stirling along the Nexus Fault, where we are utilising our pXRF and AV drill to test for arsenic anomalies in soils and in the oxides.
We will also be following up on the Blue Jacket prospect to the east, which has historical gold intercepts alongside some deep historical shafts, in addition to following up on the newly discovered eastern zone at Mt Stirling and the prolific Ursus fault (Figure 15*). We are also looking forward to follow up work on Diorite in the coming weeks, particularly around the high grade historical mines (including the 73 g/t Au Diorite King Mine) and soil and rock chip anomalies.
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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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