Heavy Rare Earth Elements Disocvery at Yttria Reconfirmed and Upgraded
Perth, Feb 9, 2022 AEST (ABN Newswire) - Torian Resources Limited (
ASX:TNR) is pleased to announce that additional assays using techniques more appropriate to the dissolution of refractory REE-bearing minerals have confirmed that "Yttria", defines a significant HREE-Y-Co-Sc-Ni-Cr-Pd- Pt enriched broad ~1km anomaly at its Mt Stirling Central project area. Yttrium is a key pathfinder indicator of high value Heavy Rare Earth Elements used in Critical Metals exploration.
Rare earth elements are in high demand because they are critical components (the vitamins) to many technologies that drive the modern world. However, as the supply of REEs is dominated by China, there is significant geopolitical risk to the supply chain in the west. This has created urgency to discover alternative sources of supply.
The Company is also pleased to announced that as a result of recent option conversions it now has a cash balance in excess of $4.2M. Once all funds from the remaining option conversions have been cleared, the company will issue the remaining converted options, and provide the market with a full summary of the total conversion amount. This is anticipated to occur in the next couple of days. At this stage it does not appear that the company has had to utilise the previously announced underwriting facility.
Torian's Executive Chairman Mr Paul Summers said:
"Our recent gold results confirm our continuing effort with gold exploration at the Stirling Project. Our resource continues to expand, with significant positive results towards our upcoming MRE.
To now have further confirmation of what is clearly becoming a binary focus of the Company in both gold and rare earths has increased the excitement of our dedicated team. This latter unexpected discovery appears to be exceptional and we eagerly await upcoming assays and RC drilling to further define the magnitude of the Yttria discovery.
As the pursuit of a REE resource is relatively inexpensive and expeditous in comparison to gold exploration, the Company is well funded to pursue both in order to achieve a maximum of continuous news and return to our shareholders".
According to Torian's REE consultant Prof. Ken Collerson; who has provided an expert review of the data:
"The system is quite unique given the high proportion of HREY in the regolith."
"Yttria might be related to the same igneous event responsible for the Mt Weld carbonatite, thus the northern Yilgarn could represent and extensive and untested region for critical metal and REEY exploration."
"My guess is that Yttria is sitting not far above a very significant ultramafic alkaline intrusion."
"This discovery by Torian Resources is potentially of considerable geopolitical significance for Critical Metals security".
*To view tables and figures, please visit:
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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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