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Torian Resources Limited (ASX:TNR) Mt Stirling Project Drill Update

on 1/6/2022
Torian Resources Limited (ASX:TNR) is continuing the progress of its announced 17,500m drilling campaign (RC and AV combined) at the Stirling Gold Project, Leonora. Drilling to include a combined RC of 12,500m to test:

- High priority targets at Tyrannus (assays received);
- Hydra (assays received);
- Estera (high grade Au assays received);
- Stirling Well extension;
- Mt Stirling / Viserion extension (in-progress); and
- Skywing gold targets (drilling commenced)

RC drilling continues to advance testing the high priority shallow portion of the Mt Stirling-Viserion gold deposit in order to achieve an increase in the JORC Code 'Indicated' category resource (~880m strike x ~125m depth) from surface with 9 drill holes completed for 740m.

An additional ~5,000m of AV drilling is planned to vector and expand the footprint of high-ranked regional Au (gold); As (arsenic); multi-element and structural targets across the Stirling Gold Project.

As has already been announced to the market, a key priority and goal of the current campaign is to upgrade the confidence level of a significant portion of the Mt Stirling-Viserion Resource to the JORC Code 'Indicated' category, while adding ounces by extending the strike and selective depth of the gold system.

Approximately 40% of the planned meters will target the shallow portion of the Mt Stirling-Viserion gold deposit to be drill defined to JORC Indicated category (~880m strike x ~125m depth) from surface 425m down to 300mRL. The Company conservatively anticipates increasing its global project Au grade, expand the Resource base and provide valuable data and confidence for a 2022 Q1 Optimisation Study.

An updated global MRE (Mineral Resource Estimation) for the Stirling Gold Project is on track for the end of Q1 2022. (Subject to drilling efficiency and laboratory timelines). In addition to the assay results from this next round of drilling, the MRE will include previously announced results that were not included in the May 2021 MRE.

In an effort to expedite the drilling programme the Company has secured the services of three (3) drilling RC contractors and one AV contractor to conduct the planned activities through this month and into February 2022.

The Company has also secured the services of Minecomp Pty Ltd a Kalgoorlie based, survey and mine planning company to conduct a pit optimisation study, as Torian takes another step towards assessing the economics and unlocking value from the Mt Stirling / Viserion gold system.

Mt Stirling / Viserion Further Results

Mt Stirling-Viserion assays have been received for the following intercepts:

o 4m @ 6.67 g/t Au from 52m* (comp MSRC150); and
8m @ 1.21 g/t Au from 70m; incl 1m @ 2.47 g/t Au from 72m

o 3m @ 1.57 g/t Au from 77m (MSRC149); incl 1m @ 3.30 g/t Au from 78m

Multiple drill holes are pending single meter assays from anomalous composite assay results. These are expected within 2 weeks.

Further results are anticipated throughout January, with approximately 38 further drill holes to be drilled to complete the planned Mt Stirling / Viserion drill phase.

Skywing Discovery

The re-interpretation of Mt Stirling Central Zone to flat easterly dipping lode(s) has resulted in 24 pierce points over ~450m strike defining the newly discovered "Skywing" lode(s). These pierce points have been obtained from existing drilling, which has brought into play most intercepts being outside the previous MS MRE of May 2021.

Skywing lode(s) vary from 1-2m true width and provide an immediate prospective shallow open-pittable interpreted extents (~800m x 220m; from surface). This will be drill tested with 40x40m drill spacing towards the Wonambi Shear with ~3,550m of RC drilling planned; with the first phase of 1800m going towards testing the mineralised model in order to commit to a 2nd phase of drilling which will complete the program.

Of significant interest at Skywing, is the increase of Au grades towards the east on every section. (Exclusive of supergene enrichment close to surface on western extents of interpreted shallow easterly dipping flat lodes). It is highly unusual that the Skywing lode(s) exhibit such Au homogeneity and increasing grades towards the Wonambi Shear.

Although modest ounces, modelled Au grade, increasing with depth and easterly appreciation could multiply scale potential. Any increase in width will also have this effect.

Skywing also demonstrates potential for repeated flat lodes; alike to the Stirling Well stacked lode model, in addition to prospective spaced-out occurrences that further drilling will seek to unveil.

Detailed logging will also confirm saprolitic -v- primary gold and provide sufficient data for interpreted modelling.

Given shallow nature of the mineralisation and planned drilling, assay results from Skywing are anticipated to fast-track the prospect's inclusion into the optimisation study.

Skywing lode(s) extension drilling has commenced.

*To view tables and figures, please visit:

Peretz Schapiro

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