Torian Resources Limited: High Grade Rock Chip Results from Mt Monger Gold Project

Perth, Australia - Torian Resources Ltd. (Torian or the Company) is pleased to report on the recent ground truthing reconnaissance around historical mining and exploration activity on its 100% owned Mt Monger - Wombola and Mt Monger South Projects. Both projects are located in close proximity to Silver Lake Resources' (ASX:SLR) flagship Mt Monger Mine (Daisy Complex) (Figure 1*).

Highlights:

- Ground reconnaissance sampling at the Mt Monger - Wombola Project, confirms high grade gold potential

- Significant high grade assays of rock chip samples include (Table 2*):
o 1.44 g/t Au (quartz scree adjacent to historical mine shaft - MMW-2)
o 6.12/t Au (quartz in situ in historical pit - MMW-3)
o 21.82 g/t Au (quartz chips from around historic mine shaft - MMW-6)

- Sampling was conducted following desktop analysis of historical data which included drilling, geochemistry, geology, geophysics and structural features has resulted in definitive drill ready targets

- Previous significant historical drill intercepts at the Mt Monger Project include (ASX 11/8/2020):
o 5m @ 7.17 g/t Au - Providence Prospect (11NMRC090)
o 4m @ 5.23 g/t Au - Providence Prospect (11NMRC070)
o 3m @ 17.0 g/t Au - Divine Prospect (NMC-013)
o 2m @ 3.9 g/t Au - Andromeda Prospect (NMR550)

- Further exploration at Torian's Mt Monger Project, including drilling is scheduled for Q1 2021

- Over 31,000m of historical drilling at Wombola has now been compiled and incorporated into Torian's forward exploration program

- The Mt Monger Gold Project sits 50km south east of Kalgoorlie in the World Class gold region of Western Australia with historical production of over 60Moz of gold

- The Mt Monger Gold Project is adjacent to Silver Lake Resources (ASX:SLR) tenure which hosts their flagship Mt Monger Mine (Daisy Complex)

- Total historical production in the Mt Monger region is in excess of 1.67 Moz of gold (Table 1*)

- Drill samples from the Mt Stirling Gold Project are at the lab with results due shortly

The Company's geological team traversed the ground on the tenements where underground mining, shallow pits, quartz outcrop, and other geological features were revealed from the desktop analysis of historical data.

Torian's Mount Monger Project is comprised of two distinct areas, the Wombola Block and the Mt Monger South Block (Figures 1 and 2*). The Mt Monger South Block is located approximately 11km to the southeast of the Wombola area. Figures 1 and 2* shows Torian's Mount Monger tenement outlines and prospects together with neighbouring gold mines and their resources.

Silver Lake Resources Ltd.'s Mount Monger Project - Daisy Complex Mine is the largest +1 million ounce operating gold mine in the area.

Torian Executive Director Mr Peretz Schapiro said, "We are delighted with the results of our recent ground reconnaissance sampling program, and as such have made a decision to continue exploring these prospective parts of our Mt Monger Gold Project. We anticipate to have a drilling campaign up and running during Q1 2021.

Our approach to the Mt Monger Gold Project follows our advice to the market earlier this year where we stated our intention to conduct a full systematic review of all of our projects. In line with this, our team has spent considerable time going through the plethora of historical data of our Mt Monger Gold Project, which helped direct the most recent ground reconnaissance program. The volume of data that has now been analysed and interpreted, puts us in a position to make an informed decision as to how a continued and forthcoming exploration program will best unlock value for our shareholders.

Torian is a company with excellent projects, in the right locations, next to some major operating mines, which management is committed to systematically explore. We look forward to updating the market on the results of our exciting exploration programs across our multiple prospective gold projects."

Mt Monger - Wombola Project

Torian's Wombola Project Area (Figure 2*) tenements are located adjacent to the historical Wombola Dam and Wombola open-cut gold mines whereby Silver Lake Resources has current mineral resources (SLR announcement entitled "Mineral Resources and Ore Reserves Statement" dated 27 August 2019).

The ground truthing reconnaissance of the tenements revealed that some of the historical underground mine shafts were relatively deep. It is apparent that mining was focussed on subvertical quartz veining hosted in altered dolerite with exposed lode and stock-work veins found in historical shafts and shallow pits. The quartz veins generally strike east-west to NNE and generally dip steeply to the north and south of vertical and are arranged as a series of subparallel sheets. Boudinage style pinching and swelling of the quartz veins were observed at both macro and micro scales. The strike length of individual veins appears to be relatively short as costeans excavated across the strike of the veining immediately adjacent to the historical shafts and pits with exposed veining, did not appear to intersect quartz veining of the same tenor as observed in the old workings.

Rock chip sampling at a limited number of locations around the site of historical underground mine shafts and open pits was undertaken to get an indication of gold grades mined at those locations. High grade gold assays were returned which confirms Torian's view of the tenor of potential gold mineralisation across the tenements. The highest assay was 21.82 g/t Au from quartz scree around an underground mine shaft opening at surface where quartz veining in an altered schist was mined. All rock chip samples were anomalous in gold with the highest gold assays in white quartz with Fe-staining.

Torian's geological team trialled the use of a hand held pXRF device to determine what elements were present in soils adjacent to the historical shafts and open-pits. At this early stage, it appears that an arsenic (As) signature in soils may be an excellent geochemical indicator that will assist in vectoring towards potential sources of mineralisation. However, the density of data points were not sufficient enough to produce meaningful geochemical-in-soil contour maps. Torian now plans to conduct grid based multi-element geochemical testing programs over prospective Wombola tenure.

Additionally, it was noted that in some areas there are distinct distributions of native vegetation that may assist in mapping the lithologies buried beneath the washed-in surficial sediment cover.

The depth of transported cover and the weathering profile overlying fresh rock lithologies at depth are variable across the tenements and range from surface to around 50m below surface.

A Program of Works (POW) has recently been granted by the Department of Mines, Industry Regulation and Safety (DMIRS) for the Wombola tenements which will allow Torian's geology team to commence exploration drilling activities. Torian is currently planning an auger vacuum (AV) drilling program over a number of high priority targets across the Wombola Project tenements.

Mount Monger South Project

Torian's tenements at the Mount Monger South Project have seen very little historical mining activity other than a few small, shallow pits. The recent ground reconnaissance field trip sampled rock chips from surficial quartz scree, outcrops of quartz veining, and quartz stockpiles at a few historical shallow mined pits.

While a comprehensive soil geochemistry profile over the tenements has yet to be determined, anomalous gold values were returned that will guide the geological team to vector in and target potential sources of gold mineralisation. A nominal 10 ppb Au, based on historical soil assay data undertaken in the Wombola area, is for now considered to be the background gold anomalism value in the area. When applied to the assay results from the recent reconnaissance rock chip sampling program, the majority of the quartz outcrop and quartz scree with Fe-staining that were sampled returned anomalous gold >10 ppb (Table 3*).

Sample MMS-16 (Table 3 below*) was a standout value, assaying at the highest grade of 1,314 ppb (1.31 g/t Au). This sample was a collection of rock chips taken from a stockpile of sorted, mined, lumps of quartz exhibiting remnant pyrite voids and manganese (Mn). Sample MMS-17 was a collection of rock chips taken from other quartz scree from the same shallow pit adjacent to sample MMS-16.

Torian's geological team trialled some reconnaissance pXRF readings over a portion of the tenements to determine what other elements additional to gold are present in soils adjacent to some of the historical shallow pits. At this early stage, it appears that an arsenic (As) signature in soils may be a geochemical indicator that will assist in vectoring towards potential sources of mineralisation. However, the density of data points were not sufficient enough to produce meaningful geochemical-in-soil contour maps.

A desktop review and analysis of historical exploration data over the Mt Monger South tenements are ongoing. The reconnaissance field trip has highlighted a number of areas that require follow-up field work in the areas where rock chip sampling recorded anomalies of >10ppb Au. Further assessment of logistics, reconnaissance exploration, mapping and geochemical testing are being carried out in order to define a POW application with DMIRS that will detail initial AV drill targets over the most prospective tenure.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/C12691KX

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.

Source:
Torian Resources Ltd.

Contact:

Peretz Schapiro Executive-Director info@torianresources.com.au