Torian Resources Limited: Rare Earths Potential Uncovered at Mt Stirling Central
As part of the Company's ongoing systematic exploration of the Mt Stirling Gold Project, a total of 151 AV DHs systematically targeted the Arktos Fault and adjacent structures at the Wishbone Prospect for arsenic and Au vectoring pathfinders. Reconnaissance field work confirmed the presence of prospective breccias within granites and proterozoic outcrops, where the potential for Rare Earth minerals structural model was also recognised.
Focus on Yttrium presence was confirmed through pXRF processing of surface soil points to guide AV drilling, for gold exploration. Subsequently oxide intervals in AV drilling samples revealed the enrichment of discrete Yttrium anomalies on a broad 1km scale.
36 AV DHs were determined to contain a max interval meter >100ppm Yttrium (pXRF), with a peak 521ppm Yttrium (MSAV0878).
170 (>100ppm pXRF Yttrium) 1m intervals from 41 AV holes have been submitted and are awaiting multiple-element (including Rare Earth assay suite analysis) assays. The Company is expecting Yttrium and Rare Earth element confirmation by the end of the month.
Torian's Executive Director Mr Peretz Schapiro said: "The discovery of this large and potentially significant rare earth anomaly on our tenure provides further affirmation of our ongoing methodical and systematic exploration strategy at the Mt Stirling Gold Project.
AV samples have already been sent off for multi-element assays and we eagerly anticipate laboratory confirmation within two weeks. Should these results provide us with positive confirmation we will look to develop this potentially significant target with a rare earths exploration program to commence as soon as possible.
We are excited to potentially add a rare earths project to our development plans at the Mt Stirling Gold Project. The supply shortages of rare earths have been well documented and have led to significant price increases in the sector. These increases seem to be happening at a much faster rate than even some of the more bullish predictions from just a few months ago.
Full credit goes to our exploration team, led expertly by Mr Claudio Sheriff Zegers, who have patiently stuck to our exploration strategy of ongoing and sometimes tedious pXRF soil screening following by auger vacuum drilling and sampling. This has led to today's discovery in addition to the discovery of at least 5 high priority gold targets where primary gold has been subsequently confirmed.
Torian eagerly awaits confirmation by laboratory analysis of Yttrium presence in oxide, as it looks to expand the footprint of surface and oxide Yttrium with further pXRF fieldwork.
Once assays are received, the presence and ratio of Heavy to Light Rare Earths can be calculated, in order to understand the type of REE occurrence and vector to potential mineralisation accordingly.
The company's focus remains on delivering the project's updated gold resource, and understanding the scale and significance of the MS Central Critical Rare Earths potential.
Mt Stirling / Viserion Drill Update
Progress continues to be made on the 17,500m drilling campaign (RC and AV combined) at the Mt Stirling Gold Project. Drilling currently being conducted includes:
o High priority targets at Tyrannus (assays received);
o Hydra (assays received);
o Estera (high grade Au assays received);
o Stirling Well extension;
o Mt Stirling / Viserion extension (in-progress); and
o Skywing gold targets (drilling commenced)
Multiple drill hole samples that were pending single meter assays from anomalous composite assay results, have now been received and are being compiled for imminent news flow.
Further results will continue throughout January, with a further 12 DHs advanced from the 38 planned DHs to complete the Mt Stirling / Viserion drill phase.
An additional ~5,000m of AV drilling is currently underway to vector and expand the footprint of high-ranked regional Au; As; multi-element and structural targets across the project.
A key priority of the current drilling campaign has been to 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 anticipates that this is likely to increase the global project Au grade, expand the resource base and provide valuable data and confidence to a 2022 Q1 Optimisation Study.
As already disclosed to the market, an updated global MRE for the Mt Stirling Gold Project is on track for the end of Q1 2022. (Subject to drilling efficiency and lab timelines). In addition to the results from this current round of drilling, the upcoming 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 drilling contractors currently drilling throughout this month. Two are presently onsite and a third is mobilised. This is in addition to an AV rig currently actively drilling on site.
As has already been disclosed to the market, the Company has secured the services of Minecomp to conduct a pit optimisation study, to assess the economics and unlocking value from the Mt Stirling / Viserion gold system.
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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.
Torian Resources Ltd.
Peretz Schapiro Executive-Director firstname.lastname@example.org