First assays from the furthest Phase 1 hole of the North West extension (Section 1840N) MSRC061 returned significant results of 5m @ 4.42 g/t Au (from 73m), including 1m @ 6.07 g/t Au (from 77m).
These results confirm extension of Mt Stirling's strike of mineralisation by at least 80m to the NW. Significantly, three additional NW extension Phase 2 drill sections, occur in direct NW strike of MSRC061 gold mineralisation intercepted, for a further 120m extension of interpreted mineralised strike.
These three additional NW extension sections have also all intercepted a second larger significant mineralised
Torian has expedited processing of the central NW extension (Section 1920N) with MSRC087 and MSRC088 assays pending. Further, of significance, the Project's first diamond drill hole MSRD001 has intercepted mineralisation directly down-dip from the high-grade Hanging Wall and Main Zones, which subject to assays, is expected to expand the resource estimate a further 120m below the previous maiden resource.
The mineralisation observed in the diamond drill core is substantially similar to the up-dip mineralisation that hosted high grade gold intercepts of 4m @ 8.84 g/t Au (from 187m MSRC025); inc 1m @ 33.10 g/t Au (from 188m) and 17m @ 1.66 g/t Au (from 235m); inc 3m @ 5.17 g/t Au (from 235m) and 1m @ 9.2 g/t Au (from 236m).
Torian's Executive Director Mr
We are additionally encouraged by what looks to be a significant continuation of the predicted gold system at depth, with our diamond drillers encountering similar mineralisation directly down-dip from high grade gold intercepts in RC drillhole MSRC025 of up to 33.10 g/t Au.
Should results confirm our interpretation of a shear-hosted gold system that continues at depth, for considerable down-dip depth, it would mean that Mt Stirling's multiple gold structures continue to have the potential to depth and resemble that of regional operating gold mines e.g
The ongoing flow of high-grade results intercepted during our drilling campaign continues to justify our confidence in Mt Stirling, in that it is a much larger gold system than originally defined, with the system now exceeding 600m of strike and 250m at depth. We anticipate that further results from our drilling program will continue to intercept economic grade gold as we have demonstrated that we are 'on the system'.
In addition to extending the strike, Torian's drilling has also intercepted grade above earlier reported historical drill hole intercepts which were used in the Company's previous resource estimate. All the above (increase in strike, depth, and historical grade) gives us great confidence that when our interim resource is completed in the first quarter of this year, will result in a significant upgrade to our tonnage and gold ounces.
2021 is shaping up to be an exciting year for our Company as we anticipate significant news flow over the coming weeks and months. We eagerly await the results from an additional 18 drillholes from Phase 1 of the Mt Stirling program, along with results from 18 drillholes at Stirling Well, 21 exploratory drill holes at Diorite and the results from Phase 2 and 3 at Mt Stirling which now includes extensional diamond drilling.'
Mt Stirling Drilling Program Update
The NW extension Phase 2 advanced with all 9 drill holes for 1,977m intercepting wide shear hosted mineralisation on all three sections (1880N / 1920N / 1960N) with multiple zones of high levels of arsenic and significant fuchsite, chlorite and biotite alteration. These minerals and alteration are typically associated with gold mineralisation. The objectives of this extensional phase of the drill program were to test subtle historical shallow Au mineralised trends, coinciding with recently discovered (pXRF) highly prospective arsenic leaking structures interpreted to be the surface expression of the centre of the Mt Stirling gold system. The interpreted NW mineralised Shear Zones intercepted are confirming the structural geological model.
The program has now entered Phase 3 with Torian recently commencing combined RC /
Results from Phases 2 and 3 of the drilling campaign, will be included in the Company's second resource estimate due in Q3 2021, however a substantial amount of these phases may be incorporated into the Q1 interim resource estimate upgrade depending on when assays are received.
Contact:
Email: info@torianresources.com.au
About Torian
Cautionary Note Regarding Forward-Looking Statements
This news release contains 'forward-looking information' within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget' 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or indicates that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be' taken, 'occur' or 'be achieved.' Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, Gold and other metal prices, the estimation of initial and sustaining capital requirements, the estimation of labour costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the Project, permitting and such other assumptions and factors as set out herein.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in Gold prices; sources and cost of power and water for the Project; the estimation of initial capital requirements; the lack of historical operations; the estimation of labour costs; general global markets and economic conditions; risks associated with exploration of mineral deposits; the estimation of initial targeted mineral resource tonnage and grade for the Project; risks associated with uninsurable risks arising during the course of exploration; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support exploration activities; risks associated with changes in the mining regulatory regime governing the Company and the Project; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalisation and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at the Project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation.
Although the Company has attempted to identify important factors that cause results not to be as anticipated, estimated or intended, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward looking information is made as of the date of this announcement and the Company does not undertake to update or revise any forward-looking information this is included herein, except in accordance with applicable securities laws.
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