The market is expected to take a stronger interest in explorer Torian Resources after it announced a 200 per cent increase in gold resources at its Mt Stirling project north-west of Leonora in Western Australia.
The new mineral resource estimate is 2.05 million tonnes grading 1.54 grams/tonne gold for 102,000 ounces, taking in 20,000 indicated ounces from surface at Stirling Well, using a cut-off trade of 0.5 g/t.
Torian said the latest resource assessment did not take in mineral domains such as the Hanging Wall Zone lower segment which is part of Viserion - one of four structural corridors targeted for further exploration.
Only 740 metres of mineral strike has been incorporated into the resource from a total interpreted 1,160 kilometre strike of the Mt Stirling gold system. Within this the Mt Stirling Main Zone, Hanging Wall and Viserion lodes and multiple eastern gold mineralised zones are all said to remain open along strike and down-dip.
Torian said a significant 500m strike arsenic shallow anomaly, which had produced readings of between 10 parts per million and up to 125 ppm, had been found over Hydra mineralisation 1.25km further along strike to the north-west of Viserion. This is considered to be a surface expression of the Mt Stirling gold system.
Executive director Peretz Schapiro said Torian had extensive and strategic holdings with over 400 square km of tenure in WA’s goldfields, with all near infrastructure and within 50 km of major mining centres.
Mt Stirling as the flagship is near Red 5’s King of the Hills mine and is in a region that has produced 14 million ounces of gold from mines such as Sons of Gwalia, Tower Hills, Thunderbox and Harbour Lights.
Mr Schapiro said Torian had now completed its phase two drilling at the shallow Stirling Well target and this was expected to see results incorporated in the JORC resource update in the third quarter of this year. This may coincide with a further Mt Stirling resource estimate update.
He said the interim resource was a great step forward and “gives us excellent fundamental backing as we continue to move ahead to prove up further ounces at Mt Stirling in the coming weeks and months”.
Moving forward, after a review of the resource modelling, it is clear Torian will get its biggest bang for exploration buck by focusing on shallower drilling.
Mr Shapiro said: “Not only is this where we are currently getting most of our ounces from, shallower mineralisation is cheaper to explore and more economical to mine.”
He said the recent acquisition of Tarmoola Station would also help lower discovery costs per ounce.
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By Matt Birney
