TORN RESO : Mt Stirling Project Drill Update

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ASX / MEDIA ANNOUNCEMENT 07 JANUARY 2022 ABN: 72 002 261 565

ASX CODE: TNR

Mt Stirling Project Drill Update

Highlights:

Mt Stirling / Viserion Further Results

• Mt Stirling-Viserion 1440N intercepts:

• 1. 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
• 1680N section intercepts:
• 1. 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
• 3 RC drill rigs secured through January 2022; alongside on-goingAV drilling
• Further assay results will continue throughout January-February
• Mt Stirling / Viserion drilling continuing; 38 further planned DHs
• Skywing lode(s) extension drilling commenced; 36 planned DHs
• Tyrannus / Hydra / Stirling Well & Estera follow-up drilling planned.
• Updated Global MRE on track for Q1 2021

Torian Resources Limited (ASX: TNR) (Torian or the Company) 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)

104 Colin Street	E: [e-mail]	Directors
West Perth WA 6005	W: www.torianresources.com.au	Paul Summers, Executive Chairman
		Peretz Schapiro, Executive Director
T: [phone]	PO Box 191	Dale Schultz, Non-Executive Director
F: [phone]	West Perth WA 6872	Ian Pamensky, Company Secretary

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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.

Table 1: 2020-21 Discovery summary table

	Prospect		Description		Announced
	Mt Stirling		Expanded Au system along strike and down-		ASX 16 December 2020; ASX 27 January 2021;
	extension		dip		ASX 3 February 2021; ASX 7 April 2021
	Mt Stirling		NW strike extension		ASX 3 February 2021; ASX 19 February 2021; ASX
	NW			17 March 2021; ASX 7 April 2021
	Mt Stirling SE		SE strike extension		ASX 28 September 2021
	Viserion		HG discovery		ASX 17 March 2021
	Stirling Well		HG down-dip extension		ASX 3 September 2021
	Diorite East		Structural Au; potential for scale		ASX 27 October 2021
	Hydra		Structural and conceptual Au target along
		strike of MS		ASX 15 December 2021; ASX 20 September 2021
	Tyrannus		Conceptual target on inflection of Ursus
		Fault - oxide Au		ASX 5 October 2021
	Estera		HG structural discovery @ Diorite North		ASX 27 October 2021; ASX 16 November 2021;
			ASX 30 November 2021
	Skywing		Flat shallow dipping MS East model		ASX 24 November 2021

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.

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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.

Table 2: Mt Stirling Project RC planned summary

Tenement		Prospect		Activity	# of DHs		Total			Description
			(m)
P37/8831;		Hydra	RC Drilling	12	980			Multiple Primary Au
M37/1306
M37/1306		Tyrannus	RC Drilling	20	1600			Multiple Saprolitic + Primary Au
M37/1306		MS-Viserion	RC Drilling	38	5000			Infill and extend top 125m to
			Indicated
M37/1306 Viserion NW ext + Deeps	RC Drilling	5	1120			Drill test NW extension of
		Viserion system
M37/1306		Skywing	RC Drilling	36	1800			40 x 40m extension / definition
M37/1305		Stirling West	RC Drilling	12	1250			Resource extensional
P37/8868		Diorite North - Estera	RC Drilling	6	750			HG Au Down-dip and strike
	Lode			extensions
					Total RC m	12500

Figure 1: Mt Stirling Gold Project tenements Regional Map

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Mt Stirling / Viserion Further Results

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

1440N

1. 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

1680N:

1. 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.

Table 3: Mt Stirling-Viserion drill collars

	Tenement			Prospect			Section			Plan Hole			Hole ID			Easting			Northing			RL			Az			Dip			Depth
							ID					GDA94			GDA94					(mag)					(m)
							1440N		RCP141		MSRC150	311,729		6,834,772		419		237		-60		118
							1480N		RCP142		MSRC147	311,693		6,834,801		419		237		-60		100
							1480N		RCP143		MSRC148	311,708		6,834,810		420		237		-60		132
				Mt		1600N		RCP153		MSRC146	311,649		6,834,911		420		237		-60		106
	M37/1306			1680N		RCP158		MSRC145	311,554		6,834,951		418		237		-60		36
		Stirling
					1680N		RCP160		MSRC149	311,595		6,834,974		419		237		-60		136
							1720N		RCP162		MSRC144	311,532		6,834,986		418		237		-60		40
							1760N		RCP164		MSRC143	311,496		6,835,010		417		237		-60		40
							1800N		RCP167		MSRC142	311,458		6,835,033		417		237		-60		32