Torrens Mining : High-grade Gold Mineralisation at Goldie Prospect - Mt Piper

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ASX Announcement | 24 November 2021

ASX code: TRN

High-grade Gold Mineralisation at Goldie Prospect - Mt Piper Project

Key Points:

Torrens confirms that 7 of a total of 13 reconnaissance rock chip samples taken from historical gold workings at the Goldie Prospect, part of the Mt Piper Gold Project in Central Victoria, returned high-grade gold results.

Significant results include:

1. 19.15g/t Au in RC002B o 19.78g/t Au in RC003A o 17.93g/t Au in RC003B o 14.72g/t Au in RC003C o 14.00g/t Au in RC004 o 9.28g/t Au in RC003D o 8.60g/t Au in RC003D

The Goldie Prospect (previously named Crough's Hill South) is marked by a pronounced gold-in-soil anomaly identified by soil sampling undertaken by Torrens1 along a previously unexplored trend of highly magnetic rocks.

Continued systematic sampling and mapping are underway, with further results expected in December 2021 and January 2022.

Torrens Mining Limited (ASX: TRN) (Torrens or the Company) is pleased to announce the results of reconnaissance rock chip sampling at the Goldie Prospect located within our Mt Piper Gold Project in Central Victoria.

Torrens' Managing Director Steve Shedden said:

"The rock chip results from the historical prospecting pits are highly encouraging and certainly confirm the presence of a gold mineralised system at Goldie. These results, and the previously announced very strong gold-in-soil geochemical signature at Goldie1, suggest that we are vectoring toward a potentially large mineralised system associated with the regional-scale Mt William Fault.

1 Source: Torrens' ASX announcement of 21st July 2021

TORRENS MINING LIMITED	Level 11 London House 216 St Georges Terrace, Perth Western Australia 6000
www.torrensmining.com	GPO Box 2517, Perth Western Australia 6831	ABN 82 168 295 092	PAGE 1 OF 19
Phone: [phone]	ASX:TRN

Our exploration team, led by Exploration Manager Pat Say, continues to systematically assess the near surface gold potential of the area, with the aim to mobilise a diamond drill rig to Goldie late this year or early in 2022."

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Figure 1 - Plan view map showing the location of rock chips collected over the Goldie Prospect

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Goldie Rock Chip Sampling and Prospect Overview

Rock chip sampling was conducted across historical workings (Figure 2) which extend over a strike length of 1.2km. A concentration of shallow historical gold workings was observed over a strike length of 120m, where multiple shallow parallel quartz veins had been tested by prospectors. The thickness and dip of the quartz veins is unknown, but Torrens interprets that they may dip to the west due to the presence of deeper shafts to the west - possibly exploring for the down-dip continuation of the gold mineralisation.

Quartz veins at surface show evidence of hand sorting and stockpiling for future processing by prospectors. Torrens' rock chip samples (Figure 3) were handpicked from these stockpiles.

Gold mineralisation is believed to be associated with stylolites (small-scale rock stress-related textures), with elevated tungsten and arsenic observed in places.

The Goldie Prospect appears to be located within a Cambrian-aged (540Ma) unit similar to others found along the regional-scale Mount William Fault, which separates the Bendigo and Melbourne Structural zones (Figure 4).

Aero-magnetic signatures at Goldie indicate the interlayering of a highly magnetic unit with non-magnetic sedimentary rocks. This is very similar to what can be seen further north of Torrens' tenements (east of Kirkland Lake Gold's Fosterville Mine) along the Mount William/Heathcote Fault, where basalts are interlayered with black shales and sedimentary units.

In the Independent Geologist Report by SRK Consulting (Australasia) Pty Ltd in Torrens' IPO Prospectus dated 13 November 2020 (Annexure D, pages 155 and 156), it was stated that:

"Based on its assessment, the areas immediately west of the Mount William Fault (Crough's Hill and Heathcote prospects), in EL6775, and the Northwood Hill prospect in ELA7331 and ELA7481, are considered the most immediately prospective for Bendigo or Fosterville-style gold mineralisation hosted in local faults within the Heathcote Fault Zone. Gold prospectivity in the Melbourne Zone, which covers much of the Mount Piper project area is likely to be hosted within vein stockworks associated with dilational jogs or broad north-south or east-west elongated domal structures and with gold- arsenic-antimony assemblages. The gold-antimony mineralisation at the active Costerfield Mine operated by Mandalay Resources Corporation and the now closed Nagambie Gold Mine of Nagambie Resources Limited are examples of this style of gold mineralisation in the Melbourne Zone."

The geochemical and geological information emerging from the Goldie Prospect continues to endorse the view of the Independent Geologist.

Torrens will progress field work at Goldie over the coming months, with the next steps to include systematic sampling and mapping to determine the size and scale of the gold anomaly. Potential drilling of this anomaly is scheduled for late 2021 or Q1 2022.

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Figure 2 - Historical gold working at the Goldie Prospect

Figure 3 - Stockpiled quartz float sampled by Torrens at the Goldie Prospect

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Figure 4 - Plan view of the Mt Piper Project showing the Goldie Prospect location overlying Project Magnetics

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