Torrens Mining : Up to 31g/t Gold in Rock Chip Results from Goldie Prospect

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ASX Announcement | 13 December 2021

ASX code: TRN

Up to 31g/t Gold in Rock Chip Results from the Goldie Prospect - Mt Piper Project

Key Points:

Torrens presents 44 further rock chip samples systematically taken from the Goldie Prospect, part of the Company's wholly-owned Mt Piper Gold Project in Central Victoria. The new results include high-grade gold (Au) assays from the first in-situ quartz reef samples collected from the base of historic workings.

The new rock chip results confirm high-grade gold reef mineralisation remains unmined at the Goldie Prospect, with the exceptional high-grade rock chips now reported over a minimum strike length of 120 m, and several parallel reefs identified within potentially a 150 m wide corridor.

In-situ reef sample results include:

1. 31.08 g/t Au in RC047 o 16.97 g/t Au in RC049 o 11.38 g/t Au in RC048 o 7.94 g/t Au in RC050

Significant new rock chip results include:

1. 30.45 g/t Au in RC010 o 16.18 g/t Au in RC016 o 16.10 g/t Au in RC015 o 14.42 g/t Au in RC018 o 8.95 g/t Au in RC008 o 8.41 g/t Au in RC019 o 8.72 g/t Au in RC030 o 7.42 g/t Au in RC013

The Goldie Prospect (previously named Crough's Hill South) is marked by a pronounced gold-in-soil anomaly over 300m wide, generated during Torrens' regional soil sampling campaign conducted earlier in 20211. These new assay results confirm anomalous gold mineralisation over a strike length of more than 300m that presently remains open at depth. The Goldie Prospect occurs to the immediate west of the boundary between the Cambrian-aged Heathcote Greenstone Belt and the Devonian-aged Pyalong

1 Identified and previously reported in 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 2
Phone: [phone]	ASX:TRN

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Granodiorite. Historic workings over a strike length of ~600m have targeted near-surface quartz veins, with a concentration of historical workings over ~120 m corresponding to high-grade Au rock chip results.

In-field observations indicate that high gold grades are associated with stylolitic seams in quartz. Work to understand the association with pathfinder elements is ongoing: localised elevation in tungsten, arsenic and antimony reflects complex geochemical contributions from Cambrian sedimentary rocks, metabasaltic rocks and the Devonian I-type granite.

Continued systematic sampling and mapping are underway, with further results expected in Q1, 2022.

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

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

Torrens' Managing Director Steve Shedden said:

"In my experience, assays of up to 31g/t gold from an in-situ quartz reef sample is nothing short of outstanding and bodes well for the potential of the Goldie Prospect. These 44 further rock chip samples, testing a minimum strike length of 120m, gives us solid evidence that Goldie is a stand-out drill target.

We'll now look to continue our program of systematic sampling and mapping with the aim of commencing diamond drilling at Goldie in Q1 2022."

Goldie Rock Chip Sampling and Prospect Overview

The Goldie Prospect encompasses a series of historic shallow gold prospectors' workings extending over a strike length of 1.2 km. Workings are concentrated over a 120 m long by 150 wide corridor (Figure 1), where multiple parallel quartz veins have been prospected in shallow north-northeast trending trenches up to 2 m wide. The position of shallow historical shafts directly to the west of the prospectors' trenches suggest that the quartz veins probably dip to the west, mimicking the dip of the host Cambrian rocks of the Heathcote Greenstone Belt.

Sampling of piles of quartz mined from the shallow workings have returned gold grades in excess of 30 g/t Au (Table 1) from fire assaying. The down-dip continuation of the mineralised veins remains open and untested.

Torrens' geologists have exposed in-situ quartz veining up to 30 cm wide at the base of shallow workings in several test pits. Six samples taken from one of these veins assayed up to a maximum grade of 31.08 g/t Au. The highly weathered nature of the surrounding host rock at this horizon has so far prevented reliable structural measurements being taken.

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.

Location and Regional Geology

The distribution of the historic gold workings and geophysical data suggests the Goldie Prospect occurs along a northeast-trending fault in the western margin of the Heathcote Greenstone Belt, at the southern

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boundary of the Pyalong Granodiorite (Figure 2). The prospect lies at the eastern margin of the Bendigo Zone, which is host to several world-class gold deposits including Fosterville and Bendigo that have formed in the hanging wall of major crustal-scale faults. Like those deposits, the Goldie Prospect is situated in the hanging wall of the west-dipping Mt William Fault Zone and associated Heathcote Greenstone Belt. The Goldie Prospect lies within the Kilmore section of the belt, which is structurally simple and is composed of basalts, dolerites and volcaniclastic and pelagic sediments. To the north, between Mt Camel and Rochester, the greenstone belt is nearly identical to the Kilmore section and hosts several gold mines (e.g. Toolleen and Golden Camel), providing a good exploration analogue for the Goldie Prospect.

Mineralisation at Goldie is inferred to be associated with magmatic fluids derived from the Devonian intrusion, possibly in combination with or overprinting earlier 'orogenic' style mineralisation common in the Bendigo Zone. There are several gold and tungsten occurrences in the area spatially associated with a subtly different phase of the Pyalong Granodiorite, implying a relationship between mineralisation and magmatic fluids. Felsic magmatism, including the intrusion of the Pyalong Granodiorite, which is dated at about 378 Ma, followed by the Baynton Granite at about 367 Ma, is associated with gold and antimony mineralisation in both the Bendigo and Melbourne Zones.

Figure 2 - Torrens' Mt Piper Gold Project exploration tenements (gold polygons), the location of the Goldie Prospect and

regional mines.

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Exploration Analogues

The Toolleen and Golden Camel (previously known as Cornella) gold mines are hosted in the Heathcote Greenstone Belt north of Torrens' tenements, within the Knowsley East Shale and Goldie Chert, and within hematitic chert beds, respectively. Both deposits contain high gold grades, accompanied by variable amounts of arsenic and antimony. At both Toolleen and Golden Camel, mineralisation is associated with sheared and silicified faults with anomalous gold, arsenic and antimony (up to 10,000 ppm arsenic (As) at Golden Camel2).

Both recent and historic drilling at these orebodies has intersected grades of greater than 9 g/t Au from beneath Toolleen, and greater than 5 g/t Au from 160m depth beneath Golden Camel, below known orebodies and mine infrastructure3. Mineralisation at both deposits remains open at depth. Mineralisation is interpreted to be controlled by the intersection of northeast-southwest trending faults (Figure 3) with sulphide-richwest-dipping stratigraphy of the Heathcote Greenstone Belt, producing steeply northwest- dipping ore shoots along the fault plane.

Figure 3 - Comparison of the inferred mineralisation trends at (a) Torrens' Goldie Prospect and the (b) Golden Camel gold

zones. Golden Camel gold zone modified from Catalyst Metals Ltd ASX release dated 16 June 2020.

1. Catalyst Metals Ltd ASX release dated 2nd December 2020
2. Catalyst Metals Ltd ASX releases dated 16 June 2020 and 2nd December 2020

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