Torian Resources Ltd (ASX:TNR) has outlined plans to drill in a region where there are major gold discoveries including those of Evolution Mining Ltd (ASX:EVN) Northern Star Resources Ltd (ASX:NST) and Zijin Mining Group Ltd in the Zuleika Shear region of Western Australia.
Torian’s managing director’s Matthew Sullivan has also been involved in discovering a number of large gold mines in the Goldfields Region including Kanowna Belle and East Kundana.
Key objectives are to better understand Torian’s 25 kilometres strike length of the Zuleika Shear in the Goldfields Region of WA and to define a JORC resource at Mt Stirling near Leonora in Western Australia.
A total of $3.3 million was raised at $0.185 each for the campaign.
Torian will spend $5 million to earn a 49% interest in the Zuleika JV, along with JV partner Canada's Cascade Resources Ltd (CVE:CC.H).
As at 30 June 2016, Torian had spent about $1.25 million and earned an initial 12.25% interest in the JV.
Following the success of Phase 1, Torian intends to continue with its exploration strategy and plans to complete about 55,000 metres of rotary air blast and reverse circulation drilling in FY2017.
A highlight intersection from Phase 1 was 1 metre at 58.8 g/t gold from 1 metre.
Torian’s second project, Mt Stirling, lies 8 kilometres northwest of Tarmoola Gold Mine, which has produced in excess of 1 million ounces of gold to date.
In 2017 exploration will targe two areas of mineralisation identified at the Mt Stirling Project, with about 5,000 metres of infill and extensional drilling planned to commence in August.
Positive results from this programme will be used to define the mineralised areas, resulting in the calculation of a JORC resource.
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