- Torian Resources (TNR) has raised $1.2 million through a placement to accelerate drilling at the Mt Stirling Gold Project
- Nova Minerals (NVA) acquired $200,000 worth of placement shares, increasing its stake in Torian to 13 per cent
- A 5000-metre reverse circulation drilling program will aim to expand the current 33,900-ounce inferred resource at Mt Stirling
- The company has also added experience to its roster with the appointment of Claudio Sheriff as its Senior Geologist and Exploration Manager
- Torian Resources is trading 6.45 per cent higher for 3.3 cents
Torian Resources (TNR) has raised $1.2 million through a placement cornerstoned by Nova Minerals (NVA) to accelerate drilling at the Mt Stirling Gold Project.
Nova Minerals acquired $200,000 worth of placement shares, increasing its stake in Torian to 13 per cent.
Torian’s directors and CFO also accounted for around $250,00o of the placement, a strong sign of confidence from those in charge. However, this portion of the share issue will require shareholder approval.
The funds raised will be used to fast-track exploration at the Mt Stirling Gold Project, with a second reverse circulation (RC) rig to arrive on site next week.
Torian Executive Director Peretz Schapiro says he’s happy with Nova’s increased investment in the company.
“Since coming on board in March of this year, we have enjoyed a productive and fruitful relationship with the team at Nova,” Peretz said.
“We welcome their increased investment as a show of faith in our projects and strategy,” he added.
The Mt Stirling Gold Project sits near Leonora in Western Australia, near Red 5’s (RED) King of the Hills mine, St Barbara’s (SBM) Gwalia mine and Saracen’s (SAR) Thunderbox mine.
Some RC drilling has already been completed at the Diorite North prospect, targeting zones which returned rock chip samples grading up to 21 grams per tonne (g/t) gold and 2.1 g/t silver.
The new campaign will continue with a 5000-metre RC drilling programme to test the depth and strike of the current 33,900-ounce inferred resource, in the hope of expanding the mineralised footprint.
Peretz Shapiro says it’s going to be a busy time for Torian.
“With thousands of metres of assay results expected to be rolling in over the coming weeks and months, having a second rig on site plus the extra cash, gives us the flexibility to capitalise on positive drill results by deploying this rig to different areas of the project where needed,” he said.
“Funds raised also provide us with the ability to continue to consolidate our land holdings at the Mt Stirling Gold Project, as well look for further low risk opportunities to take advantage of the highly prospective ground in the area,” he concluded.
Torian has also added Claudio Sheriff as its Senior Geologist and Exploration Manager, to take advantage of his wealth of experience across a number of projects in the Eastern Goldfields.
Torian Resources is trading 6.45 per cent higher for 3.3 cents at 10:50am AEDT.