Ann: Commencement of Zuleika Project Farm-in Joint Venture, page-2

Torian Resources Limited (Torian or the Company) is pleased to advise that Dampier Gold
Limited (ASXAU) has elected to proceed to commence earning a farm-in interest on the
Company’s Zuleika Project on varied terms. The deal will ensure further significant cost saving
measures to Torian whilst allowing the Company to participate in future exploration upside in the
prolific Kalgoorlie Goldfields.
Non-Executive Chairman, Louie Simens, said: “I am delighted that Dampier has satisfactorily
completed its due diligence on the Zuleika Project and elected to proceed with the joint ventures at
Credo Well and now at Zuleika. Dampier has just completed a 12-hole RC programme at Credo
Well (ASX announcement 15 April 2020), and will now look to embark on a similar programme at
Zuleika which present significant upside potential for Torian. We look forward to steady news flow
from these projects and continuing to buildon our great relationship with Dampier.”
Following a strategic review, the Company has been implementing major cash saving measures
where possible. Significantly, these joint venturesin particular, will reduce the Company’s annual
tenement holding commitments whilst allowing it to ride the exploration upside on discovery in the
prolific Kalgoorlie Goldfields. The Company agreed that Dampier will no longer provide a loan
facility to Torian, ensuring Dampier can focus all its cash on exploration expenditure at the Zuleika
project for the maximum upside in discovery potential to Torian’s shareholders. Torian’s Zuleika
project lies north and partly along strike of several major gold deposits including Northern Star’s
(ASX: NST) 7.0Moz East Kundana Joint Venture and Evolution’s (ASX: EVN) 1.8Moz Frogs Legs
and White Foil deposits.
Additionally, this deal allows the Company to direct even more ofits cash into the ground and test
the walk-up targets identified at its primary focus. Namely, the Mt Stirling Gold Camp. With a large
portion of background work having already commenced, we look forward to updating the market
once the geological review is completed as announced on 15 April 2020.
The Mt Stirling Gold Camp sit’s adjacent to Red 5’s tenure, which hoststhe King of the Hills
(KoTH) mine (Figure 1). Further field work at the Mt Stirling Cold Camp will be undertaken in the
near term. The Company’s aim is to systematically uncover the best prospects to provide a
pipeline of drill targets at the Mt Stirling GoldCamp for the best opportunity for a Gwalia type
discovery. A great deal of focus will be placed on the historical Diorite King and Queen mines
within the Mt Stirling Gold Camp.
The Company is also in the process of tendering drill contracts. Overthe course of the
programme, a concerted effort will be made to keep our cost per discovery ounce as low as
possible whilst adding tonnes.
We have simplified our focus with our priorities being clearly set on the Mt Stirling Gold Camp in
the prolific Leonora Goldfields in addition to the joint ventured Zuleika and Credo Projects, located
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in the prolific Kalgoorlie goldfields. These projects give the Company a clear motivation on three
opportunities for a major re-rating, in the immediate, medium and overthe long term. The
Company is in a great position with positive newsflow forthcoming.”