Torian Resources Ltd (ASX:TNR) is continuing a 4 phase drilling program at its Zuleika JV Project in the Goldfields region of Western Australia which has found high grade gold.
The results from targets 4 to 9 of phase 1 rotary air blast drilling have now been received.
Drilling at target 5 located a saprock gold target containing 4 metres at 11.28 g/t gold. Field inspection of this hole showed mineralisation in a quartz veined sheared felsic volcanics.
Results from targets 10 to 15 are still awaited.
The Zuleika JV project is located 40 kilometres northwest of Kalgoorlie and is accessed by well-maintained bitumen and all weather gravel roads.
The project consists of 119 tenements covering approximately 214 square kilometres north and partly along strike from several major gold deposits, including the 7 million ounces Kundana gold mine operated as a JV by Northern Star Resources Ltd (ASX:NST), Tribune Resources Ltd (ASX:TBR) and Rand Mining Ltd (ASX:RND).
In April 2015, Torian entered into a heads of agreement with Cascade Resources Ltd whereby Torian may earn a 49% interest in the Zuleika JV Project by spending $5 million on the project over 4 years.
This region has experienced unprecedented exploration and corporate activity of late. This activity has been led by Northern Star Resources Ltd (ASX:NST), and Evolution Mining Ltd (ASX:CAH), two of Australia’s largest ASX listed gold miners.
In addition, Zijin Mining Group Co Ltd (HKG:2899), China’s largest gold producer, is extremely active with mining operations in this region, two of which immediately adjoin Torian’s tenements.
Planning of Torian’s phase 2 drill program at targets 1 to 9 in the Zuleika project is now underway.
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