Torian Resources Limited (ASX: TNR) has announced its exploration targets of Calypso and Mt Keith Prospects. The company commissioned BM Geological services Pty Ltd to provide an independent estimate of gold exploration targets at Torian's gold prospects. Out of all Torian's gold prospects, BM Geological services (BMGS) reported the estimates of the Calypso and Mt Keith in the Leonora region, first, and the reports of other Torian's prospective will be released over the coming weeks as per the company.
The survey was commissioned independently by BMGS to provide an independent estimation of TNR projects and included estimating results of various drill programmes, geological mapping, data capture and interpretation, and other exploration methods.
After compiling all previous exploration drilling results, the company defined the exploration target for the Calypso and Mt Keith projects.
The current exploration target for both the projects is estimated to be in the range of 3.0 to 4.1 million tonnes at a grade of between 1.6g/t to 2.2g/t AU. As per the company, the exploration target and grade provided are conceptual, and there is not enough exploration completed to estimate a Mineral Resource.
The company previously reported its quarterly activities report on 31st January 2019, in which the company announced a result of dump and stockpile sampling from Mt Monger project at Wombola and North Kanowna star under a surface right agreement with the owners, and it also acquired a strategically positioned tenement (P26/4089) at Wombola.
The stockpile sampling at Wombola was finalised during the quarter with an additional 21 samples being systematically collected and the lithology identified within the stockpiles was weathered schist minor quartz and sulphides.
The stockpile sampling at North Kanowna star (M27/102) was finalised as well during the quarter with 82 samples taken across the tenement and the lithology identified within the stockpiles was weathered felsic volcanics, sediments and minor mafic intrusive.
The company also entered an option agreement to acquire a mining lease at Mt Pleasant (Golden Buckle) adjacent to Torian's Credo Well project. The company secured an exclusive 6-month option to acquire a 90% interest in M24/947 at Mt pleasant and closed a small shareholding share sale facility.
Company's liquidity profile:
The company reported its cash flow statement of the quarter ended 31st December 2019 on 31st January 2019. The company reported a net cash outflow in operating activities of A$482,000 with A$211,000 outflow recognised from exploration and evaluation activity. The company marked a net cash outflow from investing activities at A$47,000 and a net cash outflow of A$20,000 from financing activities. The company reported a Cash and cash equivalent at the end of the period ended 31st December at A$95,000. The company had an oversubscribed placement and announced the same on 14th January 2019.
During the time of writing this report, the share price of the company closed at A$0.025, flat as compared to its previous close.
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