GOLDARC RESOURCES LIMITED — Capital/Financing Update 2016

Sep 26, 2016

ASX ANNOUNCEMENT

27 SEPTEMBER 2016

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INITIAL DRILLING RESULTS AT ZULEIKA

1. Highlights

• Initial results received from the current RAB drilling program at Zuleika JV;

• Best intersection to date includes 12m @ 2.44g/t Au from 36m; and

• Drilling is continuing at Targets 18 and 19.

Torian Resources Limited ( ASX:TNR ) is pleased to announce the first results from the current RAB drilling program at Target 18 at the Zuleika JV.

The initial round of 30 holes were designed to test two historic targets (Targets 18 and 19) defined by historic wide spaced RAB and Aircore drilling dating back to the 1980s. Approximately 15,000m is planned with about 10% completed to date. Results have been received for the initial 10 holes at Target 18. Drilling is continuing as part of the Phase 1 program.

The balance of the drilling program is expected to be completed in October/November 2016.

2. Zuleika JV

The objectives of this drilling program are to:

• Follow up various historic RAB and Aircore intersections dating back to the 1980s and 1990s including:

• 5m @ 1.41g/t Au (55-60m) BDRAB43;

• 2m @ 1.79g/t Au (64-66m EOH) BDRAB43; and

• 2m @ 1.31g/t Au (47-49m) CA-588.

This area contains a sheared package of mafics, ultramafics and felsic porphyries and lies north along strike from several significant gold deposits such as Bullant (9km), Wattle Bird (8km), Hawkins Find (6km) and Porphyry (5km). In many cases these deposits occur at or adjacent to sheared felsic porphyry units in contact with ultramafics. Evolution Mining Limited (ASX:EVN) are currently drilling at Johnsons Rest some 13km to the south. The structure at Targets 18 and 19 is associated with the Zuleika Shear and related cross cutting structures. The Zuleika Shear takes a prominent westerly bend in this area and this is considered favourable for gold deposits.

Previous drilling in this area dates back to the 1980s and 1990s and was shallow and wide-spaced, with holes typically 40-50m deep on lines spaced up to 1km apart, with holes often 50-80m apart.

ABN: 72 002 261 565 Unit G4, 49 Melville Parade, South Perth, 6151 Australia Phone +61 2 9923 1786 Fax +61 2 9923 1371

info@torianresources.com.au www.torianresources.com.au

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Field inspection of historic drill cuttings shows sheared felsic porphyry, ultramafic sans mafics below a thin (1-6m) veneer of transported cover.

Table 1 below lists the historic drill holes with values greater than 1g/t Au from Targets 18 and 19.

Hole	Zuleika N North	Zuleika N East	From	To	M	g/t Au
BDRAB43	10390	8400	55	60	5	1.41
		and	64	66*	2	1.79
BDRAB03	10400	8400	37	38	1	1.10
CA-389	9300	10475	31	32	1	1.55
CA-494	10000	9650	40	41	1	1.17
CA-588	9300	10465	47	49	2	1.31

Table 1: Table showing historic drill holes with values greater than 1g/t Au from Targets 18 and 19.

Note: * means the hole ended in mineralisation.

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Figure 1: Map showing Torian’s Zuleika JV Projects in relation to regional deposits and geology.

3. Drilling Program

As advised to Shareholders on 31[st] August 2016, Torian’s drilling program for FY2017 will see Phase 1 exploration completed in several areas, with two priority areas (Targets 18 and 19) to receive approximately 15,000m of wide spaced (400m spaced lines) bedrock RAB drilling.

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Only the first 10 holes have been assayed to date, with holes drilled at 60 degrees towards the northeast to blade refusal. There are no historic workings in this area due mainly to the presence of up to 20m of transported lake clays and sand deposits. Results greater than 1g/t Au, returned from the first batches submitted to the laboratory are shown in Table 2 and Figure 2 below.

Hole	E	N	Az	**Dip **	Depth	from	to	m	g/t Au
ZRB437	9517	18104	40	-60	69	36	48	12	2.44
Table 2: Results greater than 1g/t Au from initial RAB drilling at Target 18 and 19.

One other hole intersected values between 0.5 and 1g/t Au.

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Figure 2: Section showing initial drill results from Target 18 at the Company’s Zuleika JV project.

4. Interpretation

Based upon the assays received to date, Torian’s preliminary interpretations are:

• The small number of holes completed to date have increased the Company’s knowledge of the targets;

• The limited information received to date supports the Company’s previous geological interpretation; and

• The results received to date are very encouraging and warrant further drilling.

5. Next Steps

Over the next two months Torian intends to complete the following works at the Zuleika JV:

• Complete Phase 1 of the RAB drilling program;

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• Commence a limited phase 2 RAB drilling program to test continuity between any mineralised zones defined by Phase 1; and

• Carry out an interpretation of all results received and plan further work.

When drilling is complete at Zuleika, the rig will move to Mt Stirling to test an area north of Mt Stirling Well where limited drilling has taken place in the past.

6. Commentary

Torian’s Managing Director, Matthew Sullivan comments:

“These results are very encouraging. Drilling is continuing at Targets 18 and 19 and these initial results demonstrate the potential of these targets. Further drilling will test the remainder of these targets over the coming period”.

For further information, please contact Matthew Sullivan (Torian’s MD) on (08) 6216 0424.

Yours sincerely,

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Matthew Sullivan Managing Director

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Appendix:

Following the Company’s announcement on 20 September 2016 titled “Mt Stirling Drilling Results”, Torian is pleased to provide the following additional information.

As previously announced, Torian is currently completing a 5,000m infill and step out RC drilling program at Mt Stirling Well. The program is designed to determine if mineralisation continues along strike of historic intersections.

Figure 3 below shows historic drilling (black) and recent infill and step out drilling (red) at Mt Stirling Well. Infill drilling has been carried out on a 20m by 20m pattern while step out drilling has been completed on a 40m by 40m pattern.

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Figure 3: Map showing Torian’s Mt Stirling Project and the location of recent drilling (red holes) at Mt Stirling Well.

As announced on the 20[th ] September, the first results received from the current program are highly encouraging and have extended known mineralisation. Mineralisation remains open in all directions with only a small amount of results received to date.

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Figure 4: Section at Torian’s Mt Stirling Well project showing recent step out drilling and proposed drill holes.

As seen in Figure 4 above, recent RC drilling (red holes) at Mt Stirling Well has extended known mineralisation. The Company is still awaiting a significant amount of results. These samples are in the lab and results are expected soon.

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About Torian:

Torian Resources Ltd ( ASX:TNR ) is a highly active Australian gold company that is focused on developing the gold mines of tomorrow. The Company has four advanced projects located in the Goldfields region of Western Australia.

Torian’s flagship Project, the Zuleika JV, lies north and partly along strike of several major gold mines including Northern Star (ASX:NST), Tribune Resources (ASX:TBR) and Rand Mining’s (ASX:RND) 7Moz East Kundana Joint Venture and Evolution’s (ASX:EVN) Frogs Legs and White Foil operations.

Since May 2015, Torian has increased its landholding at the Zuleika Project by approximately 86% via eight separate acquisitions. Torian is now the second largest landholder in this highly sought after region and is focused on fast tracking its development.

Torian has commenced a large, 4 Phase, exploration program that is targeting the Zuleika Shear and intends to further consolidate ground in this region.

Torian is also developing the high grade Mt Stirling Project which has an outcropping inferred resource located 40km northwest of Leonora. Following a successful infill drilling program in December, Torian is currently completing an internal economic study on the project to assess it as a standalone mining operation.

Torian’s exploration team has an enviable track record of discovering and developing a number of multi-million ounce gold mines in this region. Torian is commencing an exciting phase in its development and we look forward to updating the market as things progress.

Hole	Zuleika Local E	Zuleika Local N	Depth	Dip	Az
ZRB429	9546	17910	77	-60	40
ZRB430	9585	17916	60	-60	40
ZRB431	9608	17921	19	-60	40
ZRB432	9617	17920	18.4	-60	40
ZRB433	9624	17919	74	-60	40
ZRB434	9664	17917	69	-60	40
ZRB435	9696	17926	73	-60	40
ZRB436	9735	17937	70.5	-60	40
ZRB437	9517	18104	69	-60	40
ZRB438	9551	18106	78	-60	40
ZRB439	8451	18352	63	-60	40
ZRB440	8480	18357	66	-60	35
ZRB441	8506	18360	49	-60	42
ZRB442	8535	18363	47	-60	38
ZRB443	8558	18368	42	-60	42
ZRB444	8580	18370	36	-60	39
ZRB445	8599	18372	39	-60	38
ZRB446	8616	18375	35	-60	40
ZRB447	8637	18380	43	-60	39
ZRB448	8660	18385	33	-60	41
ZRB449	8675	18386	27	-60	40
ZRB450	8652	18354	27	-60	39
ZRB451	8701	18387	26	-60	39
ZRB452	8712	18392	27	-60	40

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ZRB453	8727	18396	46	-60	40
ZRB454	8752	18401	68	-60	40
ZRB455	8421	18546	72	-60	40
ZRB456	8458	18547	80	-60	40
ZRB457	8499	18551	80	-60	40
ZRB458	8535	18558	24	-60	37

Table 3: Collar details of all holes drilled to date in the current programme.

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Appendix 2 Zuleika JV Project

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling		Nature and quality of sampling (eg cut channels, random chips, or specific		All data and results referred to in this report are historic or new, and date from the
techniques		specialised industry standard measurement tools appropriate to the minerals under		late 1980s to the present day. This data has been judged to be reliable following
		investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.		independent research, including discussions with previous operators and explorers in person. Samples were collected via Rotary Air Blast (RAB) and Reverse Circulation (RC) drill
		Aspects of the determination of mineralisation that are Material to the Public		chips.
		Report.		All drilling yielded samples on a metre basis. RAB drilling samples were commonly
		In cases where ‘industry standard’ work has been done this would be relatively		composited into intervals of 4 or 5m, with selected individual or 2m resamples
		simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3		collected. Reverse Circulation (RC) drilling is utilised to obtain 1 m samples which
		kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.		are cone split, from which approx. 2-3 kg is pulverised to produce a 40 g charge for fire assay. Sample preparation method is total material dried and pulverized to nominally 85%
				passing 75 µm particle size. Gold analysis method is generally by 40g Fire Assay,
				with Atomic Absorption Spectrometry (AAS) finish (DL 0.01 – UL 50 ppm Au).
				Samples exceeding the upper limit of the method were automatically re-assayed
				utilizing a high grade gravimetric method.
Drilling		Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger,		RAB holes were typically 100mm in diameter, RC drilling usually 155mm in diameter.
techniques		Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of		RC drilling was via a face sampling hammer.
		diamond tails, face-sampling bit or other type, whether core is oriented and if so, by
		_what method, etc). _
Drill sample		Method of recording and assessing core and chip sample recoveries and results		Recoveries were logged onto paper logs during drilling. Recoveries were visually
recovery		assessed.		assessed.
		Measures taken to maximise sample recovery and ensure representative nature of		Sample recoveries were maximised in RAB and RC drilling via collecting the samples
		the samples.		in a cyclone prior to sub sampling. RAB drillholes were stopped if significant water
		Whether a relationship exists between sample recovery and grade and whether		flows were encountered.
		sample bias may have occurred due to preferential loss/gain of fine/coarse material.		No relationship appears from the data between sample recovery and grade of the
				samples.
Logging		Whether core and chip samples have been geologically and geotechnically logged to		All drillholes were geologically logged. This logging appears to be of high quality and
		a level of detail to support appropriate Mineral Resource estimation, mining studies		suitable for use in further studies.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		and metallurgical studies.		Logging is qualitative in nature.
		Whether logging is qualitative or quantitative in nature. Core (or costean, channel,		All samples / intersections are logged. 100% of relevant length intersections are
		etc) photography.		logged.
		The total length andpercentage of the relevant intersections logged.
Sub-sampling		If core, whether cut or sawn and whether quarter, half or all core taken.		Non-core RC drill chip sample material is riffle split, where sample is dry. In case of
techniques and		If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet		wet sample a representative ‘grab’ sample method is utilized.
sample		or dry.		The sample preparation technique is total material dried and pulverized to
preparation		For all sample types, the nature, quality and appropriateness of the sample		nominally 85% passing 75 µm particle size, from which a 40g charge was
		preparation technique.		representatively riffle split off, for assay.
		Quality control procedures adopted for all sub-sampling stages to maximise		Standard check (known value) sample were not used in all cases. Where used the
		representivity of samples.		known values correspond closely with the expected values. A duplicate (same
		Measures taken to ensure that the sampling is representative of the in situ material		sample duplicated) were commonly inserted for every 20 or 30 samples taken.
		collected, including for instance results for field duplicate/second-half sampling.		There is a significant amount of coarse gold at Mt Stirling Well. This is reflected in
		Whether sample sizes are appropriate to the grain size of the material being		the poor repeatability of some samples and also was noted on the drill logs.
		sampled.
Quality of assay		The nature, quality and appropriateness of the assaying and laboratory procedures		Various independent laboratories have assayed samples from the project over the
data and		used and whether the technique is considered partial or total.		years. In general they were internationally accredited for QAQC in mineral analysis.
laboratory tests		For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters		No geophysical tools have been used to date.
		used in determining the analysis including instrument make and model, reading		The laboratories inserted blank and check samples for each batch of samples
		times, calibrations factors applied and their derivation, etc.		analysed and reports these accordingly with all results.
		Nature of quality control procedures adopted (eg standards, blanks, duplicates,
		external laboratory checks) and whether acceptable levels of accuracy (ie lack of
		bias) andprecision have been established.
Verification of		The verification of significant intersections by either independent or alternative		Selected significant intersections were resampled from original remnant sample
sampling and		company personnel.		material and analysed again.
assaying		The use of twinned holes.		No twinned holes have been used to date.
		Documentation of primary data, data entry procedures, data verification, data		Documentation of primary data is field log sheets (hand written). Primary data is
		storage (physical and electronic) protocols.		entered into application specific data base. The data base is subjected to data
		Discuss any adjustment to assay data.		verification program, erroneous data is corrected. Data storage is retention of
				physical log sheet, two electronic backup storage devices and primary electronic
				database.
Location of data		Accuracy and quality of surveys used to locate drill holes (collar and down-hole		Survey control used is hand held GPS for historic holes and differential GPS for the
points		surveys), trenches, mine workings and other locations used in Mineral Resource		new holes. No down hole surveys were completed to date. As these areas contain
		estimation.		drillholes to no more than 100m significant deviations are not expected.
		Specification of the grid system used.		Grid systems are various local grid converted to MGA coordinates.
		Quality and adequacy of topographic control.		Topographic control is accurate to +/- 0.5 m for the historic holes and 0.1m for the
				new holes.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Data spacing		Data spacing for reporting of Exploration Results.		The drill spacing of the historic drilling is variable but generally no greater than
and distribution		Whether the data spacing and distribution is sufficient to establish the degree of		1000m by 40m, with some areas infilled to 400m by 40m. The new drilling is 400m
		geological and grade continuity appropriate for the Mineral Resource and Ore		by 10-30m spaced.
		Reserve estimation procedure(s) and classifications applied.		The areas do not yet have drilling density sufficient for JORC Inferred category.
		Whether sample compositing has been applied.		Further infill will be required for other categories.
				Sample compositing has been used in areas where mineralisation is not expected to
				be intersected. If results return indicate mineralisation, 1m split samples will be
				submitted for analysis.
Orientation of		Whether the orientation of sampling achieves unbiased sampling of possible		Apart from some reconnaissance RAB drilling, the orientation of the drilling is
data in relation		structures and the extent to which this is known, considering the deposit type.		approximately at right angles to the known mineralisation and so gives a fair
to geological		If the relationship between the drilling orientation and the orientation of key		representation of the mineralisation intersected.
structure		mineralised structures is considered to have introduced a sampling bias, this should		No sampling bias is believed to occur due to the orientation of the drilling.
		be assessed and reported if material.
Sample security		The measures taken to ensure sample security.		Samples were delivered to the laboratory in batches at regular intervals. These are
				temporarilystored in a secure facilityafter drillingand before delivery
Audits or reviews		The results of any audits or reviews of sampling techniques and data.		The company engages independent consultants who regularly audit the data for
				inconsistencies and other issues. None have been reported to date.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral		Type, reference name/number, location and ownership including agreements or		The Zuleika JV Project is contained with a large number of tenements. These are
tenement and		material issues with third parties such as joint ventures, partnerships, overriding		generally Prospecting Licences but some Mining Leases are also art of the tenement
land tenure		royalties, native title interests, historical sites, wilderness or national park and		package. The details of the tenements have been released in previous
status		environmental settings.		announcements to the market. This is beneficially held under a Joint Venture with
		The security of the tenure held at the time of reporting along with any known		Cascade Resources Ltd whereby the company has the right to earn a 49%interest by
		impediments to obtaining a licence to operate in the area.		spending $5m over 4 years. An initial 12.5% interest has been earned.
Exploration done		Acknowledgment and appraisal of exploration by other parties.		All work relating to previous exploration contained within this report was completed
by other parties				by other parties. Details are included in the references.
Geology		Deposit type, geological setting and style of mineralisation.		Details of the geology are found elsewhere in this report.
Drill hole		A summary of all information material to the understanding of the exploration		Details of the drilling, etc are found within the various tables and diagrams
Information		results including a tabulation of the following information for all Material drill holes:		elsewhere in this report.
		o easting and northing of the drill hole collar		No material information,results or data have been excluded.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill
		hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
		If the exclusion of this information is justified on the basis that the information is not
		Material and this exclusion does not detract from the understanding of the report,
		the Competent Person should clearly explain why this is the case.
Data		In reporting Exploration Results, weighting averaging techniques, maximum and/or		Weighted averages were calculated by a simple weighting of from and to distances
aggregation		minimum grade truncations (eg cutting of high grades) and cut-off grades are		down each hole. Most samples are 1 metre samples. No top cuts were applied.
methods		usually Material and should be stated.		Lower cut-offs used were – 1.0g/t Au.
		Where aggregate intercepts incorporate short lengths of high grade results and		The nature of the mineralisation means that little low grade material has been
		longer lengths of low grade results, the procedure used for such aggregation should		included in the intersection table.
		be stated and some typical examples of such aggregations should be shown in detail.
		The assumptions used for any reporting of metal equivalent values should be clearly
		stated.		 No metal equivalent values are used
Relationship		These relationships are particularly important in the reporting of Exploration Results.		Details of geology, and selected cross sections are given elsewhere in this report
between		If the geometry of the mineralisation with respect to the drill hole angle is known, its		 The geometry of the mineralisation is not fully understood due to the early
mineralisation		nature should be reported.		stage of exploration.
widths and		If it is not known and only the down hole lengths are reported, there should be a
intercept lengths		clear statement to this effect (eg ‘down hole length, true width not known’).		The tables above show drill widths not true widths.
Diagrams		Appropriate maps and sections (with scales) and tabulations of intercepts should be		Details of geology, and selected cross sections are given elsewhere in this report.
		included for any significant discovery being reported These should include, but not be
		limited to aplan view of drill hole collar locations and appropriate sectional views.
Balanced		Where comprehensive reporting of all Exploration Results is not practicable,		Details of the results, drilling, etc are reported elsewhere in this report.
reporting		representative reporting of both low and high grades and/or widths should be
		practiced to avoid misleading reporting of Exploration Results.
Other		Other exploration data, if meaningful and material, should be reported including		Details of geology, and selected cross sections are given elsewhere in this report.
substantive		(but not limited to): geological observations; geophysical survey results; geochemical
exploration data		survey results; bulk samples – size and method of treatment; metallurgical test
		results; bulk density, groundwater, geotechnical and rock characteristics; potential
		deleterious or contaminating substances.
Further work		The nature and scale of planned further work (eg tests for lateral extensions or depth		Proposed work included drilling of additional RAB drilling to complete testing of the
		extensions or large-scale step-out drilling).		Targets.
		Diagrams clearly highlighting the areas of possible extensions, including the main		In addition a significant number of additional prospects are known to exist within
		geological interpretations and future drilling areas, provided this information is not		the projects as defined by previous RAB and RC drilling intersections. These will
		commercially sensitive.		form the nextphase of exploration.

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Criteria	JORC Code explanation	Commentary	Commentary
			Various maps and diagrams are presented elsewhere in this report to highlight
			possible extensions and new targets.

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