GOLDARC RESOURCES LIMITED — Capital/Financing Update 2018

Oct 9, 2018

ACQUISITION OF WOMBOLA PROJECT

Highlights:

ASX / MEDIA ANNOUNCEMENT

10 October 2018

ABN: 72 002 261 565

• 100% acquisition for $10,000 cash

• Previous Intersections include:

• 3m @ 3.80g/t Au from 1m

• 1m @ 7.66g/t Au from 31m

• No drilling deeper than 50m vertical

• Strategic “fit” with existing tenements

ASX CODE: TNR

Torian Resources Ltd ( Torian or Company ) (ASX:TNR) is pleased to announce the acquisition of a new tenement at Wombola on its Kalgoorlie East Project. This tenement was held by a prospector and the company’s existing tenure completely surrounded the tenement, making this a strategic acquisition.

This area contains several historic workings with remnant dumps and stockpiles as well as a significant amount of potential in the bedrock below. The Company sees this tenement as a natural fit with the current strategy of early stage gold production.

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Image 1: Location of the new acquisition (yellow) in relation to Torian’s current tenement holding in the area (green).

W: www. torianresources.com.au

1 Geolo g y and Mineralisation

The Wombola area contains north to northeast striking mainly Archaean mafic volcanics and subvolcanics. There are several prominent shears oriented in several directions. The dolerite lithologies also have been known to contain stockwork gold mineralisation, whilst the shears are more typical quartz veined style mineralisation.

This tenement contains the historic Wombola, Hoffmann and Royal Oak mines that has recorded produced more than 1,000oz of gold from several shallow workings between 1906 and 1942. This is shown in the table below.

Table 1 Recorded Production from P26/4089 at Wombola

Mine	Tons	Oz	tonnes	g/t Au	Date
Rainbow	235.50	34.17	239.28	4.44	1940‐1
Wombola	43.50	18.56	44.20	13.06	1939‐40
Hoffmann	1154.00	364.61	1172.52	9.67	1934‐6
Kalgoorlie and Boulder Firewood Coy	1126.20	546.48	1144.27	14.85	1906‐9
Royal Oak	245.00	97.82	248.93	12.22	1906‐7
Total		**1,061.64 **	2,849.20	11.59

Source: Western Australian Department of Mines, List of Cancelled Gold Mining Leases Which Have Produced Gold, 1[st] May, 1954.

2 Previous Exploration

Previous exploration has been surprisingly light and has consisted mainly of geological mapping, prospecting, soil sampling and a brief RC drilling programme. The position of the holes is shown in the map below.

Table 2 Significant (+1g/t Au) Intersections From P26/4089 at Wombola

Hole	From	To	m	g/t Au
12NMRC147	48	50	2	Stope
12NMRC148	1	4	3	3.80
Including:	2	3	1	7.93
and	7	8	1	1.20
and	23	24	1	1.13
12NMRC165	33	35	2	1.78
12NMRC169	16	18	2	1.15
12NMRC182	18	19	1	1.74
and	44	47	3	2.64
12NMRC183	31	32	1	7.66
12NMRC193	24	26	2	1.53

These gold intersections are all relatively shallow, and almost none are actually in fresh bedrock. Of interest, there is no drilling south of the Hoffmann Shaft, with almost 200m of strike untested on this tenement alone. In addition, the 60m by 25m pattern completed to date is relatively wide spaced given the nature of the known gold mineralisation.

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Photo 1 – Typical old Workings at Wombola.

Table 3 Collar Details From P26/4089 at Wombola

Hole	E	N	RL	Depth	Dip	Dip
12NMRC146	389732	6571117	398	54	‐60	315
12NMRC147	389718	6571132	398	54	‐60	315
12NMRC148	389681	6571172	399	54	‐60	315
12NMRC149	389668	6571185	399	54	‐60	315
12NMRC150	389777	6571157	399	54	‐60	315
12NMRC151	389759	6571170	399	54	‐60	315
12NMRC152	389731	6571213	400	54	‐60	315
12NMRC153	389714	6571225	400	54	‐60	315
12NMRC154	389700	6571239	400	54	‐60	315
12NMRC155	389687	6571252	400	54	‐60	315
12NMRC156	389677	6571261	400	54	‐60	315
12NMRC158	389818	6571201	400	54	‐60	315
12NMRC159	389804	6571215	400	54	‐60	315
12NMRC160	389759	6571259	401	54	‐60	315
12NMRC161	389746	6571274	401	54	‐60	315
12NMRC162	389878	6571309	401	54	‐60	315
12NMRC163	389865	6571324	401	54	‐60	315
12NMRC164	389851	6571338	402	54	‐60	315
12NMRC182	389731	6571287	401	54	‐60	315
12NMRC183	389719	6571304	401	54	‐60	315
12NMRC192	389788	6571322	402	54	‐60	315
12NMRC193	389772	6571334	402	54	‐60	315
12NMRC194	389753	6571343	402	54	‐60	315

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For further information, please contact:

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Matthew Sullivan Managing Director

info@torianresources.com.au

About Torian:

Torian Resources Ltd (ASX:TNR) is a highly active gold exploration and development company. The Company has amassed a large and strategic landholding comprising of eight projects and over 500km² of tenure located in the Goldfields Region of Western Australia.

Torian’s flagship project, Zuleika, is located along the world‐class Zuleika Shear. The Zuleika Shear is the fourth largest gold producing region in Australia and consistently produces some of the country’s highest grade and lowest cost gold mines. 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 Evolutions (ASX:EVN) 1.8Moz Frogs Legs and White Foil deposits.

The Zuleika Shear has seen significant corporate activity of late with over A$1 Billion worth of acquisition in the region by major mining companies. Torian’s Zuleika project comprises approximately 223km² of tenure making Torian one of the largest landholder in this sought after region.

Last year Torian drilled 59,345m for a total of 1,319 holes across its projects. The large drilling campaign tested 26 exploration targets and, importantly, made four gold discoveries making Torian one of the most active gold explorers on the ASX.

Competent Person:

Information in this report pertaining to mineral resources and exploration results was compiled by Mr MP Sullivan who is a member of Aus.I.M.M. Mr Sullivan is the chief geologist of Jemda Pty Ltd, consultants to the company. Mr Sullivan has sufficient experience which is relevant to the style of mineralisation and the type of deposit that is under consideration and to the activity that he is undertaking to qualify as a competent person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Sullivan consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Appendix 1 Kalgoorlie East Project – Wombola Acquisition

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		Samples were collected via auger drill chips.
techniques			specialised industry standard measurement tools appropriate to the minerals under		All drilling yielded samples on a hole basis. Several holes were drilled into each
			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.		dump and the samples were composited into intervals of 0.5 to 5m, depending on the height of each dump, from which approx. 2‐3 kg is pulverised to produce a 50 g charge for fire assay.
			Aspects of the determination of mineralisation that are Material to the Public		Sample preparation method is total material dried and pulverized to nominally 85%
			Report.		passing 75 µm particle size. Gold analysis method was by 50g Fire Assay. Samples
			In cases where ‘industry standard’ work has been done this would be relatively		exceeding the upper limit of the method were automatically re‐assayed utilizing a
			simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3		high grade gravimetric method.
			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.
Drilling			Drill type (eg core, reverse circulation, open‐hole hammer, rotary air blast, auger,		The auger holes were typically 75mm in diameter.
techniques			Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of
			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 the auger drilling via collecting the samples at
			the samples.		the collar of each hole. Several holes were drilled into each dump to obtain a
			Whether a relationship exists between sample recovery and grade and whether		representative sample for each individual dump.
			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 holes 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.
			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.

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Criteria		JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sub‐sampling			If core, whether cut or sawn and whether quarter, half or all core taken.		Non‐core drill chip auger sample material is tube sampled, all samples were dry.
techniques	and		If non‐core, whether riffled, tube sampled, rotary split, etc and whether sampled wet		The sample preparation technique is total material dried and pulverized to
sample			or dry.		nominally 85% passing 75 µm particle size, from which a 50g charge was
preparation			For all sample types, the nature, quality and appropriateness of the sample preparation technique.		representatively riffle split off, for assay. Standard check (known value) sample were used in used in the recent drilling.
			Quality control procedures adopted for all sub‐sampling stages to maximise		Where used the known values correspond closely with the expected values. A
			representivity of samples.		duplicate (same sample duplicated) were commonly inserted for every 20 or 30
			Measures taken to ensure that the sampling is representative of the in situ material		samples taken.
			collected, including for instance results for field duplicate/second‐half sampling.		The sample size is industry standard and appears suitable for the current
			Whether sample sizes are appropriate to the grain size of the material being		programme.
			sampled.
Quality of assay			The nature, quality and appropriateness of the assaying and laboratory procedures		The methods used by the lab ensure a total assay. The lab used is internationally
data	and		used and whether the technique is considered partial or total.		accredited for QAQC in mineral analysis.
laboratory tests			For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters		No geophysical tools have been used.
			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. No down hole surveys were completed to
points			surveys), trenches, mine workings and other locations used in Mineral Resource		date. As these areas contain drillholes to no more than 5m significant deviations are
			estimation.		not expected.
			Specification of the grid system used.		Grid system is MGA coordinates.
			Quality and adequacy of topographic control.		Topographic control is assumed as the areas aregenerally quite flat.
Data spacing and			Data spacing for reporting of Exploration Results.		The drill spacing is highly variable but generally no greater than 2m by 4m, with
distribution			Whether the data spacing and distribution is sufficient to establish the degree of		some areas infilled to 1m by 3m.
			geological and grade continuity appropriate for the Mineral Resource and Ore		The areas have drilling density sufficient for JORC Inferred category. Further infill
			Reserve estimation procedure(s) and classifications applied.		will be required for other categories.
			Whether sample compositing has been applied.		Sample compositingwas used in all holes for each dump.
Orientation	of		Whether the orientation of sampling achieves unbiased sampling of possible		The orientation of the drilling is approximately at right angles to the sides of each
data in relation			structures and the extent to which this is known, considering the deposit type.		dump and so gives a fair representation of the mineralisation intersected.
			If the relationship between the drilling orientation and the orientation of key		No sampling bias is believed to occur due to the orientation of the drilling.
			mineralised structures is considered to have introduced a sampling bias, this should

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
to geological		be assessed and reported if material.
structure
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 details relating to the tenements are located in the Tenement Status section of
tenement	and		material issues with third parties such as joint ventures, partnerships, overriding		this report.
land	tenure		royalties, native title interests, historical sites, wilderness or national park and
status			environmental settings.		The tenement status is described elsewhere in this report.
			The security of the tenure held at the time of reporting along with any known
			impediments to obtaining a licence to operate in the area.
Exploration done			Acknowledgment and appraisal of exploration by other parties.		No sampling of dumps has been undertaken by any other parties.
by other parties
Geology			Deposit type, geological setting and style of mineralisation.		The geology of each area is widely different. The dumps are representative of
					material discarded by historic mining activities that date back to the 1890s. The
					main similarity of the dumps is the oxide nature of them. Rocktypes include basalt,
					ultramafics, and dolerite. Variable amounts of quartz and ironstone are present in
					the dumps.
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.
			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		No weighted averages are reported. Results reflect the raw data from each hole.
aggregation			minimum grade truncations (eg cutting of high grades) and cut‐off grades are		Sample intervals are highly variable. No cuts were applied.
methods			usually Material and should be stated.		No aggregations of higher grade mineralisation have been used.
			Where aggregate intercepts incorporate short lengths of high grade results and

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Criteria		JORC Code explanation	JORC Code explanation	Commentary	Commentary
			longer lengths of low grade results, the procedure used for such aggregation should
			be stated and some typical examples of such aggregations should be shown in detail.		No metal equivalent values are used
			The assumptions used for any reporting of metal equivalent values should be clearly
			stated.
Relationship			These relationships are particularly important in the reporting of Exploration Results.		All results in this report reflect the raw data
between			If the geometry of the mineralisation with respect to the drill hole angle is known, its		The tables above show drill widths not true widths. However the holes were
mineralisation			nature should be reported.		oriented in such a way as to approximate true widths.
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’).
Diagrams			Appropriate maps and sections (with scales) and tabulations of intercepts should be		Details of drilling 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 the drilling 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 holes and more detailed sampling as
			extensions or large‐scale step‐out drilling).		well as surveying of the dumps. The aim of such work is to increase confidence in
			Diagrams clearly highlighting the areas of possible extensions, including the main		the data and also to test for extensions to the known resources. Budgets are being
			geological interpretations and future drilling areas, provided this information is not		prepared for this work at present.
			commercially sensitive.		These sample results reflect the entire dumps on the tenements and there is no
					possible extensions.
					Various maps and photos diagrams are presented elsewhere in this report to
					highlight the nature of the dumps.

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