GOLDARC RESOURCES LIMITED - Capital/Financing Update 2020

ASX / MEDIA ANNOUNCEMENT 17 July 2020

ABN: 72 002 261 565

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Exploration Program planned for Mt Monger ‐ Wombola

Highlights:

Desktop analysis uncovers large area of interest at the Mt Monger – Wombola Gold Projects, with significant discovery potential.
Up to 50,000m of historical drilling results to be reviewed and reinterpreted
3 phase systematic exploration program to be undertaken, including drilling
The prospective Mount Monger and Wombola Projects sit 50km south east of Kalgoorlie in the world class gold region of Western Australia with historical production of over 60Moz of gold.
Mt Monger Gold Project sits nearby and adjacent to Silver Lake Resources (ASX: SLR) tenure which hosts their flagship Mt Monger mine (Daisy Complex).
Total historical production in the Mt Monger region is in excess of 1.67 Moz of gold.
Significant intercepts at the Providence prospect:
5m @ 7.17 g/t Au from 9m (incl. 1m @ 4.67 g/t Au from 9m and 1m @ 29.7 g/t Au from 11m)
4m @ 5.23 g/t Au from 50m (incl. 1m @ 20.7 g/t Au from 53m)
Assay results from the Diorite Block sampling programme due shortly

Torian Resources Limited ( Torian or the Company ) is pleased to provide an update on the status of its 100% owned Mt Monger – Wombola project.

As announced in the Company’s recent Rights Issue Prospectus, TNR intends to invest a significant portion of the funds raised on systematic exploration of the prospective Mt Monger – Wombola Projects which are located in close proximity to Silver Lake Resources’ (ASX:SLR) flagship Mt Monger mine (Daisy Complex).

The Company’s geological team are currently assembling all the historical drilling data on the Company’s tenements and are progressing the interpretation of up to 50,000m of historical drilling results.

Torian Chairman Mr Louie Simens said, “As previously announced we have had fresh eyes digging into the extensive datasets across TNR’s projects and early indications from desktop analysis have yielded significant indicators of potential for further discoveries at the Mt Monger - Wombola projects.

We are embarking on a property-wide systematic exploration effort at the Mt Monger - Wombola Project which enfolds much of Silver Lake Resources (ASX: SLR) flagship Mt Monger Mine.

E : [email protected] Directors W : www.torianresources.com.au PO Box 191 West Perth WA 6872

104 Colin Street West Perth WA 6005 T : +61 8 9420 8208 F : +61 8 9322 4130

Louie Simens, Non‐Executive Chairman Paul Summers, Executive Director Peretz Schapiro, Executive Director Matthew Foy, Company Secretary

We are also delighted that our JV partner Dampier, (ASX:DAU) have announced a major drilling program at our jointly held Zuleika Gold Project with an aim of rapidly defining JORC compliant resources.

Torian is a company with excellent projects, in the right locations, next to some major operating mines, of which management is committed to systematically explore. We look forward to updating the market on the results of our exciting exploration programs across our multiple prospective gold projects.”

Torian’s Mount Monger Project

Torian’s Mount Monger Project is comprised of two distinct areas “Wombola” and “Mount Dam” (Figure 1). The Mount Dam area is located approximately 11km to the southeast of Wombola area. Figure 1 shows Torian’s Mount Monger tenement outlines and current gold prospects (blue labelled boxes) and major mines and gold resources owned and developed by Silverlake Resources Limited Mount Monger Project – Daisy Complex (red dots with SLR’s mine/resource name and current JORC compliant resource in kilo-ounces or million-ounces gold).

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Figure 1. Torian’s Mount Monger tenement outlines and current gold prospects (blue labelled boxes) and major mines and gold resources (Silverlake Resources).

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Review of Historical Exploration at Mount Monger– Wombola Project area

The continuing desktop review of Torian’s Mount Monger Project – Wombola area has so far uncovered 7,356 historic drill holes with up to 50,000 metres of drilling within Torian’s tenements.

Figure 2 shows Torian’s Wombola tenements within the Mount Monger Project, historic drill hole collars and their close proximity to the historic Wombola mining pits. Multiple drilled gold prospects have been identified within Torian’s tenements, “Providence”, “Providence Southwest”, “Minnie”, “Hoffmann”, “Rainbow”, “Lords” and “Ludlow”.

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Figure 2 . Map showing Torian’s Wombola tenements within the Mt Monger Project, historic drill hole collar locations and identified prospects.

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Figure 3 shows a Total Magnetic Intensity (TMI) image of Torian’s Wombola tenements with arrows indicating the trend of potential mineralisation into Torian’s tenements.

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Figure 3. Geophysical Total Magnetic Intensity (TMI) image showing potential trend of mineralisation into Torian’s tenements.

Wombola Area – Providence Prospect - Initial Target

An initial priority target has been identified with significant historical RC drilling and some diamond core drilling around the Providence Prospect of Torian’s Wombola tenement area (Figure 4). Providence is along strike from the adjacent historical Wombola Dam and Wombola open-cut mining pits to the northeast (Figure 3) and current Silver Lake’s Mineral Resources (ASX: SLR) announcement entitled "Mineral Resources and Ore Reserves Statement" dated 27 August 2019.

Figure 4 shows a map of the Providence Prospect drill hole collar locations with structural geological features over satellite imagery.

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Figure 4. Map showing historic drill hole collars over Torian’s Providence Prospect within the Mt Monger Project.

A summary of drilling results and gold intercepts > 0.40 g/t Au at the Providence Prospect are summarised in Table 1 below with significant results highlighted in bold.

Table 1 . Summary of drill hole collar locations and gold intercepts > 0.40 g/t at the Providence Prospect.

Hole ID	Easting	Northing	RL	Az	Dip	Length	Intercept
NMC005	386604	6569178	397.196	225.18	‐55.58	100	NSI
NMC006	386641	6569214	396.573	225.11	‐54.95	100	NSI
NMR087	386503	6569142	394.133	0	‐90	40	NSI
NMR088	386574	6569213	395.277	0	‐90	38	NSI
11NMRC058	386443	6569189	397.526	120	‐55	180.10	NSI
11NMRC059	386459	6569178	398.777	120	‐55	152.40	1m@ 3.93g/t Au from 6m
11NMRC060	386476	6569167	394.893	120	‐55	54	2m @ 1.915 g/t Au from 33m
							incl. 1m@ 2.84g/t Au from 34m
11NMRC061	386493	6569158	395.237	120	‐55	54	[email protected]/t Au from 47m
11NMRC062	386509	6569146	397.4	120	‐55	54	NSI
11NMRC063	386527	6569136	393.911	120	‐55	54	NSI
11NMRC064	386543	6569125	394.09	120	‐55	54	NSI

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11NMRC065	386490	6569193	399.825	120	‐55	54	NSI
11NMRC066	386507	6569182	394.785	120	‐55	54	NSI
11NMRC067	386525	6569171	394.993	120	‐55	54	1m @ 0.55 g/t Au from 22m [email protected]/t Au from 43m
11NMRC068	386539	6569159	396.671	120	‐55	54	1m@ 1.25g/t Au from 11m
11NMRC069	386558	6569149	396.036	120	‐55	54	1m@ 1.45g/t Au from 2m
11NMRC070	386471	6569238	396.888	120	‐55	54	1m @ 0.6 g/t Au from 24m
							4m @ 5.23 g/t Au from 50m
							incl. 1m@ 20.7g/t Au from 53m
11NMRC071	386488	6569229	395.736	120	‐55	54	NSI
11NMRC072	386504	6569219	395.73	120	‐55	54	7m @ 1.04 g/t Au from 24m
							incl. 1m@ 2.46g/t Au from 26m
11NMRC073	386521	6569208	396.226	120	‐55	54	1m @ 1.04 g/t Au from 15m
							1m@ 1.25g/t Au from 43m
11NMRC074	386540	6569197	396.736	120	‐55	30	NSI
11NMRC075	386556	6569186	397.206	120	‐55	54	1m@ 0.81g/t Au from 6m
11NMRC076	386573	6569176	397.145	120	‐55	54	1m@ 0.57g/t Au from 13m
11NMRC077	386519	6569246	396.685	120	‐55	54	1m @ 0.82 g/t Au from 6m
							7m @ 1.3 g/t Au from 33m
							incl. 1m@ 6.35g/t Au from 35m
11NMRC078	386537	6569235	396.935	120	‐55	54	15m @ 1.31 g/t Au from 8m
							incl. 2m @ 7.93 g/t Au from 8m
							1m@ 1.86g/t Au from 22m
11NMRC079	386556	6569222	397.721	120	‐55	54	[email protected]/t Au from 26m
11NMRC080	386572	6569212	398.262	120	‐55	54	6m @ 2.32 g/t Au from 8m
							incl. 1m@ 13.7g/t Au from 8m
11NMRC081	386590	6569201	398.143	120	‐55	54	NSI
11NMRC082	386502	6569294	397.657	120	‐55	54	NSI
11NMRC083	386518	6569283	397.314	120	‐55	54	1m @ 0.73 g/t Au from 8m
							2m@ 0.65g/t Au from 52m
11NMRC084	386535	6569271	396.493	120	‐55	54	NSI
11NMRC085	386550	6569262	397.208	120	‐55	54	9m @ 0.76 g/t Au from 10m
							incl. 1m@ 4.59g/t Au from 11m
11NMRC086	386563	6569253	398.321	120	‐55	54	NSI
11NMRC087	386586	6569239	398.76	120	‐55		NSI
11NMRC088	386602	6569227	398.831	120	‐55	54	1m @ 0.85 g/t Au from 4m
							2m@ 2.88g/t Au from 47m
11NMRC089	386549	6569298	398.043	120	‐55	54	1m@ 3.21g/t Au from 24m
11NMRC090	386567	6569287	397.15	120	‐55	54	5m @ 7.17 g/t Au from 9m
							incl. 1m @ 4.67 g/t Au from 9m
							incl. 1m@ 29.7g/t Au from 11m
11NMRC091	386583	6569276	397.669	120	‐55	54	NSI
11NMRC092	386599	6569264	398.288	120	‐55	54	NSI
11NMRC093	386616	6569253	398.781	120	‐55	54	NSI

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11NMRC094	386531	6569344	398.3	120	‐55	54	NSI
11NMRC095	386549	6569332	397.879	120	‐55	54	NSI
11NMRC096	386566	6569322	396.271	120	‐55	54	NSI
11NMRC097	386584	6569313	397.005	120	‐55	54	5m @ 0.94 g/t Au from 10m
							incl. 1m@ 2.78g/t Au from 10m
11NMRC098	386598	6569301	397.386	120	‐55	54	NSI
11NMRC099	386615	6569291	397.987	120	‐55	54	1m@ 1.04g/t Au from 16m
11NMRC100	386632	6569280	398.929	120	‐55	54	NSI
11NMRC101	TBA	TBA	TBA	TBA	TBA	54	4m @ 0.79 g/t Au from 6m
							incl. 1m @ 2.67 g/t Au from 6m
							1m @ 0.78 g/t Au from 18m
							1m@ 0.69g/t Au from 42m
11NMDD004	386491	6569318	399.121	120	‐55	180.10	2.9m @ 0.59 g/t Au from 49.9m
							incl. 0.45m @ 2.58 g/t Au from 50.7m
							1.7m @ 0.49 g/t Au from 74.4m
							0.2m @ 1.87 g/t Au from 80.7m
							3.15m @ 1.3 g/t Au from 90.65m
							incl. 0.3m @ 5.61 g/t Au from 93.5m
							3.1m @ 4.36 g/t Au from 129.2m
							incl. 0.25m @ 49.8 g/t Au from 129.65m
							3.05m @ 2 g/t Au from 140.25m
							incl. 0.4m @ 13.5 g/t Au from 140.25m
							1.95m@ 0.6g/t Au from 148.25m
11NMDD005	386560	6569274	398.753	120	‐55	152.40	0.75m @ 2.4 g/t Au from 84.95m
							incl. 0.4m @ 4.47 g/t Au from 85.3m
							0.45m@ 1.39g/t Au from 102.45m

NSI = No significant intercept or assay < 0.40 g/t Au. All holes are reverse circulation except for 11NMDD004 and 11NMDD005 which are diamond.

Drill cross sections from the Providence prospect in Figures 5 and 6 shows gold intercepts respectively from 386550E and 386580E

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Figure 5. Providence drill cross section at 386550E showing weighted average gold intercepts and included whole intercept zones.

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Figure 6. Providence drill cross section at 386580E showing weighted average gold intercepts and included whole intercept zones.

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Review of drilling data at the Wombola area is ongoing, as is historic soil geochemical rock chip and sampling, the outcome of which will be announced when further exploration results of this area become available.

Review of Historical Exploration at Mount Monger Project – Mt Dam area

The desktop review of the Mount Monger Project – Mount Dam area (Figure 1) is also continuing. Torian’s Mount Dam area is located 11km to the southeast of the Wombola area. There are two known gold prospects within the Mount Dam tenements; Three Emus and Tommies Dam. A review of historic exploration comprising of drilling as well as geochemical rock chip and soil sampling will be announced when as soon as analysis is completed.

The following three phase systematic exploration program will be executed at Mt Monger:

Phase 1 : Continue thorough review of all historical exploration data and assays (drilling and geochemical sampling), commence a program of aggressive prospection, geological mapping, geophysical, and geochemical testing over the Mt Monger project area.

Phase 2 : Complete a scout RC drilling program at Mt. Monger to delineate mineralised zones and to follow-up any identified gold intercepts from historical drilling. Samples will be used to better understand the mineralization and plan geophysical programs going forward.

Phase 3 : Undertake a full-scale reconnaissance level prospect program at the Mt Monger tenements with the view of establishing a much broader drill program. RC drilling of identified geochemical rock and soil prospects

Regional Geology

The Mt Monger project lies within the Gindalbie Terrane of the Eastern Goldfields Granite– Greenstone Terrane, a subdivision of the Norseman–Wiluna Greenstone Belt which is part of the Archaean Yilgarn Craton (Figure 7). The linear greenstone belts of the area comprise a lower mafic–ultramafic volcanic succession of metamorphosed basalts, komatiites, and mafic to ultramafic intrusive bodies, overlain by a felsic volcaniclastic and siliciclastic metasedimentary rock succession (Griffin, 1990). Both successions are unconformably overlain by Polymictic conglomerates and sandstones. Granitoid bodies have been intruded at various stages throughout the Archaean and east–west-trending Proterozoic mafic–ultramafic dykes cross-cut the region. Rocks in the area range from greenschist to lower amphibolite facies (Mikucki and Roberts, 2004).

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Mineralisation is both stratigraphically and structurally controlled with the mines (both current and past) of Silver Lake Resources (ASX: SLR) being located below the contact of the area’s two main stratigraphic units: a felsic unit and a mafic unit. The lower felsic unit consists of felsic to intermediate pyroclastic rocks and coarse volcanogenic sediments. This is overlain by the mafic unit composed of high-Mg basalt intercalated with thin chert beds. The upper part of the felsic unit and the entire mafic unit are intruded by layered ultramafic–mafic sills and dykes of felsic porphyry (Hickman, 1986).

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Figure 7. Map outlining the broad tectonic units of the Yilgarn Craton and surrounding provinces (Geological Survey of Western Australia).

Local Geology

The Mt Monger Project tenements are located on the Bulong Anticline, of the Gindalbie domain, within the Kurnalpi Terrane in the Eastern Goldfields Superterrane of the Archaean Yilgarn Craton of Western Australia. The Mt Monger Project overlies the western limb and nose of the anticline, which comprises a greenstone succession of layered mafic sill that is overlain by a package of mafic and intermediate volcanic and volcaniclastic rocks as well as the granitic core of the anticline.

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Discovery and Historical Production at Mount Monger

Local prospectors found gold near Mount Monger in 1896 with the main production period dating from 1916 when mines were developed close to the Mount Monger Homestead. From Department of Mines WA records Hickman (1986) summarised gold production from the Mount Monger area which at the end of December 1984 totalled about 4760 kg Au from 170,000 t of ore (170,000t @ 28g/t Au for 153,038 oz). Most of the gold was mined by underground methods from what were known as the Haoma Leases (which corresponds to Christmas Flats and includes the Dinnie–Reggio, Haoma and Daisy–Milano lodes). A summary of historical production figures in the Mount Monger region up to June 2010 is shown in Table 2.

Table 2. Historical production figures at Mount Monger up to March 2020.

Period	Tonnes	Grade (g/t) Au	Ounces
<1991	193,034	29	180,000
1992–95	807,312	2.9	75,818
Dumps	133,960	1.4	5,981
Daisy–Milano (2002-2004) and previous operators	259,819	12.9	107,846
Daisy–Milano (2004-2005)	20,059	7.5	4,827
Perilya Daisy-Milano (July 2005-June2006)	111,288	7.6	27, 298
Perilya Daisy Milano (July 2006–March 2007)	110,112	7.3	25,843
Silver Lake Resources (December 2007–June 2008)	21,085	10.2	6,915
Silver Lake Resources (July 2008–June 2009)	162,863	9.4	49,272
Silver Lake Resources (July 2009–June 2010)	339,916	6.1	66,671
Silver Lake Resources (July 2010–June 2011)	300,369	7.2	69,923
Silver Lake Resources (July 2011–June 2012)	717,016	4.5	102,598
Silver Lake Resources (July 2012–June 2013)	1,091,100	3.4	120,980
Silver Lake Resources (July 2013–June 2014)	1,028,326	4.1	135,760
Silver Lake Resources (July 2015–June 2016)	688,085	4.8	105,477
Silver Lake Resources (July 2016–June 2017)	1,286,196	3.4	141,165
Silver Lake Resources (July 2017–June 2018)	1,306,508	3.5	148,244
Silver Lake Resources (July 2018–June 2019)	1,269,722	4.2	171,616
Silver Lake Resources (July 2019–March 2020)	1,412,147	3.3	158,549
			1,677,485

Source: Silverlake Resources Combined Annual Report for the Mount Monger Project – September 2011. Silverlake Resources Quarterly Reports for the periods ending June 2011 to 2019 and March 2020.

Wombola Croesus Open Cut (ASX: SLR)

The Wombola orebody is hosted by - a series of sheeted quartz veins within a deeply oxidised dolerite host sequence. The Wombola Open Cut differs from Wombola Dam Open Cut in the extent of the weathered profile. Sulphides are typically less abundant in the veining and no fresh rock has been, or is likely to be encountered in the open cut. The orebody has been extensively grade control drilled during the reporting period and is open at depth.

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Wombola Dam Open Cut (ASX: SLR)

The Wombola Dam orebody is comprised of a series of sheeted quartz veins within a doleritic host sequence. The mineralisation is primarily hosted in quartz veins that also contain a gangue of chalcopyrite and pyrite. The open cut has mined 12 – 15 main quartz lodes that vary in width from 0.5 metres to 1 metre in thickness. Quartz veining terminates on a gently south dipping black shale in the south end of the open cut. The orebody remains open to the north, east and west and at depth.

Mount Monger Mineral Resources

Silver Lake Resources (ASX: SLR) Mount Monger Mineral Resource Statement as at 30 June 2019 Resource calculations from new drilling and historic work at Mt Monger produced a total resource (measured, indicated and inferred) of 3,688,000 ounces @ 3.7 g/t Au (ASX: SLR Announcement 12 February 2020). Silver Lake’s total resource includes defined resources within the area of the historic Wombola Croesus and Wombola Dam pits and Hammer and Tap prospect (Figures 1 and 2).

Competent Person Statement

The information in this report / ASX release that relates to Exploration Results is based on information compiled and reviewed by Mr Dennis Fry, who is a Director of Desert Storm Resources Pty Ltd. Mr Fry is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Fry consents to the inclusion in this report / ASX release of the matters based on information in the form and context in which it appears. Additionally, Mr Fry confirms that the entity is not aware of any new information or data that materially affects the information contained in the ASX releases referred to in this report.

This announcement has been authorised for release by the Board.

ENDS

Louie Simens Non‐Executive Chairman [email protected]

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About Torian:

Torian Resources Ltd (ASX:TNR) is a gold exploration and development company with an extensive and strategic land holding comprising eight projects and over 400km² of tenure in the Goldfields Region of Western Australia. Aside from the present Mt Stirling Project in the Leonora region the Company is also focused on its Zuleika JV with Dampier Gold Ltd (ASX:DAU), which 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. This 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.

Torian’s other projects within the Kalgoorlie region include the Credo Well Joint Venture with Dampier Gold Ltd (ASX:DAU), Bonnie Vale and Gibraltar projects.

A new focus of the Company is the Mount Monger/Wombola Project. The Mount Monger goldfield is located within the Kalgoorlie terrane subdivision of the Eastern Goldfields Province. Gold mining began in the Mount Monger area during the early 1900s. The Company’s 3,700 hectare Mount Monger/Wombola Project lies within close vicinity of Silver Lake Resources Ltd’s (ASX: SLR) key asset, the Mount Monger Gold Camp, located 50 km south east of Kalgoorlie, a prolific part of the Eastern Goldfields district of Western Australia. The Mount Monger Camp had produced ~171,000 ounces for Silver Lake in FY19.

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget” “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved.” Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, Gold and other metal prices, the estimation of initial and sustaining capital requirements, the estimation of labour costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the Project, permitting and such other assumptions and factors as set out herein.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in Gold prices; sources and cost of power and water for the Project; the estimation of initial capital requirements; the lack of historical operations; the estimation of labour costs; general global markets and economic conditions; risks associated with exploration of mineral deposits; the estimation of initial targeted mineral resource tonnage and grade for the Project; risks associated with uninsurable risks arising during the course of exploration; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support exploration activities; risks associated with changes in the mining regulatory regime governing the Company and the Project; completion of the environmental assessment process;

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risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalisation and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at the Project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation.

Although the Company has attempted to identify important factors that cause results not to be as anticipated, estimated or intended, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward looking information is made as of the date of this announcement and the Company does not undertake to update or revise any forward-looking information this is included herein, except in accordance with applicable securities laws.

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Appendix 1 Mount Monger Historical Drilling

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	Commentary
Sampling techniques	 Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under 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.  Aspects of the determination of mineralisation that are Material to the Public Report.  In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 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.	HISTORICAL  Drilling was completed by reverse circulation (RC) techniques for all holes reported except for two holes which were diamond core.  RC drill chips were collected through the cyclone and riffle split on the rig, the sample was then stored in plastic bags and an accompanying calico bag.  No procedures or flow sheets were sighted that further explain any further sampling or sample preparation procedures.  It would be anticipated that industry standard practices and procedures were used.
Drilling techniques	 Drill type (eg core, reverse circulation, open‐hole hammer, rotary air blast, auger, 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).	HISTORICAL  Drilling was completed using reverse circulation (RC) drilling technique except for two holes with 11NMDD prefix which were drilled using diamond drilling technique.  No historic information on the diameter size of the RC or diamond drill.
Drill sample recovery	 Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due topreferential loss/gain of fine/coarse material.	HISTORICAL  No historic procedures were sighted that further explain the sample recovery methods and results and bias.
Logging	 Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.  The total length andpercentage of the relevant intersections logged.	HISTORICAL  Geological logging was completed on every drillhole.  Geological logging appears to be relatively qualitative and quantitative in nature.  No photos are available.


Sub‐sampling techniques and sample preparation	 If core, whether cut or sawn and whether quarter, half or all core taken.  If non‐core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub‐sampling stages to maximise representivity of samples.  Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second‐half sampling.  Whether sample sizes are appropriate to the grain size of the material being sampled.	HISTORICAL  For diamond core holes, half‐core was taken for geochemical analysis. Method for cutting core was not documented.  RC drill chips were collected through the cyclone and riffle split on the rig.  Further sampling techniques and whether the same was dry or wet was not documented.
Quality of assay data and laboratory tests	 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	HISTORICAL  Internal company quality control and quality assurance have not been documented.  Cortina Resources Ltd. Drill holes with ATC or HOC prefix, samples were analysed by Amdel Laboratories with AA7 method for Aqua regia digest, atomic absorption spectrometry finish.  AngloGold Australasia Limited. Drill holes with NMR prefix, samples were analysed by Analabs with AAS method Atominc Absorption, AR Aqua Regia.  Silverlake Resources Limited. Drill holes with 11 prefix, samples were analysed at Amdel Kalgoorlie with FA40_ICP Fire Assay, 40g charge, ICP‐OES. Diamond core holes with 11NMDD prefix, samples were analysed at Amdel Kalgoorlie with FA1UG method Fire Assay 40g AAS Finish.  The analytical laboratories used above are certified and have industry standard practices and procedures. This includes default standards, blanks and duplicates for laboratory QA/QC practices and procedures.
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.	HISTORICAL  Internal verification of significant intersections has not been documented.  The use of twinned holes has not been documented.  Drill core and RC chip trays are not available for inspection.  Data entry, data verification and data storage processes are unknown. Historical data was sourced from annual reports lodged to Government authorities.

Location of  Accuracy and quality of surveys used to locate drill holes (collar and down‐hole data points surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic control.

HISTORICAL

All drill hole collars were reported as being located using DGPS in the field. It is anticipated that location of drill holes are highly accurate and have good topographic control.
The vast majority of drill holes were surveyed downhole at various intervals with quantitative logging sighted. A review of this data highlights that for some holes, slight deviation has occurred (as normally expected) and the end of drill hole position generally compares favourably with the azimuth and dip from surface.
Grid system used for earlier drilling was Australian Map Grid 84 (ADG84) Zone 51. The eastings and northings for these holes were converted to Geocentric Datum of Australia 1994 (GDA94) with high accuracy.
Grid system used to locate the vast majority of drill hole collars was Geocentric Datum of Australia 1994 (GDA94). No conversion was necessary.

			converted to Geocentric Datum of Australia 1994 (GDA94) with high accuracy.  Grid system used to locate the vast majority of drill hole collars was Geocentric Datum of Australia 1994 (GDA94). No conversion was necessary.	converted to Geocentric Datum of Australia 1994 (GDA94) with high accuracy.  Grid system used to locate the vast majority of drill hole collars was Geocentric Datum of Australia 1994 (GDA94). No conversion was necessary.
Data spacing		Data spacing for reporting of Exploration Results.	HISTORICAL
and		Whether the data spacing and distribution is sufficient to establish the degree of		Drilling was undertaken mostly at 1m intervals and assayed at the
distribution		geological and grade continuity appropriate for the Mineral Resource and Ore		same interval.
		Reserve estimation procedure(s) and classifications applied.		Composite sampling was documented and sampled at 4m intervals
		Whether sample compositing has been applied.		and assayed at the same interval.
				Diamond core holes were cut and sampled at irregular intervals, most
				likely depending on the lithology encountered.
				Historical data is qualitative in nature and is deemed appropriate for
				future Mineral Resource and Ore estimationprocedures.
Orientation of		Whether the orientation of sampling achieves unbiased sampling of possible	HISTORICAL
data in		structures and the extent to which this is known, considering the deposit type.		The relationship between sampling orientation and key mineralised
relation to		If the relationship between the drilling orientation and the orientation of key		structures is considered acceptable from a historical perspective. It
geological		mineralised structures is considered to have introduced a sampling bias, this should		has been noted from historical reporting that some areas have very
structure		be assessed and reported if material.		sporadic shoots of mineralisation where a single drill hole intercepts
				numerous shoots of mineralisation at different levels.
Sample		The measures taken to ensure sample security.	HISTORICAL
security				Sample security measures during transport and sample preparation
				are unknown. It is assumed that industry standard practices and
				procedures were implemented.
Audits or		The results of any audits or reviews of sampling techniques and data.	HISTORICAL
reviews				No details sighted on any previous sampling reviews or audits. It is
				assumed that industry standard practices and procedures were
				implemented.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	 Nature and Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  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.	 Wombola area granted tenements: P26/4089, P26/4101 to P26/4104, P26/4112, P26/4114, P26/4115, P26/4139, P26/4141 to P26/4143, P26/4275, P26/4276 and P26/4292. Pending tenement P26/4507.  Mount Dam area granted tenements: P25/2348, P25/2349, P25/2493, P26/4086, P26/4106 to P26/4111, P26/4113, P26/4310, P26/4409.  Status of tenements (granted and pending) are noted above.  Tenements P26/4108, P26/4109, P26/4111, P26/4112, P26/4113, P26/4114 and P26/4115 are currently under forfeiture process initiated by DMIRS with regards to exemptions for expenditure refused. The expenditure history for these tenements is good with all past expenditure reports meeting expenditure requirements. It is anticipated with Torian’s submission in progress, Torian will continue to hold and maintain these licences.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	HISTORICAL  The local region has had significant exploration and mining by multiple parties since the discovery of gold found near Mount Monger in 1896 with the main production period dating from 1916 when mines were developed close to the Mount Monger Homestead. From Department of Mines WA records Hickman (1986) summarized gold production from the Mount Monger area which at the end of December 1984 totalled about 4760 kg Au from 170,000 t of ore (170,000t @ 28g/t Au for 153,038 oz). Most of the gold was mined by underground methods from what were known as the Haoma Leases (which corresponds to Christmas Flats and includes the Dinnie– Reggio, Haoma and Daisy–Milano lodes). Silverlake Resources has mined and produced in excess of 50,000 ounces gold adjacent to the project tenements at the Wombola mining pits as shown in this report.  Historical exploration within the project tenements has been extensive bymultipleparties andpartiallyreported in this document.
Geology	 Deposit type, geological setting and style of mineralisation.	HISTORICAL

		 The description of regional and local geology has been reported in this document.
Drill hole Information	 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collarodip and azimuth of the holeodown hole length and interception depthohole 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.	HISTORICAL  The drill hole information has been tabulated in this document for the drill holes being reported. Further desktop study work is in progress for the remaining holes and is anticipated to be released as soon as information becomes available.
Data aggregation methods	 In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut‐off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and 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.  The assumptions used for any reporting of metal equivalent values should be clearly stated.	HISTORICAL  Where exploration results have shown intercepts greater than 1m or some of the diamond drill holes, standard weighted averaging techniques were used to calculate the grade of gold over the measured intercept distance.  Some drill holes in the historical data used sample compositing at 4m intervals.  No metals equivalent values have been reported.
Relationship between mineralisation widths and intercept lengths	 These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	HISTORICAL  The relationship of holes has not been documented; however, it appears that holes were drilled at right angle perpendicular to known surface geology orientation.
Diagrams	 Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	HISTORICAL  Plan views and drill cross section(s) where appropriate are included in this document.
Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	HISTORICAL  Lower grade and significant intercepts have been reported in this document.  The analytical results have been sourced from historical annual reports and have been substantially documented and are considered representative of the subsurface.
Other substantive	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment;	HISTORICAL  All relevant information has been disclosed for these results as well as historicalproduction within the local region.

exploration data	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 extensions or large‐scale step‐out drilling).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	HISTORICAL  Desktop study work is currently in progress and will be announced when results are available.  Further on‐ground work including rock chip and soil sampling and drilling programs will be forthcoming as soon as the desktop study is completed and the historical data has been reviewed.

AI assistant

GOLDARC RESOURCES LIMITED Capital/Financing Update 2020

64961_rns_2020-07-16_e1a98003-4edb-4766-9a92-fd284e10551a.pdf

Exploration Program planned for Mt Monger ‐ Wombola

Highlights:

Torian’s Mount Monger Project

Review of Historical Exploration at Mount Monger– Wombola Project area

Wombola Area – Providence Prospect - Initial Target

Review of Historical Exploration at Mount Monger Project – Mt Dam area

The following three phase systematic exploration program will be executed at Mt Monger:

Regional Geology

Local Geology

Discovery and Historical Production at Mount Monger

Wombola Croesus Open Cut (ASX: SLR)

Wombola Dam Open Cut (ASX: SLR)

Mount Monger Mineral Resources

Competent Person Statement

ENDS

About Torian:

Cautionary Note Regarding Forward-Looking Statements

Appendix 1 Mount Monger Historical Drilling

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

HISTORICAL

Section 2 Reporting of Exploration Results

AI assistant

GOLDARC RESOURCES LIMITED — Capital/Financing Update 2020

64961_rns_2020-07-16_e1a98003-4edb-4766-9a92-fd284e10551a.pdf

Exploration Program planned for Mt Monger ‐ Wombola

Highlights:

Torian’s Mount Monger Project

Review of Historical Exploration at Mount Monger– Wombola Project area

Wombola Area – Providence Prospect - Initial Target

Review of Historical Exploration at Mount Monger Project – Mt Dam area

The following three phase systematic exploration program will be executed at Mt Monger:

Regional Geology

Local Geology

Discovery and Historical Production at Mount Monger

Wombola Croesus Open Cut (ASX: SLR)

Wombola Dam Open Cut (ASX: SLR)

Mount Monger Mineral Resources

Competent Person Statement

ENDS

About Torian:

Cautionary Note Regarding Forward-Looking Statements

Appendix 1 Mount Monger Historical Drilling

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

HISTORICAL

Section 2 Reporting of Exploration Results

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GOLDARC RESOURCES LIMITED Capital/Financing Update 2020