Research Report: Torian Resources (ASX:TNR)

by Alison Sammes

Torian Resources is a key participant in the Zuleika Corridor Gold Camp

Key Points

  • TNR is earning 49% of ~223km2 along the Zuleika Corridor by spending $5m
  • Zuleika Corridor Coolgardie Domain already has >7moz in resources
  • 7 major recent gold discoveries in contiguous ground by NST & EVN
  • 55,000m of RAB and RC drilling planned by TNR for FY17
  • Existing local mill facilities allow rapid discovery to production potential
  • Mt Stirling offers high-grade, >98% recovery near-term production potential
  • A$3.5m raised in recent capital issue to fully fund its FY17 programme
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Martin Place Securities has produced a commissioned research report on Torian Resources, a small company operating in and around Kalgoorlie with particular focus on tenements along the Zuleika Corridor about 40km west of Kalgoorlie. What began as an interesting region for a small cap exploration play for MPS clients, the Zuleika Shear west of Kalgoorlie (now considered in some circles to be the Zuleika Corridor) has turned out to be something far more significant for the Australian gold industry and for the major companies in this area:- Northern Star, Evolution, Tribune and Rand Resources.

This Zuleika Corridor is now Australia’s fifth largest goldfield, producing over 400,000ozpa, and is expected to rise as new mines from NST and EVN in particular are brought on stream.

The K2 and Strzleckie Structures carry narrow very high grade veins that support high grade and low cost mines that are currently very profitable and are amongst Australia’s highest grade producers.

This production growth in a single goldfield mining camp is unprecedented in Australia my experience.

The growth in resources is also very substantial and the technical evidence from NST in particular is that the strong growth will continue.

Whilst most DawesPoints readers will be aware of the spectacular +750% performance of the ASX Gold Index from 2000 into 2011 like this:

They may not be aware that WA and the Kalgoorlie region in particular did not participate and in fact gold production fell 50% into 2008.

The gold production renaissance now underway and the exciting performance of the Zuleika Corridor makes for outstanding investment opportunities in the areas around Kalgoorlie.

Torian Resources is very well placed here and the Company’s management which includes MD Matthew Sullivan, who also discovered important deposits in Kundana itself and also Kanowna Belle, has assembled a tenement package that covers about 25% of the line of strike of the highly productive K2 structure along the Zuleika Shear.

Torian’s tenements along the Zuleika Shear are well chosen and even the tenements in the NE beyond Mt Pleasant may prove up to be a pleasant surprise.


The company is small but the opportunity has large potential and is deserving of a thorough assessment.

The data indicates that the region is still substantially underexplored with <5% of drill holes to date exceeding 100m below surface.

Barry Dawes

I own TNR, NST, EVN, TBR and Cascade.


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