Torian Resources : DRILLING TO COMMENCE AT MALCOLM

1. HIGHLIGHTS
   • Preparations underway for an RC drilling program at Malcolm;
   • The drilling program will focus on the 100% owned Calypso prospect;
   • Calypso was acquired for its similarities to the world class Sunrise Dam deposit (+15Moz);
   • Torian's planned drill program at Calypso will commence shortly.

     Torian Resources Ltd (ASX:TNR) (Torian or Company) is pleased to announce that preparations for its next drilling program at Calypso are underway. Torian's Calypso target is located approximately 25km southeast of Leonora and is a high priority target for the company.

     The Calypso prospect was acquired in 2016 due to its geological similarities to the world class Sunrise Dam deposit ( + 15Moz). Both deposits are hosted by altered banded iron formation (BIF) rocks where the iron has been altered from oxide facies (hematite or magnetite) to sulphide facies (pyrite) amid an overall carbonate-quartz-pyrite alteration.

     The BIF at Calypso has dimensions of at least 130m wide by 500m long with drilling extending to a maximum of 340m down hole (about 300m vertical). The mineralisation remains open in all directions.

     Past exploration at Calypso has been hampered by selective sampling of the previous diamond drill holes, despite gold grades above 1g/t Au being recorded in a variety of rocks (not just the BIF).

     Best intersections to date include:

      5.32m @ 4.78g/t Au from 10.98m;

      5.00m @ 4.56g/t Au from 102m;

      8.00m @ 1.55g/t Au from 36m;

      7.35m @ 1.66g/t Au from 29.65m;

      7.00m @ 1.69g/t Au from 269m;

     • 6.40m @ 2.06g/t Au from 34m; and

      5.70m @ 1.97g/t Au from 13m.

     ABN: 72 002 261 565

     Ground Floor, 104 Colin St,

     West Perth, 6004

     Australia

     Phone +61 8 6216 0424

     Fax +61 8 9322 4130

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

     Figure 1: Calypso section showing historic drilling, geology and mineralisation.

     The previous drilling is very broad spaced, with holes as far apart as 150m. The holes were drilled in a variety of directions.

     The current proposal is to drill 80m by 80m holes to "normalise" the drill direction and spacings. The target is very large and this drilling won't test the limits of the target. The drilling is designed to simply infill the central mineralised area.

     Figure 2: Torian's Calypso Drill Plan showing historic drilling and mineralisation.

2. CALYPSO

   Torian's Calypso target lies approximately 25km southeast of Leonora. The local geology at Calypso is concealed by a 5-40m thick blanket of alluvium. This is likely to have masked the response from previous soil sampling. This target is associated with a folded and highly altered banded iron formation (BIF) that strikes north-north-easterly.

   Previous exploration in this area was completed between the early 1970s and mid 1990s and consisted of vertical RAB and aircore drilling on a 200m by 40m pattern. Several +1g/t Au intersections were located in these historic holes. Later follow up drilling has consisted of angled RC drilling and a number of diamond drill holes. Most of these holes were angled towards the southeast and east, but some were drilled vertically. Virtually no exploration has taken place at Calypso since the 1990s.

   The original discovery was made in the early 1980s following the resampling of a historic (1970s) diamond drill hole that was drilled to test a "bullseye" magnetic target in the hope of discovering base metals (Cu-Zn). RC drilling at expected to commence shortly.

   Table 1 below lists all the holes drilled to date and highlights the anomalous (+1g/t Au) values from historic drilling at Calypso. Several other holes intersected values between 0.5 and 5g/t Au. Many holes ended in mineralisation. The challenge at Calypso is that the previous sampling of the diamond holes was selective based on a limited understanding of the geology. Many holes drilled into the BIF were never sampled at all.

3. OTHER PROJECTS

   The company is in ongoing corporate and project level discussions with a number of third parties. These discussions are of a commercially sensitive nature and the market will be advised if and when anything transpires.

   Torian is currently planning exploration programs at a number of other high priority target. Information on these programs will be released once complate.

4. NEXT STEPS

   Over the next few months Torian plans the following work:

   • Complete the current RC drilling program at Calypso;

   • Carry out further interpretation of current and historical drilling;

   • Plan the next reconnaissance RAB drilling program at Paradigm; and

   • Plan additional RC drilling to determine the extent of the mineralisation.

5. COMMENTARY

Matthew Sullivan, Torian's MD comments:

"The historic results at Calypso demonstrate that mineralisation associated with the BIF is extensive and poorly explored.

It would appear that some of the structures that are associated with the Calypso mineralisation are poorly tested and have remained so since the initial discovery in the early 1980s. Further exploration will be required over coming months to better understand this system.

This is a very exciting target for Torian and we look forward to reporting the results once received."

For further information, please contact:

Matthew Sullivan

(08) 6216 0424

info@torianresources.com.au