On 22nd April 2015 Torian announced that it had signed a Joint Venture Term Sheet with Cascade Resources Ltd (Cascade) on their Zuleika Project. Under the terms of the Joint Venture, Torian has the right to earn up to a 49% interest in the project by spending a total of A$5.0m over 4 years with a minimum of A$1.25m to be spent in the first year.
The project consists of 119 tenements covering approximately 223km2 north and partly along strike of several major gold deposits including Northern Star (ASX:NST), Tribune Resources (ASX:TBR) and Rand Mining’s (ASX:RND) 7Moz East Kundana Joint Venture (EKJV). Cascade holds these tenements on a 100% basis, with various third parties holding 2% gross mineral royalties.
Torian’s exploration team is compiling a significant digital database. The database currently contains publicly available data from approximately 35,000 drillholes drilled by various exploration groups over the last 30 years. These holes cover a large area and include many holes outside the current project area. The preliminary assessment is very encouraging and has so far defined a number of high priority targets.
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