Torque Metals Limited (ASX: TOR) has signed an exclusive, binding, conditional option agreement to acquire 100% of an extensive and strategic package of tenements adjacent to the company’s Paris Gold Camp, with the expanded aggregate holdings to be renamed the Penzance Project.
Torque’s managing director, Cristian Moreno, commented: “The WA Goldfields reigns supreme on the global stage for minerals exploration and Torque is ecstatic to strengthen its presence in this renowned jurisdiction. Our footprint now spans over 500km², bolstered by 12 mining, four prospecting and 12 exploration licences.
Highlights include the option secured to acquire 100% of ‘New Dawn’, an unmined Lithium and Tantalum occurrence, 600m along strike of the established Bald Hill lithium-tantalum operation. The company’s new Dawn Lithium Project occupies two pre-Native Title, granted mining licences, providing ability to fast-track any potential discovery into development.
Early investigations at New Dawn identified multiple outcropping spodumene bearing pegmatites with rock samples grading up to 6% 𝐿𝑖2𝑂.
A programme of work has been approved for due diligence drill holes at New Dawn to test spodumene values, diamond drill rig to mobilize late September. The initial plan is for 20 holes (for 2,000m) to test known pegmatitic bodies for spodumene and tantalum.
The transaction includes 100% of significant additional tenure, fertile for lithium, nickel, and gold, establishing Torque’s ‘Penzance’ aggregation of ~500km², comprising 12 mining, four prospecting, and 12 exploration licences.
Quality neighbours include Gold Fields Australia (St Ives gold mine), Karora Resources (Higginsville plant and Beta Hunt gold and nickel mine), Alita Resources (Bald Hill lithium mine), Black Mountain (Lanfranchi nickel mine), and Lunnon Metals (Silver Lake-Fisher nickel deposits).
Firm commitments received for a share placement to raise A$4M at A$0.12 per share, reflecting a 2.7% discount to the five-day VWAP.
“In the wake of remarkable and solid gold discoveries at the Paris gold systems, Torque is strategically expanding its presence in the region, whilst also venturing into the critical minerals domain with the acquisition of New Dawn pre-Native Title mining licences adjacent to the Bald Hill which hosts a 26.5Mt @ 1% 𝐿𝑖2𝑂 spodumene mine.” Added Cristian.
To find out more about this release, please visit www.torquemetals.com
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