New Dawn for Torque after completing acquisition 

Torque Metals (ASX:TOR) is looking to deliver a maiden exploration target by early February at its New Dawn Lithium Project after completing the acquisition of the Penzance tenement package. 

The $27.37 million market capitalisation has begun a 5,000m drilling program at New Dawn to extend the scale of spodumene lithium bodies in light of the acquisition, which completes the Penzance Exploration Camp. 

Managing Director Cristian Moreno says the acquisition and ongoing exploration activities solidify the company as a key player in what is a dynamic exploration province.  

“We are pleased to announce completion of the acquisition of the Penzance tenement package, encompassing the New Dawn Lithium Project, strategically located 600m west of the active Bald Hill Lithium mine (ASX: MIN) in WA. 

Torque has moved swiftly to initiate [a] post-acquisition drilling campaign at New Dawn, focussed on extending the scale of spodumene lithium pegmatites encountered in our recent drilling. These pegmatites can potentially be extended in multiple directions according to Torque’s geological model. 

Torque’s acquisition and ongoing exploration activities solidify its position as a key player in this dynamic exploration province, with steady exploration news flow expected over the coming months.” 

The new tenements covers 800km-square across 12 wholly owned, 4 prospecting, and 26 exploration licences (7 under application) in the heart of the Western Australian Goldfields. 

The Penzance Exploration Camp sits in the vicinity of quality producers such as Mineral Resources Bald Hill and Mt Marion Lithium mines, Gold Fields St Ives Gold mine, Karora Resources’ Higginsville Plant, Kali Metals (ASX:KM1), and Lunnon Metals (ASX:LM8) Silver Lake-Fisher nickel deposits.

Torque reports drilling comprises 4,000m of reverse circulation (RC) and 1,000m of diamond drilling, with assays expected to be received in February this year.  

During its due diligence period under the option agreement, Torque undertook about 7,000m of RC and diamond drilling which intersected ‘high-grade’ lithium lodes at New Dawn, with a peak grade of 3.99% lithium oxide. 

Torque Metals is an ASX-listed explorer focused on its portfolio of assets in Western Australia. 
As of 30 September 2023, Torque had $3.563 million cash and cash equivalents at hand, according to its latest quarterly report. In December 2023 the company secured an additional $525,000 via an underwritten agreement with Euroz Hartleys to fund exploration at New Dawn, as reported by Mining.com.au.

Write to Adam Drought at Mining.com.au

Images: Torque Metals
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.