Torque closes book on ‘defining’ quarter

Torque Metals (ASX:TOR) has dedicated the September quarter to the expansion and exploration of its project portfolio in Western Australia.  

During the quarter, the $19.30 million market capitalisation company signed an exclusive, binding, conditional option agreement to acquire a 100% interest in an ‘extensive’ package of tenements adjacent to its Paris Gold Camp, renamed the Penzance Portfolio.

Torque signed the agreement with Abeh and its associates for the purchase of the 14 tenements that cover about 200km-square, bringing the company’s footprint to 500km-square nestled between numerous ‘quality’ neighbours, including Gold Fields Australia and Karora Resources. 

The acquisition provided Torque with exposure to the electric battery minerals sector, encompassing potential for the discovery of gold, lithium, and nickel deposits. It included additional gold-prospective tenements around the Paris Project. 

More recently, Torque announced it had signed an agreement to secure 3 tenements next to Penzance, as reported on 11 October, to bring its consolidated tenure to 600km-square. 

Torque progressed exploration across both the Paris Gold Project and its New Dawn Lithium Project in conjunction with the acquisition. 

At New Dawn, Torque conducted desktop studies that identified outcropping pegmatites before receiving ‘impressive’ assay grades of 6% lithium oxide (Li2O) from sampling. 

The company utilised historical data to create a 3D model of pegmatite bodies, which positioned it to move forward with a first-pass diamond drilling program for the determination of lithium values.

At Paris, Torque uncovered ‘high-grade’ mineralised zones at both the Paris and Observation prospects. Infill reverse circulation (RC) pre-collar diamond tail drilling at the Paris prospect also encountered multiple ‘highly altered’ fault regions. 

Key results from infill RC drilling included hole 23PRCDD076 with 2.49m @ 40.6 grams per tonne (g/t) gold from 167.8m, 4.44m @ 20.82g/t gold from 170.3m, and 1.2m @ 185g/t gold from 174.7m within 35m @ 14.12g/t gold from 157.85m, as reported in July. 

Torque adds a second-round diamond drilling program was concluded adjacent to the Paris open pit, which specifically targeted extensions of Paris mineralisation towards the west. Assays from this drilling extended the mineralisation boundaries of the Paris gold systems.      

The company ended the quarter with $3.563 million in cash and cash equivalents at hand after receiving firm commitments to raise $4 million during the September quarter. 

Torque Metals Managing Director Cristian Moreno says the company is open to what the future holds as it continues to head towards ‘new horizons’.   

“This has been a defining quarter for Torque, consolidating its presence across multiple gold, nickel, and lithium prospects, in the form of the Penzance Portfolio. 

Torque strengthened its presence in the renowned jurisdiction of the WA goldfields, leading the company to new horizons through the New Dawn Lithium Project, Penzance Nickel Project, and expansion of Paris Gold Project tenure. 

“This has been a defining quarter for Torque, consolidating its presence across multiple gold, nickel, and lithium prospects, in the form of the Penzance Portfolio”

The Paris Gold Project continued to return impressive gold intervals, with further drilling extending the mineralisation boundaries, building our understanding of the gold-bearing structures. Exceptional gold recoveries from initial metallurgical testing exemplify the first-class opportunity of the Paris Gold Project. 

I am incredibly pleased with the efforts of the Torque exploration team during the September 2023 quarter, who successfully completed intense exploration programs. I am looking forward to what the team uncovers as we proceed to assess the expanded tenement package.”

Torque Metals is an ASX-listed gold, nickel, and lithium explorer continuing to evaluate and pursue other prospective opportunities in the resources sector in line with its strategy of developing ‘high-quality’ assets.

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.