Torque Metals (ASX:TOR) continues to expand its exploration base in Western Australia following “a quarter of achievements” to round out 2023 .
On 7 December 2023, the $30.61 million market capitalisation company completed an acquisition with privately held Parker Hill to add 3 tenements to its existing footprint at the Penzance Project, immediately north and east of its New Dawn lithium and Paris Gold projects, respectively.
The tenements contributed to Torque’s 800km-square of consolidated tenure, collectively named the Penzance Exploration Camp, as reported by Mining.com.au.
During the quarter, Torque entered into an underwriting agreement with Euroz Hartleys to secure $525,000 for ongoing exploration work at its New Dawn Lithium Project. As covered by this news service, Euroz would underwrite the exercise of 2.1 million unlisted options exercisable at $0.25 each.
The options were set to expire on 22 December last year.
Funds raised by the transaction were reported to be applied to Torque’s activities at New Dawn, where due diligence drilling, which encompassed 22 drillholes for about 2,700m, was completed.
According to Torque, all drillholes confirmed spodumene mineralisation, with a peak individual grade of 2.79% Li2O.
Drilling was designed to extend the strike of multiple shallow and at-depth vertically stacked pegmatites, with Torque interpreting the pegmatite bodies at New Dawn following a westerly continuation of those mined at Bald Hill.
The best hole intersected 35m of highly mineralised pegmatites.
Torque Metals Managing Director Cristian Moreno says: “This has been a quarter of achievements for Torque, particularly with the positive conclusion of the company’s due diligence assessment of New Dawn.
We are incredibly pleased with the strong results returned from our DD and RC drill programs at the site, including a cumulative interval of 35 metres with 10m @ 1.51% Li2O from 51m, 15m @ 1.17% Li2O from 220m and 10m @ 1.15% Li2O from 265m, and a peak cumulative grade of 3.99% Li2O.
We are excited to ramp up activity at New Dawn, now under Torque’s ownership, with a drill program underway from mid-January testing lodes open in all directions.”
Torque Metals closed the December quarter with $2.83 million cash at hand.
Torque Metals is an explorer with a suite of projects covering over 800km-square in Western Australia. The suite includes 12 wholly owned, development ready, pre-native title mining, 4 prospecting, and 26 exploration licences about 30km east of the township of Widgiemooltha.
Write to Adam Drought at Mining.com.au
Images: Torque Metals