Torque Metals (ASX:TOR) is advancing towards a first resource at the New Dawn Lithium Project in Western Australia.
With sufficient funding on hand of just under $4 million, the company plans to convert its previously reported exploration target of 8-14 million tonnes at 1-1.2% lithium to a resource through 2024.
Torque, which has a $25.65 million market capitalisation, says the exploration target further highlights the potential for continued lithium mineralisation along the New Dawn trend.
Managing Director Cristian Moreno says the first quarter of the year has been a defining one for Torque, with the release of a maiden exploration target marking a milestone as the company approaches an initial resource.
“Torque unveiled the potential of New Dawn through the return of impressive reverse circulation and diamond drilling assays, with a peak grade of 4.42% lithium oxide.
We also strengthened our regional presence through tenement acquisitions, consolidating our ground position to 800km2.”
Meanwhile, Torque also reports in its latest quarterly report ending 31 March 2024, the company had begun a 6,500m drilling program to extend gold structures at the Paris Gold Project in Western Australia.
The company is confident the gold endowment at Paris will evolve into a “significant” resource through drilling.
Further, the company completed an acquisition of an extensive package of tenements, dubbed the Penzance Exploration Camp — which covers a 800km2 area in the Kambalda region, as previously reported.
Torque Metals is focused on lithium, gold, and nickel exploration in Western Australia.
Rhe company is poised to attend the RIU Sydney Resources Round-up at Darling Harbour’s Hyatt Regency Hotel on 7-9 May 2024.
Last year’s RIU Sydney Resources Round-up attracted more than 1,500 delegates, making it the busiest since its inception in 2004. With over 800 of last year’s delegates coming from the investor or broker/fund categories, this conference offers investor engagement opportunities.
Write to Aaliyah Rogan at Mining.com.au
Images: Torque Metals
