Torque Metals (ASX:TOR) has completed an acquisition with private vendor Parker Hill to add 3 tenements to its existing footprint at the Penzance Project in Western Australia.
As previously reported, the $28.14 million market capitalisation company has now increased its Penzance landholding to 600km-square for a consideration of 500,000 ordinary shares and 1.5 million unlisted options with an exercise price of $0.60 and an expiry date of 3 years, as well as $20,000 cash payment.
Torque says 2 of the tenements are adjacent to the Paris Gold Project, while the other tenement lies along the same geological trend as the New Dawn Lithium Project and has lithium potential.
Meanwhile, at the New Dawn project, Torque has intersected ‘high-grade’ lithium lodes via its recent inaugural reverse circulation (RC) drilling campaign.
The results include 35m of cumulative lithium mineralisation in hole 23NDRC016, with intersections such as 10m @ 1.51% Li2O from 51m including 1m @ 3.99% Li20 from 52m; and 15m @ 1.17% Li20 from 220m including 7m @ 2.12% Li20 from 221m.
Torque reports the drill results demonstrate continuous pegmatite lodes open to the north and on a southeast trend towards the neighbouring Bald Hill mining operation.
Deeper intersections also demonstrate continuous pegmatite lodes that remain open to the north, south, west, and on a southeast trend towards Bald Hill, with spodumene confirmed by the Raman spectroscopy analysis technique.
Shares in Torque Metals were up 17.65% and trading at $0.20 as of 10:09 am AEDT on 7 December.
Torque Metals Managing Director Cristian Moreno says these assay results are strategically positioned 600m from the Bald Hill operating mine, and beyond the project’s geological attraction, New Dawn exhibits proximity to infrastructure and expedites a pathway to production.
“A highlight of our exploration endeavours is encapsulated in drillhole 23NDRC0016, intersecting vertically stacked pegmatites, hosting spodumene. This repetition of several stacked pegmatites is a signature of the nearby operating Bald Hill mine.
The presence of stacked pegmatites enhances the geological diversity of New Dawn and instils confidence regarding its potential scale.”
“The presence of stacked pegmatites enhances the geological diversity of New Dawn and instils confidence regarding its potential scale”
The company adds that intersections also revealed ‘significant’ grades of tantalum, niobium, rubidium, and tin outside of the ‘stronger’ lithium mineralised zones.
Torque Metals is a minerals explorer focused on its assets across Australia. The Penzance and New Dawn projects are both located in the heart of Western Australia’s Goldfields region.
As of 30 September 2023, the company had $3.563 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Torque Metals