Gold explorer Torque Metals (ASX:TOR) is expecting assay results this quarter from its second round of diamond drilling at the Paris Gold Project in Western Australia.
The $16.37 million market capitalisation company has released its June quarterly report, in which it states the drilling program was concluded adjacent to the Paris open pit and comprised 3 holes for 322m, targeting westerly extensions of Paris mineralisation.
Speaking to Mining.com.au this week, Torque Metals outlined how its full focus was on this 1 asset — the Paris Gold Project.
During the quarter, Torque also submitted diamond core samples for metallurgical characterisation analysis by Bureau Veritas, which is evaluating the characteristics and gold recoverability of those deposits.
Results are expected to be available in Q3 2023, providing ‘crucial’ insights into the gold processing and extraction potential of the Paris Gold Project.
Commenting on the company’s latest activities, Torque Metals Managing Director Cristian Moreno says: “Core samples are undergoing metallurgical analysis, with results anticipated to be available during the current quarter.
“We also look forward to receiving assay results … which we expect will elevate prospectivity within the Paris Gold camp”
We also look forward to receiving assay results from our 52-hole (6,128m) RC drilling and 3-hole (322m) diamond drilling, which we expect will elevate prospectivity within the Paris Gold camp.
I am incredibly pleased with the efforts of the Torque exploration team, moving the company into an exciting stage of extending mineralised zones, unveiling new mineralised structures, identifying parallel mineralised targets and establishing connectivity between the Paris, HHH, and Observation prospects.”
In addition, the company entered into a conditional binding Sale Agreement with Altan Rio Minerals (TSXV:AMO.V) to divest its Bullfinch Project for $800,000 in cash and shares combined with the assumption of expenditure commitments.
The Bullfinch Project is not a core asset of Torque. As such, its divestment will permit the company to focus its resources on the Paris Project.
Torque Metals is an ASX-listed exploration company focused on its flagship Paris Gold Project. The Paris Project covers over 300km-square and includes 9 wholly owned mining licences and multiple exploration licences in the Goldfields region of Western Australia.
On 30 June 2023, the company had $2.090 million cash at hand.
Write to Aaliyah Rogan at Mining.com.au
Images: Torque Metals Ltd