Torque Metals (ASX:TOR) has delivered a maiden exploration target in accordance with JORC 2012 for its wholly owned New Dawn Lithium Project in Western Australia.
The $30.61 million market capitalisation company says the exploration target of 8 million to 14 million tonnes grading 1% to 1.2% lithium oxide highlights the potential for continued lithium mineralisation along the New Dawn trend.
It also guides Torque towards a maiden Mineral Resource Estimate (MRE). The company plans to enlist the services of global consultant Mining Plus to prepare for the initial New Dawn MRE.
According to Torque, the maiden target sits 600m east of the active Bald Hill Lithium Tantalum mine operated by Mineral Resources (ASX:MIN).
Managing Director Cristian Moreno says: “Although this initial target is substantial, it’s important to note that it only covers approximately 40% of the development ready mining licences and excludes other potentially mineralised sites in multiple surrounding tenements within the New Dawn Lithium project.
Torque Metals is optimistic about expanding this exploration target through additional soil sampling, geological mapping and drilling endeavours.
I am pleased with the team that has been working tirelessly since Torque acquired access to New Dawn less than 6 months ago, to be able to deliver this significant exploration target.”
Torque remains focused on continuing to grow the extent of the spodumene-bearing pegmatites in the heart of the Western Australia goldfields.
A 6,000m drilling program is ongoing at New Dawn aimed at extending vertically stacked pegmatites currently open in all directions.
The program comprises 5,000m of reverse circulation (RC) drilling, which has been completed, and 1,000m of diamond drilling.
In conjunction with activities at New Dawn the company plans to usher in a maiden MRE for its Paris Gold Project, as well as undertake further RC drilling.
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.
As of 30 December 2023, Torque Metals had $2.83 million cash at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Torque Metals
