Western Australian gold explorer Torque Metals (ASX:TOR) has entered into a conditional binding sale agreement with TSX-V-listed Altan Rio Minerals (TSXV:AMO) to divest the Bullfinch Project located 34km north of Southern Cross.
Torque Metals reports that Bullfinch, which comprises 5 wholly owned exploration licences and a single exploration application covering 556km-square, is a non-core asset and its divestment will permit it to concentrate on the company’s flagship Paris Gold Project.
Paris lies in the same geological setting as Gold Fields’ (NYSE:GFI) St Ives mine along the Boulder-Lefroy Fault, which produces more than 350,000oz gold per year and has produced more than 10.5Moz since starting operation in the mid-1980s.
drilling campaigns at Paris continue to deliver ‘exceptional’ intercepts
Torque reports drilling campaigns at Paris continue to deliver ‘exceptional’ intercepts – assay results from the latest recently completed reverse circulation and diamond drilling campaign are imminent, with results to be announced in several stages from early July.
One of the main objectives of the campaign was to test for extensions to the ‘high-grade’ gold zone extending to the west of the Paris pit, which the company says is offering exciting potential.
Meanwhile, yesterday (26 June 2023), founder and Company Secretary Neil McKay has ceased his role. These and associated services will immediately be undertaken by Jessamyn Lyons, a Director of Nexia Australia, with colleague and fellow Director Henko Vos as Joint Company Secretary.
McKay was part of the team that guided Torque through the challenging market conditions of 2019-20.
