Torque Metals (ASX:TOR) is looking to get exploration underway at its New Dawn Lithium Project in Western Australia as it maintains its focus on growing its landholding.
The $29.11 million market capitalisation company says drilling at New Dawn is scheduled to begin this month, targeting outcropping pegmatites within the project.
This project is situated only 600m west of and abutting the operating Bald Hill Mine, which currently holds a Mineral Resource Estimate (MRE) of 26.5 million tonnes @ 1% lithium oxide (Li2O), and hosts ‘high-grade’, outcropping, spodumene-bearing pegmatites.
Multiple rock chips taken from New Dawn have displayed lithium grades of up to 6%.
The company also notes potential mineralised structures are set to be tested in a drilling program at its Paris Gold Project, following its decision to exercise an exclusive, binding option agreement for the purchase of 14 nearby tenements in the Western Australian Goldfields, as reported on 5 September 2023.
These tenements cover 200km-square and connect the project to Gold Fields’ (JSE:GFI) St. Ives tenements, located along-strike of 70 million ounces of gold production along the Boulder-Lefroy fault.
Torque has renamed the expanded aggregate holdings to the Penzance Project, where it is also looking to undertake a desktop review of geophysical datasets to assess nickel potential, as stated in its latest company presentation released yesterday (12 September 2023).
This presentation comes ahead of Torque’s Managing Director Cristian Moreno’s appearance at the New World Metals Investment Series in Sydney tomorrow (14 September 2023).
Torque Metals is an explorer focused on its Paris project in Western Australia. As of 30 June 2023, the company had $2.09 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Torque Metals
