Torque Metals (ASX:TOR) has mobilised a second reverse circulation (RC) drill rig to its New Dawn Lithium Project in Western Australia.
With 2 rigs now actively testing multiple pegmatite targets in the area, Torque says it plans to accelerate drilling to the east side of the project and boost sample deliveries to the laboratory.
The $18.70 million market capitalisation company says the newly arrived rig is systematically drilling towards the east to about 200m below surface.
Torque notes if pegmatite bodies prove to be lithium-mineralised, they could potentially yield a ‘substantial’ spodumene lithium inventory at New Dawn.
The company’s share price had risen almost 38% to $0.215 as of 11:50am AWST.
All of the RC holes drilled thus far at New Dawn have intersected multiple, deeper vertically stacked pegmatites.
The assay results from the first set of RC drilling are expected to be released from mid-November.
Torque Metals Managing Director Cristian Moreno says initial diamond drilling at New Dawn has demonstrated ‘positive’ lithium and tantalum grades, and the project’s vertically stacked pegmatites are potential hosts for spodumene lithium mineralisation.
“One of the emerging, standout features of the New Dawn Lithium Project is the presence of multiple, vertically stacked pegmatites. These geological formations hold the key to potentially proving up significant pegmatite volumes.
“Torque’s move to speed up its due diligence assessment reflects the company’s growing confidence in the project’s promise”
With 2 drilling rigs now active at New Dawn, the pace and intensity of the exploration effort has been significantly accelerated. Torque’s move to speed up its due diligence assessment reflects the company’s growing confidence in the project’s promise.”
Torque Metals is a Western Australia-focused explorer with assets prospective for gold, nickel, and lithium. The New Dawn Lithium Project lies 600m west of the Bald Hill Project in the Western Australian Goldfields.
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
