Torque Metals Limited (ASX: TOR), a prominent Western Australian exploration company, has unveiled a significant development in its pursuit of mineral exploration and expansion. The company has entered into exclusive, binding, conditional option agreements to acquire 100% ownership of a strategic package of tenements adjacent to its Paris Gold Camp. This expansion will result in the creation of the Penzance Project, bolstering Torque’s position in Western Australia’s minerals exploration landscape.
Key Highlights of the Acquisition
New Dawn Lithium Project: Torque has secured the option to acquire 100% ownership of ‘New Dawn,’ an unmined lithium and tantalum occurrence located just 600 meters along the strike of the established Bald Hill lithium-tantalum operation. New Dawn Lithium Project holds significant promise and occupies two pre-Native Title, granted Mining Licences, which provide the company with the capability to expedite any potential discoveries into development.
Promising Lithium Potential: Preliminary investigations at New Dawn have already identified multiple outcropping spodumene-bearing pegmatites with rock samples grading up to 6% Li2O. The company has received approval for a Program of Work to conduct due diligence drill holes at New Dawn, specifically aimed at testing spodumene values. A diamond drill rig is set to mobilize in late September, with plans for an initial 20 holes (2,000 meters) to assess known pegmatitic bodies for spodumene and tantalum.
Diversified Tenure Portfolio: In addition to the New Dawn Lithium Project, this transaction includes 100% ownership of significant additional tenure that holds potential for lithium, nickel, and gold exploration. Torque’s ‘Penzance’ aggregation now spans approximately 500 square kilometers, encompassing 12 mining, 4 prospecting, and 12 exploration licenses.
Strategic Location: Torque’s expanded holdings place it in close proximity to quality neighbors in the mining industry, including Gold Fields Australia, Karora Resources, Alita Resources, Black Mountain, and Lunnon Metals, strengthening the company’s position within the region.
Share Placement: Torque has received firm commitments for a share placement to raise $4 million at $0.12 per share, reflecting a 2.7% discount to the 5-day VWAP (Volume Weighted Average Price).
Torque’s Vision for the Future
Cristian Moreno, Managing Director of Torque Metals, expressed enthusiasm about the company’s expansion in the Western Australian Goldfields. He stated, “The WA Goldfields reigns supreme on the global stage for minerals exploration, and Torque is ecstatic to strengthen its presence in this renowned jurisdiction. Our footprint now spans over 500km², bolstered by 12 mining, 4 prospecting, and 12 exploration licenses.”
He further elaborated on the strategic significance of the acquisition, saying, “In the wake of remarkable and solid gold discoveries at the Paris gold systems, Torque is strategically expanding its presence in the region, whilst also venturing into the critical minerals domain with the acquisition of New Dawn pre-Native Title mining licenses adjacent to the Bald Hill, which hosts a 26.5 Mt @ 1% Li2O spodumene mine.”
Moreno emphasized the company’s commitment to its shareholders, stating, “To Torque’s loyal shareholders I want to express our gratitude, as your support fuels our ambitions. Torque Metals is charting an exciting path in minerals exploration with the WA Goldfields as our canvas and base.”
Tenement Aggregation Builds the Penzance Portfolio
Torque has inked binding option agreements with Abeh Pty Ltd and associates, private individuals, for the acquisition of 14 tenements covering approximately 200 square kilometers in the Western Australian Goldfields. This move marks a significant foray into the electric battery minerals sector, with the tenements located adjacent to the Bald Hill lithium-tantalum operation.
The new tenure will expand Torque’s existing footprint to approximately 500 square kilometers, creating the newly named “Penzance Portfolio.” This expansion positions Torque to explore and potentially discover valuable deposits of gold, lithium, and nickel in the region.
New Dawn Lithium Project: A Promising Venture
The crown jewel of Torque’s recent acquisitions is the New Dawn Lithium Project, situated just 600 meters along strike from the 26.5 Mt @ 1% Li2O spodumene Bald Hill Lithium and Tantalum Mine. Preliminary studies have unveiled the presence of multiple outcropping pegmatites with rock chip samples assaying grades of up to 6% Li2O.
To further assess the potential of New Dawn, Torque plans to conduct a first-pass diamond drill (DD) program. This program will involve approximately 20 DD holes, each going to a depth of around 100 meters, with drilling slated to commence in late September 2023. The aim is to validate the distribution and grade of pegmatites, a crucial step in Torque’s due diligence work.
In conclusion, Torque Metals Limited’s strategic expansion through the acquisition of the Penzance Project, particularly the New Dawn Lithium Project, positions the company for exciting prospects in minerals exploration. With a diversified portfolio of tenements and a strong presence in Western Australia’s Goldfields, Torque is poised for growth and discovery in the years ahead. Shareholders and industry observers eagerly await the results of the upcoming exploration efforts, which could pave the way for substantial mineral resource developments in the region.
