Join our daily newsletter At The Bell to receive exclusive market insights
Multi-metal player Torque Metals Ltd (ASX: TOR) is seeking to extend high-grade gold structures found at the Paris gold project in Western Australia’s Goldfields region, rolling out a program of drilling which follows up successful campaigns in the last two years.
This comes as gold sets new benchmarks. Earlier today the price of gold broke through US$2300/oz for the first time.
The new program will entail both reverse circulation and diamond drilling to 6,500 metres, focusing particularly on the Paris, Observation, HHH and Eva prospects, where mineralisation has including expansive drill holes with more than 14 grams per tonne of gold, and even sweeter intercepts contained within.
Prior work at hole 23PRCDD076 identified intercepts such as 35 metres at 14.12 grams per tonne of gold from 157.85 metres, including 1.2 metres at 185 grams per tonne of gold from 174.7 metres; and 41 metres at 5.93 grams per tonne of gold from 188 metres including 3 metres at 25.54 grams per tonne of gold from 189 metres.
Managing director, Cristian Moreno said the viability of Paris was bolstered by Torque’s previous work on what appeared to be a ‘larger mineralised system’ hosting multiple deposits, together with the results of metallurgical testing.
“Torque believes that Paris possesses the attributes indicative of a tier one gold project, largely due to the presence of parallel structures and splays controlled by the Boulder Lefroy System,” he said.
“Metallurgical testing outcomes significantly bolster the project’s viability, with gravity and cyanide leaching recoveries achieving very strong results.
“Gravity concentration yields approximately 40 percent gold recovery for both Paris and Observation. Impressively, cyanide leach testing demonstrated Paris achieved a recovery rate of 96.79 percent, while Observation attained an even higher recovery rate of 99.7 percent with minimal cyanide consumption required.
Paris is located 90 kilometres southeast of Kalgoorlie, and is within the same territory that hosts St Ives gold mine, 12 kilometres to the northwest.
Torque Metals shares have jumped nearly 21 percent, trading at 14.5c at 15:47 AEDT.
