- Torque Metals (TOR) inks option agreements with Abeh and associates to acquire 14 new tenements adjacent to its Paris Gold Camp in the WA Goldfields
- The company also received firm commitments to raise $4 million at 12 cents per share
- Torque’s landholding has been renamed Penzance, with the company’s total footprint now comprising in excess of 500 square kilometres
- Torque has ambitious plans for an initial 20-hole 2000-metre campaign to test known pegmatitic bodies for spodumene and tantalum
- Shares last traded at 34 cents
Torque Metals (TOR) has inked exclusive and binding option agreements with Abeh and associates to acquire 14 new tenements adjacent to its Paris Gold Camp in the WA Goldfields.
The company also announced it received firm investor support to raise $4 million at 12 cents per share, reflecting a 2.7 per cent discount to the 5-day volume weighted average price.
The acquisition has bolstered the company’s footprint, with the additional tenements covering a 200 square kilometre area and marking a new chapter for the landholding, which is now named Penzance.
TOR picked up the New Dawn lithium project, which hosts a 600-metre strike of the established Bald Hill lithium-tantalum operation.
Early investigations have identified multiple outcropping spodumene-bearing pegmatites, with some rock samples grading up to six per cent lithium oxide, providing TOR with exposure to the electric battery minerals market.
The company’s total footprint now spans more than 500 square kilometres, adjacent to Bald Hill and neighbouring companies such as Gold Fields Australia, Karora Resources, Alita Resources, Black Mountain Energy (BME), and Lunnon Metals (LM8).
This tenure holds potential for gold, lithium, and nickel deposits, covering 12 mining, four prospecting, and 12 exploration licenses.
“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…” TOR Managing Director Cristian Moreno said.
“As the potential of the Paris Gold Camp unfolds this acquisition propels Torque’s growth prospects to new heights.”
A program of work has been approved for due diligence drillholes at New Dawn to test spodumene values, with a diamond drill rig mobilising onsite in late September.
Torque has ambitious plans for an initial 20-hole, 2000-metre campaign to test known pegmatitic bodies for spodumene and tantalum.
TOR shares last traded at 34 cents.