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Torque Metals (ASX:TOR) is progressing a number of avenues to bring the Paris gold camp in Western Australia into production. Cashed up after completing a $15 million bought deal in December, Torque is finalising a range of studies in the lead up to making submissions to the WA Department of Mines, Petroleum and Exploration as part of the regulatory approval process for proposed mining operations.
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The company has also launched a significant drill program at Paris to boost the current 250,000 ounces at 3.1g/t gold mineral resource estimate.
The program is targeting prospective prospects at Paris South and Maynards Dam. At Paris South, it will follow up shallow mineralisation, which remains open, supported by downhole conductors, while at Strauss, the company is chasing shallow oxide ounces along a six km strike trend, while its following up high-grade shallow hits within a highly prospective greenstone sequence at Maynards Dam.
Christian Moreno, the company’s managing director, said the combination of near-surface mineralisation, the scale and continuity of the geochemical anomaly at Paris now makes Strauss a priority exploration target.
Drilling comes as Torque enters a more advanced growth phase, with the company now focused on progressing Paris toward development readiness while continuing to grow and refine its resource base.
“With pre-Native Title granted mining leases in place and a defined high-grade gold inventory, we have a strong foundation to assess development pathways, subject to regulatory approvals,” Mr Moreno explained.
“With pit shells and MRE generated at a gold price of A$3K/oz and extensive post-MRE drilling identifying additional shallow mineralisation, our programs are focused on converting extensions into updated resources and systematically assessing near-surface opportunities in a staged and capital-disciplined manner.”
The Australian exploration company is also currently in advanced discussions with multiple potential operating and toll-treatment partners, with strong interest centred on the shallow oxide mineralisation at Paris.
TOR, market cap $196.3M, is down today to 32c.
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