Torque Metals Ltd (ASX:TOR) continued to progress exploration activities across its portfolio of exploration assets in Western Australia during the quarter ending March 31, 2024.
This included a maiden exploration target and a drill campaign returning notable results at the New Dawn Lithium Project, which is 600 metres West of Mineral Resources’ active Bald Hill Lithium-Tantalum mine.
“This has been a defining quarter for Torque, with significant exploration progress made at the company’s New Dawn Lithium Project,” Torque managing director Cristian Moreno said.
“We were incredibly pleased to release the project’s maiden Exploration Target (NYSE:TGT), which marked a significant milestone as we approach an initial Mineral Resource Estimate.
“Torque unveiled the potential of New Dawn through the return of impressive RC and DD assays, with a peak grade of 4.42% lithium oxide.
“We also strengthened our regional presence through tenement acquisitions, consolidating our ground position to ~800 square kilometres.
“Torque was pleased to welcome Mr Imants Kins to the company board as non-executive director, who brings significant value to New Dawn through his extensive experience with the New Dawn tenements.
“I am incredibly proud of the efforts of the Torque exploration team who have worked tirelessly to gradually uncover the potential of our lithium asset.”
During the quarter, Torque received $4.25 million in funding in the form of a heavily oversubscribed share placement, capturing $3.75 million, and a drill for equity commitment for up to $500,000 from Topdrill Pty Ltd.
Torque ended the period with a cash balance of $3.948 million.
New Dawn Lithium Project
During the quarter, Torque announced an exploration target of 8-14 million tonnes grading at 1.0-1.2% lithium oxide at New Dawn.
This highlights the potential for continued lithium mineralisation along the New Dawn trend and guides Torque towards an initial mineral resource estimate.
Torque completed around 5,000 metres of reverse circulation (RC) drilling during the quarter, aimed to test and extend its maiden exploration target. Assay results displayed consistent and impressive high-grade lithium results with a peak grade of 4.42% lithium oxide.
Paris Gold Project
At the Paris Gold Prospect, Torque commenced a 6,500-metre RC and diamond drilling campaign to extend high-grade gold structures at the Paris, Observation, HHH and Eva prospects.
Penzance Portfolio
The March quarter also saw Torque complete its 100% acquisition of an extensive package of tenements in the heart of the Western Australian Goldfields. The acquisition consolidated around 1,000 square kilometres across 12 development-ready, pre-native title mining, four prospecting and 29 exploration licences.