Torque Metals Ltd (ASX:TOR) is accelerating its drilling campaign at the New Dawn Lithium Project in Western Australia’s Goldfields region with the mobilisation of a second reverse circulation (RC) rig to assist in the company's maiden hunt for lithium.
The drill rigs are testing multiple pegmatite targets at the project located 600 metres west of Tawana Resources’ Bald Hill lithium-tantalum mine.
The three RC holes completed, as of October 26, have intersected multiple, vertically-stacked pegmatites, which Torque hopes are lithium mineralised.
Assay results expected in the middle of next month will confirm this.
Investors are reacting positively to the development, with Torque shares up about 16.13% at A$0.18 in mid-morning trading.
Positive early results
"Initial diamond drilling results demonstrated positive lithium and tantalum grades that parallel the early stages of exploration recorded at the adjacent Bald Hill mine,” Torque managing director Cristian Moreno said.
“One of the emerging, standout features of the New Dawn Lithium Project is the presence of multiple, vertically-stacked pegmatites.
"These geological formations hold the key to potentially proving up significant pegmatite volumes.
Bald Hill mirror
“Much like the Bald Hill mine, New Dawn’s vertically-stacked pegmatites are potential hosts for spodumene lithium mineralisation," Moreno added.
“It is worth noting similarities with the transformation of Bald Hill by Tawana Resources.
“In its early stages, the transition from a tantalum mine to a lithium mine saw thin, low-grade intercepts near surface.
“Deeper drilling uncovered the true potential of the site, yielding impressive lithium grades."
Confidence growing
“At New Dawn, geological logging and inspections of core under UV light identified the presence of spodumene crystals.
“With two drilling rigs now active at New Dawn, the pace and intensity of the exploration effort has been significantly accelerated.
“Torque’s move to speed up its due diligence assessment reflects the company’s growing confidence in the project’s promise.
Pegmatite outcrops mapped centrally in the mining tenements.
Smart exploration company
Torque is focused on lithium, gold and nickel exploration in well-established mineral provinces in Australia.
Its Penzance Exploration Camp covers more than 600 square kilometres, which includes 12 wholly-owned, granted, pre-native title mining, four prospective and 15 exploration licences, three of which are under application, in the heart of the Western Australian goldfields.
The company’s successful exploration record is backed by a proven discovery methodology, which combines drilling results with machine learning algorithms and geological interpretation.