After mobilising a diamond drill rig Torque Metals Ltd (ASX:TOR) has kicked off due diligence drilling at the New Dawn Lithium Project, an acquisition target 600 metres west along strike of the Bald Hill lithium and tantalum mine in Western Australia.
The company's initial program will comprise 22 holes across 2,700 metres to test known pegmatitic bodies for lithium and tantalum.
Earlier this month, the company signed binding option agreements to acquire the New Dawn Project.
Notably, early investigations at New Dawn have identified multiple outcropping spodumene-bearing pegmatites with rock samples grading up to 6% lithium.
What’s more, the New Dawn Lithium Project occupies two pre-Native Title, granted mining licences, providing the ability to fast-track any potential discovery into development.
Torque Metals Ltd (ASX:TOR) (Torque Metals Ltd (ASX:TOR)) shares were trading 124% higher intra-day, at 28 cents, after signing binding option agreements to acquire the New Dawn Lithium Project in WA.More at #ASX #TOR #Proactive #ProactiveInvestors #lithium @Torque_Metals https://t.co/6n4e4OglbB
— Proactive Australia (@proactive_au) September 5, 2023
Moving swiftly
Torque managing director Cristian Moreno said: "Torque Metals has swiftly moved onto due diligence drilling at the New Dawn Lithium Project, to uncover the potential of newly acquired tenements located just 600 metres west along strike of the Bald Hill mine.
“The company’s technical team is thrilled to embark on diamond drilling for an initial 2,700 metres across 22 holes, following previous impressive rock chip samples grading up to 6% Li2O.
“The proposed regional consolidation of Torque’s tenure across 500 square kilometres of the Boulder Lefroy Fault now encompasses promising gold, lithium and nickel prospects, positioning the company as an active mineral explorer.
“We look forward to sharing results in the near future and thank our shareholders for their support during this exciting chapter for Torque Metals.”
New Dawn and Bald Hill project perspective view.
About New Dawn
New Dawn includes two granted mining licences considered exceptionally prospective for spodumene, just 600 metres along strike from the 26.5 million tonnes at 1% lithium oxide spodumene Bald Hill Lithium and Tantalum Mine.
Torque’s desktop studies have identified multiple outcropping-bearing pegmatites. Multiple rock chip samples collected by Torque in August 2023 assayed grades of up to 6% lithium oxide.
The adjacent Bald Hill Lithium and Tantalum Mine is a hard rock lithium operation capable of producing a high lithium and low mica concentrate and a significant tantalum by-product.
As of 2018, Bald Hill had a total lithium mineral resource of 26.5 million tonnes at 1.0% lithium oxide 149ppm tantalum pentoxide and additional tantalum mineral resources of 4.4 million tonnes at 336ppm tantalum pentoxide.