Torque Metals Ltd (ASX:TOR) has secured firm commitments from sophisticated and professional investors to raise $3.1 million in a share placement that will support development of the Paris Gold Project, near Kambalda in the West Australian goldfields.
The placement follows a maiden resource estimate for Paris, released earlier this week, that revealed the project has potential to hold at least 250,000 ounces of gold.
Read: Torque Metals reveals maiden MRE of 250,000 ounces of gold at Paris Project, Western Australia
Torque intends to use the funding to advance exploration targets across the tenure, developing them into drilling targets that could contribute to an updated mineral resource down the track.
Aggressive exploration across tenements
“I am delighted to announce the successful completion of a strongly supported share placement, securing A$3.1 million from sophisticated and professional investors,” Torque Metals managing director Cristian Moreno said.
“These funds will be primarily directed towards accelerating exploration at the company's flagship Paris Gold Project, which includes targeted work in the area of the recently released mineral resource estimate.
“With the support of this capital injection, Torque Metals is now fully funded to keep up momentum with its aggressive exploration and drilling activities across its tenements, strategically located adjacent to worldclass deposits including Invincible, St. Ives, Beta Hunt, and Mount Belches Mining Centre.
“The company is well-positioned to expand its high-grade resource base and further extend the Paris Gold Project’s mineral resource estimate, released earlier this week.
“We thank shareholders for their support and look forward to unlocking the full potential of our valuable gold assets and deposits.”
Torque will use the additional funding to:
- drive exploration at Paris Gold Project, and drilling activities in its tenements adjacent to world-class deposits, such as Invincible, St. Ives, Beta Hunt, and Mount Belches Mining Centre among others;
- make an MRE milestone payment of $250,000 to the vendor of Paris Gold Project; and
- support general working capital purposes.