Torque Metals signs $1 option agreements to acquire more ground in WA’s Goldfields region with gold and lithium potential
The acquisition aligns with Torque Metals’ strategy to consolidate highly prospective ground near Penzance exploration camp
Acquisition could expand its project tenure to ~1200km², establishing a significant presence in the region
Special Report: Torque Metals has signed option agreements to acquire an extensive and strategic package of tenements in WA’s Goldfields region with gold and lithium potential.
The acquisition of these tenements, close to significant projects and mines like Horse Rocks, Kangaroo Hills, Spargoville and Mt Marion, is consistent with Torque Metals’ (ASX:TOR) strategy to consolidate highly prospective ground in the vicinity of its Penzance exploration camp.
Penzance is about 30km east of Widgiemooltha and includes the company’s Paris gold project and New Dawn lithium project.
Paris, just 12km east of Gold Fields’ St Ives gold mine that produces close to 400,000ozpa, is the subject of a 6500m reverse circulation and diamond drilling program aimed at proving up its rich potential.
The project is believed to host multiple gold deposits within a larger system.
Over at New Dawn, TOR has identified multiple pegmatites and defined an exploration target of 8-14Mt at 1-1.2% Li2O.
Recent drilling has proven the presence of lithium, returning hits such as 13.11m at 1.03% Li2O from 49.9m and 15.77m at 1.01% Li2O from 255.9m.
Tenements E15/1706 and E15/1707. Pic: Torque Metals
More gold and lithium acreage
The option provides the company with the potential to acquire 100% of licences covering ~250km2 that are fertile for gold and lithium mineralisation, growing its project tenure in the area to ~1200km2.
Part of the tenement package is located west of Horse Rocks where Lord Resources (ASX:LRD) had entered into a binding farm-in agreement with Mineral Resources (ASX:MIN) and has successfully identified multiple stacked pegmatite swarms that display extensive fractionation.
TOR notes that these tenements are interpreted to share similar geological characteristics and structural setting to the Kangaroo Hills and Mt Marion lithium projects as they are dominantly on greenstone belts with an adjacent intrusion.
Meanwhile, the tenements in the Spargoville region border projects held by Kali Metals (ASX:KM1) and Marquee Resources (ASX:MQR) and are considered to have strong potential for gold and lithium mineralisation.
Tenements in the Spargoville region. Pic: Torque Metals
Separately, the company has applied for further tenements that will expand its New Dawn project to areas where Arcadium Lithium (ASX:LTM) and MinRes are major tenement holders.
Geological mapping and sampling have started ahead of the company’s initial drilling campaigns.
“Torque is pleased to announce the options, which pave the way for a significant expansion of its presence in the WA Goldfields through the acquisition of multiple titles with gold and lithium potential, which upon transfer to Torque will increase Torque’s project aggregation to approximately 1200km², thereby establishing it as a major high-quality tenement holder in the region,” managing director Cristian Moreno said.
“Upon exercise of the options, Torque will secure 100% ownership of tenements rich in both gold and lithium prospects, bringing Torque’s portfolio in the region to 13 mining, 4 prospecting, and 38 exploration licences.
“Notably, among these are tenements, E15/1706 and E15/1707 located west of Horse Rocks, where multiple stacked LCT pegmatite swarms with extensive fractionation have been identified by neighbouring explorers.
“This tenement exhibits similar geological characteristics and structural settings to prominent lithium projects such as Kangaroo Hills and Mt Marion lithium projects.”
He added that while lithium sentiment remains subdued for investors, the company is proactively seeking out opportunities that had the potential for high-quality lithium and gold discoveries while discussing collaboration opportunities with potential strategic partners.
This article was developed in collaboration with Torque Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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