{"id":7442,"date":"2024-03-21T05:17:26","date_gmt":"2024-03-21T05:17:26","guid":{"rendered":"https:\/\/economicherald.net\/?p=7442"},"modified":"2024-03-21T05:17:26","modified_gmt":"2024-03-21T05:17:26","slug":"torque-metals-cashed-up-to-advance-gold-and-lithium-drilling-at-penzance","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=7442","title":{"rendered":"Torque Metals cashed up to advance gold and lithium drilling at Penzance"},"content":{"rendered":"<p>Torque Metals has secured $4.25m to advance gold and lithium drilling at the Penzance project area<br \/>\nShare placement for $3.75m of the capital raising was heavily oversubscribed<br \/>\nAgreement reached with Topdrill for $500,000 worth of drilling<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report:<\/em> Torque Metals has raised $4.25 million through a heavily oversubscribed share placement and a drill-for-equity commitment to advance gold and lithium drilling at its Penzance project near Widgiemooltha, WA.<\/strong><\/p>\n<p>The Penzance exploration camp extends over ~800km2 and consists of 12 mining, four prospecting and 26 exploration licences (seven under application) about 30km east of Widgiemooltha.<\/p>\n<p>It is also along strike and a stone\u2019s throw from <a href=\"https:\/\/stockhead.com.au\/company\/mineral-resources-min\/\"><strong>Mineral Resources\u2019 (ASX:MIN)<\/strong><\/a> Bald Hill lithium operation near Kambalda \u2013 the only processing plant in the emerging lithium district.<\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/torque-metals-tor\/\"><strong>Torque Metals\u2019 (ASX:TOR)<\/strong><\/a> recent exploration efforts have focused on two licences collectively known as the New Dawn lithium project, where it has identified multiple pegmatites.<\/p>\n<p>An exploration target of 8-14Mt @ 1-1.2% Li2O has been defined while <a href=\"https:\/\/stockhead.com.au\/resources\/thats-a-stack-torque-hits-up-to-4-42-li2o-and-pegmatites-in-every-hole-in-latest-drilling-at-new-dawn\/\"><strong>recent drilling has returned<\/strong><\/a> hits such as 13.11m @ 1.03% Li2O from 49.9m and 15.77m @ 1.01% Li2O from 255.9m.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Exploration funding<\/strong><\/h2>\n<p>Existing shareholders and high net worth investors have now demonstrated their support for the company by heavily oversubscribing for a placement of ~28.85 million shares priced at 13c to raise $3.75 million.<\/p>\n<p>This represents a 13.3% discount to TOR\u2019s last closing price of 15c prior to the trading halt announced on 19 March.<\/p>\n<p>Investors will also receive one free attaching option exercisable at 25c and expiring on 7 May 2026 for every two placement shares.<\/p>\n<p>In addition, company directors have committed to subscribe for $65,000 worth of shares subject to shareholder approval.<\/p>\n<p>The company has also reached a drill-for-equity agreement with Topdrill that allows it to satisfy up to 100% of drilling costs invoiced through the issue of TOR shares to a maximum value of $500,000.<\/p>\n<p>\u201cWe have made great strides on our New Dawn lithium project over the short time since we acquired the project, and Torque\u2019s confidence builds that New Dawn will ultimately present a great development opportunity,\u201d TOR managing director Christian Moreno said.<\/p>\n<p>\u201cOur core objectives right now are to test more widely across the mining licences where a number of pegmatites present new drill targets. Infill drilling around the known mineralisation will assist in the conversion of our exploration target to a JORC mineral resource estimate.<\/p>\n<p>\u201cIn parallel, I am delighted that the company has sufficient funding to get back to our high-grade Paris gold project. Our first ever round of diamond drilling at Paris last year returned a bonanza intersection of 1.2m @ 185g\/t gold, within a broader intercept of 35m @ 14.12g\/t gold from 157.85m.<\/p>\n<p>\u201cMoreover, Torque reported spectacular drilling success in 2023 with high grade gold intercepts along the 2.5km strike spanning from the historic Paris pit to the Observation prospect.\u201d<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Use of funds<\/strong><\/h2>\n<p>Placement funds will be used by TOR to drive exploration at the New Dawn lithium and Paris gold projects.<\/p>\n<p>In the coming months, this will include expanding the exploration footprint at New Dawn and diamond drilling at the Paris project to follow up high-grade results from 2023 activities.<\/p>\n<p>Funds will also be earmarked for a maiden resource estimate for New Dawn, as well as a maiden resource for New Dawn.<\/p>\n<p>A resource estimate and exploration target are also on the cards for the Paris gold project.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Torque Metals, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/torque-metals-cashed-up-to-advance-gold-and-lithium-drilling-at-penzance\/\">Torque Metals cashed up to advance gold and lithium drilling at Penzance<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Torque Metals has secured $4.25m to advance gold and lithium drilling at the Penzance project area Share placement for $3.75m of the capital raising was <a href=\"https:\/\/economicherald.net\/?p=7442\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":7443,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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