Torque Metals completes acquisition down the road from Bald Hill and mega lithium merger Arcadium
Special Report: Torque’s newly acquired Penzance exploration camp in the heart of WA’s Goldfields is in the vicinity of quality producers such as Mineral Resources with its Bald Hill and Mt Marion lithium mines.
Torque Metals (ASX:TOR) has 12 mining ready licences across the Penzance mining camp, covering ~800km2, right next door and 600m along strike of Mineral Resources’ (ASX:MIN) Bald Hill operation near Kambalda.
Bald Hill boasts the only processing plant in the emerging lithium district, giving MinRes the potential to acquire spodumene deposits in the region or toll treat friendly companies with small resources in the district.
The region has attracted juniors keen to prove up lithium resources in the hope they can be fed into the Bald Hill mine in the future, which could amount to a big payday.
These include Chris Ellison-backed and recent IPO Kali Metals (ASX:KM1) with tenements adjacent to Bald Hill, Dynamic Metals (ASX:DYM), St George Mining (ASX:SGQ) and Global Lithium Resources (ASX:GL1).
Other heavy hitters in the area include Arcadium Lithium (ASX:LTM), the mega lithium merger with America’s Livent, and its recently acquired ‘Madoonia’ tenements near Bald Hill covering 440km2 in joint venture with Lithium WA Investments.
With lithium M&A activity heating up, big players in the region could well be on the lookout for proven yet affordable resources.
TOR’s exploration across the Penzance tenement package over the last few months has identified multiple pegmatites at the New Dawn project, with the junior completing a 21 hole maiden drill program which returned whopping hits including 10m @ 1.51% Li2O from 51m.
According to TOR managing director Cristian Moreno, the company has now moved swiftly to initiate post-acquisition drilling, focused on extending the scale of these spodumene lithium pegmatites.
“These pegmatites can potentially be extended in multiple directions according to Torque’s geological model,” he says.
“Torque’s acquisition and ongoing exploration activities solidify its position as a key player in this dynamic exploration province, with steady exploration news flow expected over the coming months.”
The explorer plans to conduct 5,000m of drilling at New Dawn to extend significant spodumene lithium pegmatites discovered through its recent due diligence drilling.
Around 4,000m of RC drilling will be carried out alongside 1,000m of diamond drilling to target high-grade spodumene areas.
TOR says information gathered during the program will assist with lode continuity, geometry, structure, mineralisation, and will provide samples for metallurgical test work as well as test for additional mineralisation at depth and along strike.
Late January to early February marks a pivotal phase for the New Dawn as Torque intends to release a maiden exploration target.
Initial RC drilling results are expected in February, which the company expects will offer insights into the New Dawn lithium potential.
The company then intends to conclude the first quarter with a notable milestone—the release of the mineral resource estimate for the Paris gold project.
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.