Torque Metals defines exploration target inside just two of its 12 New Dawn lithium exploration licences
Special Report: A mineral resource estimate is on the cards for Torque Metals after defining an exploration target for its New Dawn lithium project across 40% of two development-ready mining licences.
Torque Metals (ASX:TOR) recently completed the acquisition of its Penzance exploration camp in the heart of WA’s Goldfields, which lies among a herd of established lithium producers such as Mineral Resources’ (ASX:MIN) Bald Hill and Mt Marion mines.
Penzance contains 12 mining-ready licences and covers ~800km2, right next door and 600m along strike of Ball Hill.
Exploration across the Penzance tenement package over the last few months had 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.
TOR says these pegmatites can potentially be extended in multiple directions, according to to the geological model.
An initial exploration target of 8-14Mt @ 1.0-1.2% Li2O across just 40% of two out of 12 total mining licences at New Dawn has been defined.
The exploration target includes mineralisation within vertically stacked spodumene-rich pegmatites identified through drilling, as well as the estimated size of pegmatites observed and sampled at the surface, where drilling has been minimal or absent thus far.
The target figures were deduced from:
TOR managing director Cristian Moreno says although the initial exploration target is substantial, it’s important to note it only covers ~40% of the development-ready mining licences and excludes other potentially mineralised sites in multiple surrounding tenements within the New Dawn Lithium project.
“The company is optimistic about expanding this exploration target through additional soil sampling, geological mapping and drilling endeavours,” he says.
“We’re presently engaged in a comprehensive drilling campaign comprising 5,000m of RC drilling now completed and 1,000m of diamond drilling under way.
“The primary aim is to extend the known mineralisation and to increase the confidence of the data collected so far as we move towards validating this exploration target by establishing a maiden resource estimate.
“I am pleased with the team that has been working tirelessly since Torque acquired access to New Dawn less than six months ago, to be able to deliver this significant milestone.”
TOR remains confident no further approvals are required considering the nature of the pre-Native Title mining licences.
The exploration target area falls within mining licences M15/0468 and M15/0217, covering ~40% of the tenements and therefore no need for additional mining or exploration licences to validate the exploration target.
TOR is currently conducting metallurgical work due for completion this quarter and has engaged in a drilling campaign that aims to test some of the portions of the exploration target.
The company also intends to continue drilling activities throughout 2024.
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.