Torque Metals is already shedding light on New Dawn, just 600m from the Bald Hill lithium mine
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One of the year’s best performing exploration stocks, Torque Metals, is over seven holes deep into a highly anticipated 22-hole diamond drilling program at its exciting New Dawn project.
In September, Torque Metals (ASX:TOR) re rated after inking a deal to acquire a collection of gold, nickel and lithium-rich tenements — to be renamed Penzance — near its Paris gold camp in the Tier-1 Goldfields mining jurisdiction.
This includes New Dawn, an unmined lithium and tantalum occurrence on granted mining leases, 600m along strike of the established Bald Hill operation.
The explorer quickly mobilised for a diamond drilling campaign this month to test some targets.
To date, seven diamond holes have been drilled into known pegmatite bodies in the hunt for spodumene and tantalum. Assay results from the first four holes are imminent, Torque says.
Anticipation is building, says Torque managing director Cristian Moreno.
“We are thrilled with early progress at the New Dawn Lithium Project, with diamond drilling in full swing,” he says.
“In less than a month since we announced the option to purchase a strategic tenement portfolio Torque swiftly followed up with its inaugural drilling campaign.
“We await imminent assay results from the first four diamond holes while samples from ongoing drilling are currently enroute to the lab.
“With a strong balance sheet, Torque is poised to maintain drilling momentum to fully understand the entire lithium and tantalum endowment at New Dawn.”
Meanwhile, fieldwork has identified more pegmatite outcrops on the western side of the tenements for follow-up exploration.
This will be the subject of further investigation following the completion of the maiden round of drilling, Torque says.
Torque also entered a binding agreement to purchase three tenements to expand its tenure up to 600km2 to include 12 mining, four prospective and 15 exploration licenses as part of a consolidation strategy for the region.
Under the agreement, Torque will pay 500,000 shares at 32c/sh with 1.5 million unlisted options at an exercise price of 60c, as well as $20,000 cash.
Of the three, two are adjacent to the Paris project and one with lithium potential along the same geological trend as New Dawn.
The greenstone belt interfaces with a “prospective Cal-alkaline granitic melt”, possibly indicating the presence of a peraluminous S-type granite—a recognised source of lithium-caesium-tantalum LCT pegmatites.
“Consistent with the company’s strategic approach to regional consolidation, actively monitoring the region for new opportunities, we also announce an agreement to acquire nearby tenements that align with our Paris and New Dawn projects,” Moreno says.
“This expansion enhances our portfolio and strengthens our regional presence.”
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.