Torque to raise $3.1m to drive gold exploration

TOR to raise $3.1m via a placement to fund aggressive exploration at Paris gold project
Project hosts resource estimate of 250,000oz for 3.1g/t gold
Expansional RC drilling program underway

Special Report: Torque Metals has received firm commitments from sophisticated and professional investors to raise $3.1 million via a placement at 8c per share, with the cash to help drive the next phase of growth at its Paris gold project in WA.

The company recently announced a high-grade gold resource estimate at the project of 250,000oz for 3.1g/t gold, making Paris one of the highest-grade undeveloped gold projects in the Kalgoorlie and Kambalda region of the WA Goldfields.

The funds raised will be primarily applied to drive exploration and drilling activities, making a mineral resource estimate milestone payment of $250,000 to the Paris vendor, and for general working capital purposes.

Plus, it will allow Torque Metals (ASX:TOR) to continue expanding on its resource, as well as testing other high priority targets in the broader project area.

Funding aggressive exploration plans

“These funds will be primarily directed towards accelerating exploration at the company’s flagship Paris gold project, which includes targeted work in the area of the recently released mineral resource estimate,” TOR managing director Cristian Moreno said.

“With the support of this capital injection, Torque Metals is now fully funded to keep up momentum with its aggressive exploration and drilling activities across its tenements, strategically located adjacent to world class deposits including Invincible, St. Ives, Beta Hunt, and Mount Belches Mining Centre.

“The company is well-positioned to expand its high-grade resource base and further extend the Paris gold project’s mineral resource estimate.

“We thank shareholders for their support and look forward to unlocking the full potential of our valuable gold assets and deposits.”

Looking forwards

More results from recent diamond drilling are pending and RC drilling is ongoing, with the program expected to complete in October.

Additional metallurgical studies underway to further de-risk and assess production options, with the data expected to contribute towards a scoping study focused on indicated mineral resources.

Further infill drilling within the project’s inferred resource to upgrade some of these areas to indicated classification is planned, along with generating drilling targets across its broader regional tenements with the intention to carry out reconnaissance drill campaigns.

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.