Torrens Mining reports on busy opening quarter for 2021, with value-building projects ahead
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The gold and copper explorer completed its first quarter on the ASX with several strong projects in the pipeline.
Launching on the ASX on January 7, following an oversubscribed IPO that raised $10 million, the Perth-based company issued 50 million shares at $0.20 per share.
The experienced Patrick Say was soon appointed as exploration manager, bringing with him 20 years of knowledge from the gold, copper and nickel sectors. A qualified geologist, Say brings strong leadership and project management skills from numerous areas, including geology, ore definition, financial evaluation, grade control processes and mining.
Torrens Mining Limited (ASX: TRN) have moved quickly to establish itself across several locations in Victoria, South Australia and Papua New Guinea, focusing on its mandate of building and enhancing the value of a diversified copper-gold project portfolio.
Torrens’ keystone project is the fully-owned Mt Piper Gold Project in central Victoria where exploration has started with geochemical soil sampling and geophysical surveying and interpretation.
Torrens was also able to acquire three additional tenements, located at Mt Piper North, Mangalore and Graytown.
Exploration at these three tenements began immediately, with plans for early drilling.
Torrens also had a landmark application accepted at Puckapunyal, which will open the way for the company to conduct the first mineral exploration in over 30 years on this essentially unexplored section of the Victorian goldfields.
The Northwood Hill Gold Prospect, located at Mt Piper North, is the most advanced of its prospects with drilling anticipated imminently.
This prospect presents strong possibilities with previous drilling in the area uncovering important gold mineralisation.
During the quarter, Torrens initiated negotiations on both land access and drilling contracts, based on exploration emphasis during the 1990s that showed mineralisation amenable to open pit mining.
These negotiations are expected to be completed in May 2021 with drilling to begin shortly after.
A joint-venture arrangement with Coda Minerals (ASX: COD) was also triggered during the quarter at the Elizabeth Copper Project in South Australia. Interest in the project has been split 30% Torrens (via their wholly owned subsidiary Terrace Mining Pty Ltd) and 70% Coda which will also act as project operator and manager.
The key site at this project is the Emmie Bluff deposit where 10 diamond drill holes were completed during the quarter.
Drilling continued to validate expectations held within the Emmie Bluff Exploration Model, with every drillhole intersecting significant copper-cobalt mineralisation.
Torrens also continued to build its 100% owned regional scale Club Terrace copper and gold project, with two new tenement applications. Covering more than 60km strike length of the Combienbar Fault Zone, the main targets at Club Terrace are copper and gold mineralisation associated with regional-scale fault structures.
Previous mining and exploration activities, including several gold mines associated with the Combienbar Fault, have generated a range of targets that are yet to be drill-tested.
In January 2021, application Rigo ELA2690 was made by Torrens for an area of approximately 1,164 square kilometres at the historical Astrolabe Mineral Field.
Situated within the Laloki-Rigo mineralised belt, Torrens considers the area to have been limited to modern exploration. The company intends to investigate possible genetic relationships between the manganese and copper sulphide mineralisation.
Following strong preparations at all its mining opportunities, the next quarter presents opportunities to focus on identified drill targets at Mt Piper and the joint venture at Elizabeth Creek.
Drilling will commence at the Northwood Hill Gold Prospect at Mt Piper, while pre-drilling exploration will continue at other target areas within the Mt Piper Gold Project.
At Elizabeth Creek, with Phase 1 and Phase 2 completed at Emmie Bluff in the December 2020 and March 2021 quarters, Phase 3 is anticipated for May 2021. Twelve diamond holes are planned with reverse circulation, which is expected to take three months.
Following this drilling, assaying, resource modelling and peer review will take place, with a maiden JORC expected within the third quarter of 2021.
Torrens also remains committed to protecting its other interests in Papua New Guinea, namely the previous exploration licence applied for at Loloki.
Having complied with all of the obligations required for licence ELA2557, Torrens anticipates a hearing for the leave application submitted in March 2021 regarding the conduct of the Minister for Mining.
A date has yet to be confirmed.
This article was developed in collaboration with Torrens Mining Limited, 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.