Torque Metals Inks Option Deals to Secure WA Gold and Lithium Assets

Torque Metals has initiated option agreements to acquire full ownership of a strategic collection of tenements in Western Australia's Goldfields region, boasting potential for both gold and lithium. Covering an area of roughly 250 square kilometers, these tenements are located in close proximity to significant projects like Horse Rocks, Kangaroo Hills, Mt Marion Lithium, and the Spargoville region. This move aligns with Torque's strategy to consolidate highly promising land adjacent to its Penzance Exploration Camp.

These tenements, positioned west of Horse Rocks and southeast of Kangaroo Hills, are in close proximity to areas where Lord Resources and Future Battery Metals have identified pegmatite swarms, indicative of gold and lithium mineralization. Geological and geophysical assessments highlight similarities with the Mt Marion lithium project. Torque's interest in the Spargoville region is a strategic component of its land acquisition strategy aimed at uncovering gold and lithium potential. Situated within the Kunanalling shear zone, these tenements adjoin Kali Metals and Marquee Resources, offering potential synergies and value addition.

The presence of greenstone belts, renowned for harboring gold and lithium deposits, further enhances the prospects of these tenements. Additionally, Torque has filed applications for tenements E25/0642, E25/0643, E25/0644, and E25/0645, which, upon approval, will extend the New Dawn Lithium Project.

Cristian Moreno, Torque's managing director, stated, "Upon the exercise of the options, Torque will secure complete ownership of tenements with substantial gold and lithium prospects, expanding Torque's portfolio in the region to 13 mining, four prospecting, and 38 exploration licenses." Moreno added, "While investor sentiment towards lithium remains subdued, Torque is actively pursuing opportunities with the potential for discovering high-quality projects, particularly focusing on lithium and gold. Additionally, we are diligently exploring collaboration opportunities with potential strategic partners."

Earlier this year, Torque successfully raised A$4.25 million ($2.77 million) through a share placement and a drill-for-equity agreement to fund drilling initiatives at its New Dawn Lithium Project and Paris Gold Project in Western Australia.

Torque operates as an exploration company, employing a proven discovery methodology that integrates drilling outcomes with machine learning algorithms and geological analysis. The company's Board and management boast successful track records and extensive expertise in exploring, developing, and financing mining projects in Australia. Torque's primary project, the Penzance Exploration Camp, spans approximately 800km² of land, comprising 12 wholly owned mining licenses, ready for development pre-native title, alongside 4 prospecting and 22 exploration licenses, situated roughly 30km east of Widgiemooltha in WA.

The expanded Penzance Exploration Camp will encompass approximately 1200km² of land, incorporating 13 mining licenses, 4 prospecting licenses, and 38 exploration licenses. Torque maintains a concentrated focus on mineral exploration within this established mineral province. Additionally, the company remains vigilant in assessing and pursuing other promising opportunities within the resources sector, consistent with its strategy to cultivate high-quality assets.