Earn-in deal virtually doubles Paris gold venture for Torque

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2022-11-23 14:18:05

Torque Metals has elevated the footprint of its Paris gold venture close to Kalgoorlie after finishing an 80 per cent earn-in of Jindalee Assets’ adjoining 75 sq. kilometre Maynard’s Dam prospect.

The gold explorer and Jindalee entered right into a three way partnership for the prospect in April 2020. As a part of the deal Torque may earn as much as 80 per cent curiosity within the tenements by spending $200,000 on exploration of the positioning inside three years.

Torque entered right into a subsequent three way partnership settlement in December 2020 with SensOre subsidiary Yilgarn Exploration Ventures permitting the latter to earn as much as 70 per cent curiosity within the tenements by spending $3 million over three years along with delivering a pre-feasibility research.

Nevertheless, Torque says SensOre has exited the three way partnership as a part of a enterprise refocus. Earlier than leaving the settlement SensOre contributed the funding that allowed Torque to earn its 80 per cent.

As soon as remaining approval of the earn-in settlement is finalised by the Division of Mines, Business Regulation and Security, the tenements shall be handed to Torque while Jindalee will retain 20 per cent free carried curiosity.

The acquisition of the Maynard’s Dam prospect takes the overall new space of the Paris gold venture to round 176 sq. kilometres and provides round 12km of potential strike to the north. Historic drilling at Maynard’s Dam returned outcomes together with a 4m hit at 21.1 grams per tonne gold from 22m.

The Paris venture now consists of three exploration, two prospecting and 9 granted mining licences.

To have acquired our 80 per cent curiosity on this important new prospect space in such a brief area of time has been exceptional. The 14km of largely unexplored, strike extension of our high-grade Paris gold hall provides additional huge alternatives to develop the Paris venture into a serious gold mining camp, much like that of St Ives operated by Gold Fields instantly to the north of us.

Simply final week Torque introduced a fifth part of drilling at its flagship Paris venture the place it’s going to goal extensions of high-grade gold deposits on the firm’s Paris, HHH and Commentary prospects.

The 4500m RC marketing campaign will examine the potential hyperlink between the three prospects the place important gold anomalies have been recognized from historic drilling, geological fashions and machine studying algorithms. Earlier exploration by Torque has highlighted a 2.5km gold hall between Commentary and Paris together with the HHH prospect.

Regardless of its profitable exploration marketing campaign over the previous 12 months, Torque says its Paris gold venture stays vastly underexplored with historic drilling primarily restricted to the highest 50m. If the northern Maynard’s Dam prospect can proceed the present strike at Paris, Torque could possibly be taking a look at a major gold useful resource.

Is your ASX-listed firm doing one thing fascinating? Contact: matt.birney@wanews.com.au

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