Torque Metals Ltd (ASX:TOR) is moving to fieldwork activities after completing the acquisition of several highly prospective gold and lithium tenements in Western Australia.
This acquisition, first announced on May 15, 2024, further advances the company’s strategic expansion in the Goldfields region.
Due diligence settled
All conditions precedent in the option agreement with Abeh Pty Ltd have been satisfactorily completed and due diligence the acquisition has now been settled.
Exploration across the new tenements will include geological mapping and sampling programs followed by initial drilling campaigns to test identified high-priority targets.
“Strong potential”
"Torque is thrilled to announce the settlement of this acquisition, which significantly expands the company’s presence in the Goldfields region,” managing director Cristian Moreno said.
“These tenements hold strong potential for both gold and lithium, which aligns with the company’s long-term strategy of building a diversified portfolio of high-quality exploration assets.”
READ: Torque Metals adding lithium, gold tenements in WA Eastern Goldfields consolidation strategy
The acquired tenements, along with Torque's existing holdings, bring the company's total tenure to approximately 1,200 square kilometres, positioning Torque as a major tenement holder in the region.
Penzance Exploration Camp - Paris Gold, New Dawn Lithium and Penzance Gold/Lithium projects.
These acquisitions include land situated near major lithium (Mount Marion, Mineral Resources) and gold (St Ives, Goldfields) projects.
Torque's expanded Penzance Exploration Camp now includes 13 mining licences, four prospecting licences and 38 exploration licences about 90 kilometres southeast of Kalgoorlie.
Settlement details
As part of the settlement, Torque has issued 5 million fully paid ordinary shares to the vendor and granted a 2% net smelter return royalty on minerals extracted from the tenements.
The company also issued 5 million unlisted performance shares, which will convert into fully paid ordinary shares on announcement to the ASX of the discovery of at least three drill holes intersecting the same commodity in the same tenement (10 metres Torque at 1% Li2O or 10 metres at 1% nickel or 10 metres at 5 g/t gold).