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Highlights
▪ Option secured to acquire 100% of ‘New Dawn’, an unmined Lithium and Tantalum occurrence, 600m along strike of the established Bald Hill lithium-tantalum operation
▪ New Dawn Lithium Project occupies two pre-Native Title, granted Mining Licences, providing ability to fast-track any potential discovery into development
▪ Early investigations at New Dawn identified multiple outcropping spodumene bearing pegmatites with rock samples grading up to 6% 𝐿𝑖2𝑂
▪ Program of Work approved for due diligence drill holes at New Dawn to test spodumene values
▪ Diamond drill rig to mobilise late September. Initial plan for 20 holes (for 2,000m) to test known pegmatitic bodies for spodumene and tantalum
▪ Transaction includes 100% of significant additional tenure, fertile for lithium, nickel and gold, establishing Torque’s ‘Penzance’ aggregation of ~500km², comprising 12 mining, 4 prospecting and 12 exploration licences
▪ Quality neighbours include Gold Fields Australia (St Ives gold mine), Karora Resources (Higginsville plant and Beta Hunt gold and nickel mine), Alita Resources (Bald Hill lithium mine), Black Mountain (Lanfranchi nickel mine) and Lunnon Metals (Silver Lake-Fisher nickel deposits)
▪ Firm Commitments received for a share placement to raise $4 million at $0.12 per share, reflecting a 2.7% discount to the 5-day VWAP.
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good to see the mates looking after each other