Torque Metals has entered option agreements to acquire 100% of a strategic package of tenements with potential for gold and lithium in Western Australia's (WA) Goldfields region.
Spanning around 250km², these tenements are near the Horse Rocks, Kangaroo Hills and Mt Marion Lithium projects, and the Spargoville region.
This acquisition is in line with the company's strategy to consolidate highly prospective ground in in the vicinity of its Penzance Exploration Camp.
The tenements, located west of Horse Rocks and south-east of Kangaroo Hills, are in proximity to areas where Lord Resources and Future Battery Metals have identified pegmatite swarms indicative of gold and lithium mineralisation.
Geological and geophysical analysis suggests similarities with the Mt Marion lithium project.
Torque's interest in the Spargoville region is part of its strategy to acquire land with gold and lithium potential.
The tenements, lying within the Kunanalling shear zone, border Kali Metals and Marquee Resources, offering potential synergies and value creation.
The presence of greenstone belts, known for hosting gold and lithium, adds to the prospectivity of these tenements.
Furthermore, Torque has submitted applications for tenements E25/0642, E25/0643, E25/0644 and E25/0645, which, if granted, will expand the New Dawn Lithium Project.
Torque managing director Cristian Moreno said: “Upon exercise of the options, Torque will secure 100% ownership of tenements rich in both gold and lithium prospects, bringing Torque's portfolio in the region to 13 mining, four prospecting and 38 exploration licences.
“Whilst lithium sentiment remains subdued for investors, Torque is proactively seeking out opportunities with the potential for discovery of high-quality projects, particularly focusing on lithium and gold, while also diligently discussing collaboration opportunities with potential strategic partners.”
Earlier this year, Torque raised A$4.25m ($2.77m) through a share placement and a drill-for-equity agreement for drilling programmes at its New Dawn Lithium Project and Paris Gold Project in WA.
