Torque Metals (ASX: $TOR) announcement overview

Torque Metals Limited (ASX: $TOR) has initiated an equity drill agreement with Topdrill Pty Ltd to expand gold mineralisation at its Paris Gold Project. The agreement involves 50% of drilling costs being paid in ordinary shares, with a voluntary 6-month escrow period. The upcoming drill campaign aims to build upon recent results and increase the Paris resource, with Torque's crew already mobilised to commence the campaign in mid-July.

Executive commentary on equity drill agreement

We are pleased to initiate this equity drill agreement with Topdrill, which aligns with our strategic goals and offers a cost-effective approach to our upcoming drilling campaign. The voluntary six-month escrow period demonstrates Topdrill's confidence in the Paris Gold Project and trust in Torque's technical team. Results from recent drilling activity will feed into the strategy for this upcoming iteration of drilling, as we focus on in-fill and extensional drilling to build the gold endowment at our flagship Paris gold project. Torque appreciates our existing shareholders and Topdrill's support and looks forward to delivering strong gold intercepts in the near future.

Summary of Torque Metals (ASX: $TOR) announcement

Torque Metals Limited (ASX: $TOR) has entered into an equity drill agreement with Topdrill Pty Ltd to expand gold mineralisation at its Paris Gold Project. The drill campaign, comprising 8,000 metres of reverse circulation (RC) drilling and 1,000 metres of diamond drilling, aims to enhance the volume of shallow, high-quality gold ounces for a future resource estimation. The company's Managing Director, Cristian Moreno, expressed confidence in the strategic alignment of the agreement and the potential for strong gold intercepts in the near future. With the impending drill programme intended to increase the Paris resource, Torque's focus on in-fill and extensional drilling reflects its commitment to building the gold endowment at the flagship Paris gold project.