Torque Metals (ASX:TOR) has released its quarterly activities report for the period ending September 30, 2024. The company announced significant advancements in its Paris Gold Project, including the start of Phase 8 drilling and a new 250,000-ounce Mineral Resource Estimate at 3.1g/t Au. A drill-for-equity agreement with Topdrill Pty Ltd was executed, and $3.1 million was raised through a share placement.
Torque Metals has made significant progress in advancing its Paris Gold Project, with a new Mineral Resource Estimate and the initiation of Phase 8 drilling. These advancements highlight the potential for substantial open-pit mining at the project. The company secured a $3.1 million share placement and executed a drill-for-equity agreement to enhance exploration efforts. With a focus on increasing the MRE and exploring production options, Torque Metals aims to further expand its resource base. Participation in the JMEI scheme and the allocation of credits demonstrate a strategic approach to shareholder value. As the company continues its exploration activities, it remains positioned for potential growth and development within its gold asset portfolio.
The successful commencement of Phase 8 drilling and the updated Mineral Resource Estimate are pivotal milestones for Torque Metals. The drill-for-equity agreement with Topdrill Pty Ltd demonstrates our commitment to expanding the resource base efficiently.