Torque Metals quarterly activities update

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.

Key takeaways and future outlook

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.

Executive insights on recent developments

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.