Key Highlights of Torque Metals Limited (ASX: $TOR) Quarterly Activities Report

Torque Metals Limited (ASX: $TOR) has released its Quarterly Activities Report for the period ending 31 March 2024. The report highlights the significant progress made by the company in its exploration activities, particularly at the New Dawn Lithium Project in Western Australia. Torque Metals completed a maiden Exploration Target and drill campaign, returning notable results, including a peak grade of 4.42% Li2O. The company also commenced a 6,500-metre RC and DD campaign at the Paris Gold Project and completed the acquisition of an extensive package of tenements, consolidating 1000km2 across 12 development-ready, pre-native title mining, 4 prospecting, and 29 exploration licences in the Western Australian Goldfields. Additionally, Torque Metals secured $4.25 million in funding through a heavily oversubscribed share placement and a drill for equity commitment for up to $500,000 from Topdrill Pty Ltd, with a cash balance of $3.948 million as of 31 March.

Executive Commentary on Torque Metals' Quarterly Activities

Torque's Managing Director, Cristian Moreno, expressed his satisfaction with the progress made during the quarter, particularly at the New Dawn Lithium Project. He highlighted the release of the project's maiden Exploration Target and the impressive RC and DD assays, emphasizing the peak grade of 4.42% Li2O. Moreno also noted the company's strengthened regional presence through tenement acquisitions and the appointment of Mr Imants Kins to the Company Board as Non-Executive Director, adding significant value to the New Dawn project. He commended the efforts of the Torque exploration team in uncovering the potential of the lithium asset.

Summary of Torque Metals' Quarterly Activities and Outlook

Torque Metals' Quarterly Activities Report showcases the company's significant progress in exploration activities, particularly at the New Dawn Lithium Project and the Paris Gold Project. The announcement of the maiden Exploration Target at the New Dawn Lithium Project, along with the impressive RC and DD assays, demonstrates the potential for continued lithium mineralization and guides Torque towards an initial Mineral Resource Estimate. The company's acquisition of extensive tenements and the successful funding placement further solidify its position for future exploration and development. With a strong cash balance and ongoing exploration tasks, Torque Metals is well-positioned to advance its projects and achieve its objectives in the coming quarters.