Torque Metals Limited (ASX:TOR) have identified a maiden Exploration Target at its New Dawn Lithium Project, strategically located 600 metres east of the active, Bald Hill Lithium Tantalum mine operated by Mineral Resources Limited (ASX: MIN), demonstrating the potential of the area for lithium mineralisation.
Figure 1: New Dawn Lithium Project plan view showing pegmatite outcrops and target areas in light blue
New Dawn Exploration Target
The identification of the Exploration Target highlights the potential for continued lithium mineralisation along the New Dawn trend, and is beneficial in guiding Torque towards an initial Mineral Resource Estimate.
The Exploration Target additionally only covers 40% of two development-ready Mining Licences, demonstrating the underlying expansion potential after more drilling.
The estimated range of the Exploration Target, in accordance with JORC 2012, is 8 – 14 million tonnes grading at 1.0 – 1.2% Li2O.
Table 1: Exploration Target
The Company has completed 5,000 metres of RC drilling and 1,000 metres of diamond drilling, aiming to extend vertically stacked pegmatites currently open in all directions.
Torque is dedicated to continue exploration to verify the Exploration Target and transition it to a Mineral Resource Estimate (MRE).
Informed Exploration Target
Torque compiled considerable data to create an informed and accurate exploration target including:
- 325 historic reverse circulation drill holes available in public domain
- 8 diamond drill holes (containing 965 number of sample assay’s,161 within Pegmatite)
- 19 reverse circulation drill holes (containing of 986 number of sample assay’s,535 within Pegmatite)
- 18 surface grab samples
- Geophysics (gravity, magnetics and radiometric imagery)
- GIS maps & Photos (all available GSWA data & previous exploration mapping, including tenements, and outcrop data)
- Satellite images (drone survey & orthomosaic data)
- Structural data (GSWA data, exploration mapping & downhole structural measurements)
Bald Hill Proximity
The Exploration target is strategically located near MinRes’ Bald Hill mine, sharing similar geology and mineralisation.
The Bald Hill site operates a spodumene concentrate processing plant with an annual production capacity of around 150,000 tonnes (SC6 equivalent).
Spodumene produced at Bald Hill is transported by road to Port of Esperance for export to global markets.
Figure 2: Bald Hill Mine
Pathway to Mineral Resource Estimate
The Company has outlined an extensive exploration plan as it works toward trying to achieve its maiden JORC MRE for the New Dawn Project.
The planned exploration tasks aim to verify the Exploration Target and transition it to a MRE through 2024.
Figure 3: Taken from ASX Announcement – Torque plans for exploration during 2024
Torque Metals’ Managing Director Cristian Moreno commented on the milestone in exploration.
“We are pleased to announce the maiden Exploration Target in accordance with JORC 2012 for the two Mining Licences at New Dawn, located just 600 metres west of the active Bald Hill Lithium mine operated by Mineral Resources Limited,” he said.
“Although this initial target is substantial, it’s important to note that it only covers approximately 40% of the development ready mining licences and excludes other potentially mineralised sites in multiple surrounding tenements within the New Dawn Lithium project. Torque Metals is optimistic about expanding this Exploration Target through additional soil sampling, geological mapping and drilling endeavours.”
“Torque is presently engaged in a comprehensive drilling campaign comprising 5,000 metres of RC drilling, just completed and 1,000 metres of diamond drilling underway. The primary aim is to extend the known mineralisation and to increase the confidence of the data collected so far as we move towards validating this Exploration Target by establishing a maiden Mineral Resource Estimate.”
“I am pleased with the team that has been working tirelessly since Torque acquired access to New Dawn less than six months ago, to be able to deliver this significant Exploration Target.”
TOR’s Australian Securities Exchange-listed share price is currently trading at $0.205 (1.00pm UTC+ 8 hours).