Torque Metals Limited (ASX: TOR) is preparing for extensive drilling at its Penzance Project, earmarking AU$4.25 million in new funding. The capital, sourced through an oversubscribed share placement and a drill-for-equity commitment, will drive exploration at both the New Dawn Lithium and Paris Gold Projects in WA. Managing Director Cristian Moreno highlights the potential of New Dawn, aiming to expand exploration and convert targets into mineral resources. Meanwhile, excitement surrounds the Paris Gold Project, following previous high-grade discoveries.
Funds will primarily support exploration activities at both projects, including diamond drilling and mineral resource estimates. A drill-for-equity agreement with Topdrill Pty Ltd further enhances Torque's drilling capabilities. Euroz Hartleys and Evolution Capital facilitated the placement, which attracted strong support from existing shareholders and high net worth investors, underscoring confidence in Torque's projects.
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