Torque Metals Unveils 250,000 Oz Mineral Resource Estimate for Paris Gold Project
TOR (TOR) Share Update September 2024 Tuesday 17th
Torque Metals Announces 250,000 Oz Mineral Resource Estimate for Paris Gold Project
Torque Metals Limited (ASX: TOR) has announced a significant Mineral Resource Estimate (MRE) for its 100%-owned Paris Gold Project, located in the resource-rich West Australian Goldfields.
Instant Summary:
- Total MRE: 2,518Kt @ 3.1g/t gold for 250,000 ounces.
- Paris Deposit: 1,094Kt @ 4.3g/t gold for 152,000 ounces.
- HHH Deposit: 1,145Kt @ 2.0g/t gold for 73,000 ounces.
- Observation Deposit: 279Kt @ 2.8g/t gold for 25,000 ounces.
- High-recovery gold resource (>96%) with open-pit mining potential.
- Resource classification includes Indicated and Inferred categories.
- Potential for resource growth through further exploration.
Mineral Resource Estimate Details
The Paris Gold Project's Mineral Resource Estimate (MRE) totals 2,518Kt @ 3.1g/t gold, amounting to 250,000 ounces. The estimate includes the Paris Deposit with 1,094Kt @ 4.3g/t gold for 152,000 ounces, the HHH Deposit with 1,145Kt @ 2.0g/t gold for 73,000 ounces, and the Observation Deposit with 279Kt @ 2.8g/t gold for 25,000 ounces.
The resource classification breakdown for the Paris Deposit includes 284Kt @ 3.7g/t gold for 34,000 ounces classified as Indicated and 810Kt @ 4.5g/t gold for 118,000 ounces classified as Inferred. For the HHH Deposit, 97Kt @ 3.3g/t gold for 10,000 ounces are classified as Indicated and 1,048Kt @ 1.9g/t gold for 63,000 ounces as Inferred. The Observation Deposit has 225Kt @ 2.7g/t gold for 19,000 ounces classified as Indicated and 54Kt @ 3.5g/t gold for 6,000 ounces as Inferred.
Project Potential and Future Work
The Paris MRE is a shallow, high-recovery gold resource with over 96% recovery, presenting strong open-pit mining potential. The MRE pertains to only 2.5km² of the 350km² area controlled by Torque, with mineralization open in all directions. This indicates significant potential for resource growth through further exploration.
Torque Metals plans to drive resource growth by testing strike extensions, interlinking structures, and depth potential. The company will commence a Scoping Study to investigate a toll-treat value proposition for Paris and conduct drilling activities in tenements adjacent to world-class deposits such as Invincible, St. Ives, Beta Hunt, and Mount Belches Mining Centre.
Managing Director's Comments
Torque's Managing Director, Cristian Moreno, commented, 'Defining a mineral resource estimate of 250,000 ounces @ 3.1g/t Au, including 152,000 ounces @ 4.3g/t Au in the Paris deposit, with strong open-pit potential, at our Paris Project is the culmination of extensive drilling over a 2-year period, coupled with our advanced geological modeling methodology and database managing systems. This allowed us to confidently deliver a high-grade, shallow-hosted resource.'
Moreno added, 'Considering the Project’s large ~57km strike length, within a generous ~350km² greenstone belt controlled by Torque, the Paris MRE — currently focused on an area spanning only 2.5km² — has significant expansion opportunities, with gold already identified both outside and next to the MRE area.'
The announcement of a substantial MRE for the Paris Gold Project is likely to positively impact Torque Metals' stock price as it demonstrates the project's potential for significant gold production. The high-grade nature of the resource and the strong recovery rates enhance the project's attractiveness to investors. The potential for further resource growth through exploration adds an additional layer of value to the project.
Investor Reaction:
Analysts are expected to react positively to the announcement, noting the high-grade and high-recovery nature of the resource. The potential for further exploration and resource growth is likely to be viewed favorably, increasing investor confidence in Torque Metals' future prospects.
Conclusion:
Investors should keep a close eye on Torque Metals as the company progresses with its exploration and development plans for the Paris Gold Project. The significant MRE and the potential for further resource growth make Torque Metals a promising investment opportunity in the gold sector.