Torque Metals jumps 15% on high-grade gold hits at WA Paris Project outside Kalgoorlie

Thu 08 Sep 22, 11:20am (AEST)
Field worker holds a gold nugget close to the camera for a better look
Source: iStock

Key Points

  • New high-grade gold hits extend Paris Project strike target to 600m
  • Further assays are due back to Torque geotechs
  • Company held $3.4m in cash at the end of June

Torque Metals’ (ASX:TOR) share price has jumped 15% in the first hour of trade to 22c as the company unveils more thick intersections of high-grade gold from its WA Paris project, to the southeast of Kalgoorlie. 

Not only are the results alone eye-catching, but they also serve to extend the mineralised target zone at Paris to the northwest by some 300m, with scattered evidence of gold mineralisation continuing that far. 

All in all, the strike length at the Paris project has now extended to 600m and remains open to the northwest and southeast, as well as at depth.

A series of further drill core assays are also due back to Torque’s geotechs in the near future, but, shareholders should note sector-wide delays in assay laboratories across the state continue to echo into company newsflow schedules. 

Making sense of grades

Investor information provider Undervalued Equity describes high-grade gold as that in concentrations over five grams of gold per tonne of ore (5g/t). 

Many Australian projects boasting grades of 4g/t are also widely accepted as high-grade. In this case, the bulk of Torque Metals’ results today easily surpass both cutoffs. 

Take a look at the following:

  • 27m @ 10.7g/t gold from 177m depth, including: 

    • 06m @ 32.4g/t gold from 183m depth 

    • 12m @ 19.7g/t gold from 177m depth 

Other drillholes both returned 15m intersections of mid-grade gold interspersed with high-grade pockets between 5g/t and 8g/t. 

Previous results from Paris include 

  • 27m @ 08.1g/t gold from 156m depth

  • 24m @ 10.7g/t gold from 141m depth 

Shareholder should note the gold today comes from substantial depths underground exceeding 120m. 

Existing shallow open pit excavation 

While the company hasn't yet declared if it foresees an open pit mine in future, it’s worth highlighting the early 1900s Paris Gold Mine was partially excavated as an open pit operation.

A number of shafts are also included on-site dug out in the early 1900s; the current condition is unknown. 

The company also notes the Paris Project area remains “vastly underexplored” with previous drilling thought to generally conclude at around 50m depth. 

Three drilling campaigns at Paris have already been undertaken by Torque since it listed on the ASX in 2021. 

Summary look at performance 

Torque Metals has a market cap of $13.8m and is ranked 627 of 914 players in the materials sector. 

A surface look at share price performance reveals the following: 

  • One week returns up 18.9% 

  • One month reuters up 4.7% 

  • One year returns down -5.38% 

At the end of the June, the company held $3.4m in cash. 

Torque's six month charts
Torque's six month charts


Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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