Torque Metals Ltd has 100% ownership of 615 km2 of the highly prospective Bullfinch gold province.
The Bullfinch area is known for its gold discoveries dating back to 1887, and lies approximately 40 kms North of the town of Southern Cross, midway between Perth and Kalgoorlie in Western Australia.
Despite significant recorded gold production from within a 100 km radius of the project area, local gold production has been dominated by the singular Copperhead gold mine which commenced production in 1910 and, after 3 periods of production, finally closed in 1997.
Few modern exploration techniques have been employed in the area of the Bullfinch tenements.
A core part of the Company’s strategy will therefore be to apply modern exploration techniques to the tenements and leverage the expertise of its Directors with a view to monetising the project through a thorough evaluation of each of the mineral exploration potential and the proposed development scenarios presented.
Torque Metals Limited (ACN 621 122 905) is offering 22,500,000 shares at an issue price of $0.20 each to raise $4,500,000.
Oversubscriptions of up to a further 12,500,000 shares at an issue price of $0.20 each to raise a further $2,500,000 may be accepted.
The Lead Manager to the offer is Sanlam Private Wealth.
Raisebook is accepting minimum bids of $2,000 and maximum bids of $10,000 per entity registered with Raisebook.
The offer of the securities are made in, or accompanied by, a copy of the disclosure document which can be obtained by clicking on the "ACCESS DISCLOSURE DOCUMENT" button on this page.
Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the Disclosure Document.
Before making an investment decision, potential investors should read the Disclosure Documents entirely, and seek professional financial advice.
The business of mineral exploration, project development and mining, by its nature, contains elements of significant risk with no guarantee of success. Ultimate and continuous success of these activities is dependent on many factors. There can be no assurance that activities will result in the discovery of an economic mineral deposit.
Securities of issue at Prospectus Date:
Securities on issue upon Admission:
Indicative free float on Admission:
- Refer to Section 7.2 of the Disclosure Document for the terms and conditions of the Performance Rights
- Refer to Section 7.3 of the Disclosure Document for the terms and conditions of the Lead Manager Options.
|Closing Date for the Offers||30th November 2018|
|Issue of Securities under the Offers||4th December 2018|
|Dispatch of holding statements||5th December 2018|
|Expected date for quotation on ASX||12th December 2018|
Note: The above dates are indicative only and may change without notice. The Company reserves the right to amend the timetable at any time. In particular, the Company reserves the right to vary the Opening Date and the Closing Date without prior notice, which may have a consequential effect on the other dates. Applicants are therefore encouraged to lodge their Application Form as soon as possible after the Opening Date if they wish to participate in the Offers.
The Bullfinch Project
The Company recently concluded the purchase of a number of contiguous mineral tenements (aggregating approximately 405 km2) from Talga Resources Limited. It has subsequently applied for and was granted an adjoining Exploration Licence (EL77/2522) to the East of the Talga ground, covering an area of approximately 210 km2.
The Company, therefore, has 100% ownership of 615 km2 of the highly prospective Bullfinch gold province.
The Bullfinch area is known for its gold discoveries dating back to 1887.
However, despite significant recorded gold production from within a 100 km radius of the project area, local gold production has been dominated by the singular Copperhead gold mine which commenced production in 1910 and, after three periods of production, finally closed in 1997.
The Copperhead mine has proved to be one of the most productive mines in the Southern Cross Province and is surrounded by many smaller gold occurrences.
The Bullfinch project is situated in the Southern Cross Greenstone Belt located within the Archaean aged Yilgarn craton of Western Australia.
The Project is located approximately 5 kilometres northeast from the Copperhead gold deposit and is centred on a poorly exposed largely untested belt of greenstone with Banded Iron Formation (“BIF”).
Historical exploration was hampered by shallow transported cover, but the prospective greenstone/BIF unit is now accurately traced by modern geophysical surveys that reveal it extending for 15 kilometres length through the project.
Prominent Gold Mines in the Bullfinch Area:
The number of gold occurrences and deposits and the fact that Copperhead is one of the highest historical gold producing mines in the Southern Cross belt indicates there is a preferable structural situation for gold within this portion of the belt.
The presence of the greenstone belt underling Bullfinch Project, as suggested by the geophysics therefore is crucial.
The Board has planned a two-staged approach to develop the Bullfinch Project.
The first stage is to focus on near surface, gold structures considered likely to exist from a review of historical exploration activities.
The second stage involves an extensive Reverse Circulation (RC) / Air Core (AC) drilling programme to test these structures.
The Company is intending to focus their expenditure on surface exploration and follow up drilling on the Harold Holt, Copperhead East and Withers Find South areas.
Where quantitative grade analysis is difficult to attain by drilling alone, due to the nuggety nature of the gold, a series of bulk samples are planned.
This process of grade determination will have the advantage of producing gold “ore” which may be processed at the nearby Marvel Loch mill, located 65 km to the South and which the Board understands has excess capacity for gold ore feed.
Such processing would be subject to the execution of an agreement at such time.