Cristian Moreno, CEO of Torque Metals (ASX:TOR), discusses the New Dawn Lithium project, the Paris Gold Project and Torque's strategies and future plans.
Paul Sanger: Hi, I'm Paul Sanger for the Finance News Network and today we're talking to Torque Metals, ASX Code TOR, which has a market capitalization of around 30 million. Torque is a smart exploration company with a proven discovery mythology, combining drilling results with machine learning algorithms and geological interpretations. This compelling geological model has resulted in multiple discoveries to date and continues to offer significant opportunities for Torque Metals and their shareholders. I welcome back, Cristian. Welcome back, Cristian.
Cristian Moreno: Thank you very much, mate.
Paul Sanger: Cristian, great to have you in the studio. Let's kick things off. Maybe give us a bit of an update on the New Dawn Lithium project.
Cristian Moreno: Indeed. The New Dawn Lithium project, we released an exploration target eight to 14 million ton lithium 1%. We have a proven spodumene mineralization over there. There are conversations out there with potential collaborators, but let's leave that at this stage. We can mention anything else. And the idea is keep drilling the New Dawn Lithium project in the future and at the end of the year potentially come up with a mineral resource estimate.
Paul Sanger: Fantastic. Now, Torque is more a gold company. Let's shift gears to your Paris Gold Project with the gold price consolidating after a decent rally. How are developments going at the Paris Gold Project?
Cristian Moreno: Look, the Paris Gold Project, I think that is one of the best gold projects out there, one of the best gold projects for junior explorers. What is the idea of Torque? Since day zero, this is a gold exploration company and our idea is to increase the mineral resource estimate in the project. We finish almost 10,000 meters of RC and diamond drilling in the project and the idea is to release the results to the market in the coming weeks. Hopefully, hopefully. And I'm expecting really a strong mineralization, a strong gold resource. Yeah, fingers crossed and see what happened with the assay results.
Paul Sanger: And with those recent drilling results, I'm keen to ask you about your drilling partner, Torque Drill. What's the relationship there?
Cristian Moreno: Oh, it's impressive. Look, they are pretty much accepting 100% of the drilling worth in equity. They are almost buying the equity and market price. We are going to pay them worth in equity five day BWAP. They are not receiving options and they are funding 100% of the drilling activities in Paris. That is a clear and a strong message for the market that we have that kind of company with the reputation that they have investing in a company like Torque Metals and in the Paris Gold Project. That tells you a lot.
Paul Sanger: Yeah, I must admit, it's the first time I've heard that a drilling company is taken equity to pay for their drilling. There's not a better validation that these guys are as excited about you about what they may find.
Cristian Moreno: 100%. And we appreciate as Torque Metals to welcome them as a shareholders and also appreciate that the support that Torque Drilling is demonstrating and also how strong they believe in the Paris Gold project.
Paul Sanger: And you mentioned also that now those samples, they're going off to have the assay results and they should be out hopefully fairly soon.
Cristian Moreno: Yes, indeed. The idea is hopefully in a couple of weeks we will have the assay results if not the next week. We are holding everything in the lab in order to keep transparency of course. And then as soon as we get all the information, analyze all the information and release that to the market. Hopefully, we are going to get a strong mineralization. The core is showing us that. The project is showing us continuity. The grade is holding up. Everything is just fantastic. I really believe that we are sitting in a massive gold project and the little structural model and the drilling is showing me that.
Paul Sanger: And let's now turn to the news from yesterday, you signed some options agreements to acquire a package of tenements with both gold and lithium potential. What was the rationale behind these acquisitions and what attracted you to these assets?
Cristian Moreno: Well, the attraction was I pay $1. That is the attraction. $1 for the option to acquire. I haven't seen in the market another transaction similar to that. We are the neighbours now of Kali Metals. We are the neighbours of market resources. We are the neighbours of low resources. We are super close of Mount Marion Lithium mine. We are the neighbours of Future Battery Metals. That's why I acquired these tenements because not only we have a mineralogy over there, but also we have gold and lithium potential. And if you pay $1 to have a look on those tenements and see what is in there, I think is a non-brainer. I will have done that 1,000 times.
Paul Sanger: And are we the only person looking at these assays or there's others?
Cristian Moreno: No, not at all. There were multiple parties interested in these tenements. And I took the opportunity that the vendor of the tenements, they are trusting in me, trusting in what I did with the New Dawn Lithium project, trusting in my hard work, trusting in the transparency of Torque Metals. And I took that opportunity to crystallize the deal. And well, hopefully something good is going to come out of there.
Paul Sanger: And clearly you're a master negotiator if you only paid a dollar.
Cristian Moreno: Indeed. I'm Colombian by the way. That's why.
Paul Sanger: Cristian, it's been an absolute pleasure. Obviously a lot of news we expect over the coming weeks with those assay results, so I'm sure we'll be waiting with bated breath to see how they come through.
Cristian Moreno: Indeed. Indeed. For the market, for my shareholders, we are expecting drilling results. We are expecting a mineral resource estimate. We're expecting additional drill campaigns. We are going to go full on in the Paris Gold Project. The idea is to crystallize all the other assets and invest that money into the gold project.
Please join us if you are not with us. Please keep trusting in management. We are putting a lot of effort in this company, a lot of discipline. I have a really, really strong technical team behind me, board of directors supporting me. My shareholders are supporting me, the market is supporting me, my brokers are supporting me. Yeah, I believe that everything is just going to be fine in this company.
Paul Sanger: We wish you every success. Many thanks for your time today.
Cristian Moreno: Thank you very much. Appreciate it.
Ends
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