Torque Metals Unveils New Gold Lodes and Advances Merger with Aston Minerals

Exploration Breakthrough at Paris Gold Project

Torque Metals Limited has reported encouraging exploration results from its Paris Gold Project, located south of Kalgoorlie in Western Australia. The company’s 2024 reverse circulation (RC) drilling program, comprising over 7,700 metres of RC and diamond drilling, has identified two new parallel gold lodes outside the existing mineral resource estimate (MRE) of 250,000 ounces at 3.1 g/t gold.

The first lode, situated 80 metres southeast of the current resource, is a shallow, gently southeast-dipping mineralised zone that remains open to the south. Notable intercepts include 4 metres at 4.04 g/t gold from 87 metres, highlighting the potential for high-grade shoots analogous to the main Paris deposit. The second lode lies 100 metres northwest, dipping northwest and also open to further extension, with intercepts such as 7 metres at 1.02 g/t gold from 38 metres.

Strategic Merger to Create a Growth-Focused Gold Explorer

In a significant corporate development, Torque Metals and Aston Minerals Limited have entered a binding Scheme Implementation Deed for an all-scrip merger, under which Torque will acquire 100% of Aston. This merger aims to create a well-funded exploration entity with a diversified portfolio spanning Western Australia and Ontario, Canada.

The Supreme Court of Western Australia has approved the convening of shareholder meetings for Aston Minerals to vote on the merger schemes, with the Scheme Booklet dispatched to shareholders in late April 2025. The proposed share exchange ratio offers Aston shareholders one Torque share for every 5.2 Aston shares held, resulting in a near-equal ownership split post-merger.

Board Restructuring and Financial Position

Reflecting the merger’s strategic intent, Torque Metals announced board changes including the resignation of Non-Executive Director Imants Kins and the appointment of Evan Cranston as a Non-Executive Director. The company also plans to invite Aston’s Tolga Kumova to join the board post-merger, positioning the combined entity for its next growth phase.

Financially, Torque Metals ended the quarter with approximately $0.98 million in cash. This position was bolstered by a $500,000 placement subscribed by related parties and a $1.2 million unsecured loan facility provided by Aston Minerals to support exploration and transaction costs. Exploration expenditure for the quarter was $1.5 million, with no mining production activities reported.

Outlook and Market Implications

The identification of new mineralised lodes at Paris expands the company’s resource growth potential, offering exciting targets for follow-up drilling. Meanwhile, the merger with Aston Minerals is poised to enhance Torque’s capital base and project diversity, potentially increasing its appeal to investors seeking exposure to gold exploration in Tier-1 jurisdictions.

As the merger process advances towards shareholder approval and completion, market participants will be watching closely for further exploration updates and the combined entity’s strategic direction.