WELCOME TO TORQUE MINING LTD
THE COMPANY AND PROJECTS
The Company’s primary focus is the development of the Stormont Gold Deposit with BCD. A Mining Lease has been granted and the Company expects cashflow in December 2013 with an initial payment from BCD.
The Company will then focus on additional gold exploration and development of the Moina Project where small to medium sized gold/bismuth/base metal resources have been defined (see Projects Tab on website for details); where there has been demonstrated a substantial upside for discovery; and where resources may increase with additional exploration. At the SMRV Project, high-grade polymetallic zinc-lead-silver mineralisation similar to the Rosebery mine/deposit has been defined.
The Moina project (40km south of the port of Devonport) has excellent access and mainly moderate topography, in comparison to much of Tasmania. It is well serviced by a network of sealed and graded roads, plus forestry tracks.
OBJECTIVES AND STRATEGY
The Company’s main objective is to move to gold production and early cash flow utilising the existing Probable Reserves and Indicated Resources at Moina and then add to the Company’s current resource by undertaking further exploration on the Company’s assets.
To achieve these objectives, the Company’s strategy is as follows:
- The Company has entered into the BCD Joint Venture with Frontier, whereby the Probable Reserve within the Indicated Resource at the Stormont Deposit will be processed through BCD’s gold recovery plant at Beaconsfield, Tasmania. BCD will advance all costs up to production; BCD will be reimbursed for all mining, processing and associated costs incurred in the extraction of the gold; and the net cash flow (up to a gold price of AUD$1,700/oz) will be split between the Company, BCD and Frontier on their respective 45% – 50% – 5% equity basis. In addition, for gold sales above AUD$1,700, the Company and Frontier will receive all such additional benefit (pro rata). The BCD Joint Venture is restricted to the Stormont Deposit, but by mutual agreement other resources at Moina may be processed at Beaconsfield.
- At the Moina Project, develop one or more mines in addition to Stormont, either as stand alone” projects or in joint venture with an existing producer; extend or replicate existing resources by drilling possible extensions and testing the many similar geological environments to the existing resources as defined by geochemistry and geophysics; drill out known major geophysical and geological targets that could represent major sulphide systems and/or gold and tin mineralised systems.
- At the SMRV Project, drill the Wart Hill prospective horizon down plunge from the high grade Wart Hill massive sulphide lens; explore the Sassy Creek hybrid VHMS alteration system and other similar prospects for Wart Hill style massive sulphide and high-grade gold with 3DIP and drilling; target the “holy host” horizon elsewhere in the belt; ultimately seek a joint venture partner for development.
This figure shows the location of Torque projects’ simplified geology and major mineral deposits in Tasmania.