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Torq Resources Inc. reports company developments tied to copper and gold exploration in Chile, with recurring updates on the Santa Cecilia gold-copper porphyry project in the Maricunga belt. News items include drilling results, target work at Pircas Norte and Gemelos Norte, project planning, and earn-in activity involving Gold Fields.
Company announcements also cover portfolio decisions, including the terminated Margarita project option and retained La Cototuda concession, as well as financing matters such as credit facility extensions and warrant terms. Governance updates include annual meeting voting results and shareholder matters for the TSXV- and OTCQB-traded exploration issuer.
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Torq Resources Inc. (TSXV:TORQ)(OTCQX:TRBMF) has provided an exploration update on its Santa Cecilia gold-copper project in Chile. This world-class project, located in the Maricunga belt, is adjacent to the Norte Abierto project, currently held by Newmont and Barrick. The ongoing phase 1 drill program aims to follow up on past discoveries, with the first drill hole completed at 1,060 meters. The company is targeting high-grade mineralization, with plans for a second drill hole before a winter pause. Additionally, significant surface work has been conducted, including geologic mapping and soil sampling, covering around 80% of the hydrothermal system. Results from these efforts are anticipated in the coming weeks, contributing to further exploration strategies.
Torq Resources Inc. (OTCQX:TRBMF) has announced the results from a recent soil geochemical survey at its Margarita Iron-Oxide-Copper-Gold project in northern Chile. This survey identified multiple gold and gold-copper targets, including five new areas that have not yet been drill tested. The Falla 13 discovery shows promising mineralization, with drill intercepts up to 0.94 g/t gold. A third drilling phase is planned for Q3 2023 to explore these new targets. The results indicate the potential for significant growth in the project, reinforcing Torq's strategy in the valuable IOCG sector.
Torq Resources has initiated its inaugural drill program at the Santa Cecilia gold-copper project in Chile's Maricunga belt. This program aims to drill approximately 15,000 metres over the next 14 months, with 7,000 metres planned for 2023. The first two drill holes will target the Cerro del Medio area, focusing on a structural corridor that could lead to higher-grade mineralization. Historical drilling in 2012 had revealed significant mineralization, with the best intercept showing 0.21g/t gold and 0.27% copper. The project holds promise given its proximity to significant deposits held by Newmont and Barrick.
Torq Resources Inc. (TSXV:TORQ)(OTCQX:TRBMF) has successfully closed a private placement, raising C$6,260,339 by issuing 10,433,899 units at C$0.60 each. Each unit consists of one common share and half a share purchase warrant, with two warrants needed to acquire a full share at C$0.80 until March 10, 2026. The funds will support ongoing exploration at the Santa Cecilia and Margarita projects. Directors of the company participated in the offering, which is classified as a related party transaction exempt from certain formal requirements. The Offering has been conditionally accepted by the TSX Venture Exchange.
Torq Resources has announced a private placement financing with proceeds expected between C$4.0 million and C$6.26 million. The offering consists of 6,666,700 to 10,434,000 units priced at C$0.60 each. Each unit includes one common share and half a common share purchase warrant, exercisable at C$0.80 for three years. The funds will support exploration projects, including the Santa Cecilia and Margarita projects, as well as general corporate needs. The offering is expected to close around March 10, 2023, subject to regulatory approval.
Torq Resources Inc. (OTCQX:TRBMF) has received a receipt for its final short form base shelf prospectus, allowing the potential issuance of up to C$60 million in securities over the next 25 months. This Shelf Prospectus provides the Company with financing flexibility, permitting the sale of common shares, warrants, and debt securities as needed. The terms of these offerings will be detailed in separate prospectus supplements. It's important to note that these securities are not registered under U.S. Securities Act, and no certainty exists regarding actual sales. The Company focuses on responsible copper and gold exploration in Chile.