SYDNEY, AUSTRALIA: Torque Metals Limited (ASX: TOR) has announced a conditional binding Sale Agreement with TSX-V listed Altan Rio Minerals Ltd for the divestment of the Bullfinch Project.

The project is situated 34 kilometers north of Southern Cross in Western Australia and consists of five wholly owned Exploration Licences and one Exploration Licence Application covering a total area of 556 square kilometers.

As Bullfinch is not considered a core asset, Torque’s decision to divest it will allow the company to focus its resources on its flagship gold project, Paris.

The Paris project encompasses nine granted Mining Licences, two granted Prospecting Licences, three granted Exploration Licences, and seven Exploration Licences under application, covering over 200 square kilometers of promising ground.

Located along the Boulder-Lefroy Fault, the same geological setting as Goldfields’ St Ives Gold Mine, Paris has shown significant potential, with drilling campaigns consistently delivering impressive results.

The recently completed reverse circulation and diamond drilling campaign at Paris has yielded exceptional intercepts, and assay results are expected to be announced in stages from early July.

The campaign aimed to test for extensions to the high-grade gold zone west of the Paris pit, offering promising opportunities for further discoveries.

Under the Sale Agreement’s terms, Altan has made a non-refundable cash payment of $100,000 to Torque upon signing. Completion of the agreement is contingent upon the secondary listing of Altan on ASX and the assignment of TOR’s Bullfinch obligations on or before December 15, 2023.

Upon completion, Altan will have the option to either pay Torque an additional $650,000 in cash or issue shares to Torque valued at $650,000 at the same issue price as shares issued during the secondary listing on ASX.

During the period leading up to Completion or the End Date, Altan will be responsible for all expenditure commitments associated with maintaining the Bullfinch Project’s tenements in good standing. Failure to meet these obligations will result in the termination of the Sale Agreement.

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