Welcome to our dedicated page for TORQ RESOURCES news (Ticker: TRBMF), a resource for investors and traders seeking the latest updates and insights on TORQ RESOURCES stock.
Torq Resources Inc. (TRBMF) is a Vancouver-based copper and gold exploration company with premium mineral projects in Chile. The company focuses on new exploration in prominent mining belts with responsible and sustainable practices. Led by a successful management team, Torq has a specialized technical team known for working with major mining companies. The Santa Cecilia project marks a significant discovery milestone for Torq, showcasing large-scale porphyry targets and high-grade gold-copper mineralization. Recent drilling results from the Pircas Norte and Gemelos Norte targets demonstrate the potential scale and grade of the mineralized body, with mineralization remaining open in all directions. Torq plans to continue exploration to unlock the full potential of its properties and solidify its position as a key player in Chile's most prolific mining belts.
Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) has announced an extension of its $0.10 financing offering period to August 25, 2024. This extension has received conditional approval from the TSX Venture Exchange, subject to customary conditions including the absence of material changes during the extended period. The company notes that raising additional funds remains contingent on the execution of further subscription agreements by investors.
This development suggests that Torq Resources is seeking to secure more capital through its current financing round. The extension provides potential investors with additional time to participate in the offering, which could be important for the company's future operations and growth strategies.
Torq Resources (TSXV:TORQ, OTCQB:TRBMF) has completed the first tranche of its non-brokered private placement, issuing 4,645,300 units at $0.10 per unit, raising C$464,530. The offering period has been extended to July 26, 2024, subject to conditions. Finders' fees of $10,800 and 108,000 non-transferable warrants were issued. Proceeds are earmarked for working capital. Insider participation accounted for 1,500,000 units, constituting a related party transaction exempt from formal valuation and minority shareholder approval requirements under MI 61-101. Securities carry a four-month and one-day hold period in Canada and are not registered under the U.S. Securities Act.
Torq Resources announced the second set of results from the Phase II drilling program at its Santa Cecilia project in Chile's Maricunga belt. The significant findings include a 120-meter interval with 1.33 g/t gold and 0.096% copper, ending in mineralization. Another highlight is a high-grade quartz vein within this interval that returned 47.90 g/t gold. The company also reported other noteworthy intercepts, including 118 meters of 0.26 g/t gold and 0.034% copper from the surface. The results suggest potential for a large and high-grade mineralized body, encouraging further exploration. Additionally, at the Gemelos Norte target, a 98-meter interval yielded 0.18 g/t gold and 0.043% copper. CEO Shawn Wallace emphasized the strategic significance of these findings, pointing towards a substantial copper-gold system. The company plans further drilling to expand these discoveries amid a strengthening commodity market.
Torq Resources Inc. is conducting a private placement to raise up to C$1.5 million through the sale of units, each consisting of one common share and one half of a common share purchase warrant. The proceeds will be used for general working capital, with insiders potentially participating in the offering. The closing is expected around May 30, 2024, subject to TSX-V approval.
FAQ
What is the current stock price of TORQ RESOURCES (TRBMF)?
What is the market cap of TORQ RESOURCES (TRBMF)?
Where is Torq Resources Inc. based?
What is Torq's primary focus?
What recent milestone did Torq achieve?
What targets did Torq drill at recently?
What are Torq's plans for future exploration?
