
January 27, 2025
Combined 1.75Moz of gold resources anchored in two premier greenstone belts
Torque Metals Limited (“Torque”) (ASX: TOR) and Aston Minerals Limited (“Aston”) (ASX:ASO) are pleased to announce they have entered into a binding scheme implementation deed to facilitate a merger whereby Torque will acquire 100% of Aston in an all-scrip transaction (“Merger”).
HIGHLIGHTS
- The Merger will see Torque and Aston shareholders each own 50% of the merged entity1.
- Combined business to have 1.75Moz in gold resources across two exploration projects, with a dominant land position, and pro-forma cash of over $5 million to drive ongoing gold exploration activities2.
- Paris Gold Project: 250,000oz @ 3.1 g/t Au3, Western Australia Goldfields, ~1,200km²
- Edleston Gold Project: 1.5Moz @ 1.0 g/t Au4, Ontario, Canada. Abitibi Greenstone Belt, ~310km²
- Entities related to Tolga Kumova and Evan Cranston to collectively invest $1.0 million into Torque at $0.05 per share unconditionally (Placement).
- Evan Cranston has been appointed to the Board of Torque as a Non-Executive Director, and upon completion of the Merger, Tolga Kumova will be invited to join the Board of Torque, with Cristian Moreno and Andrew Woskett to remain in their respective roles of Managing Director and Chairman.
- Torque will offer 1 Torque share for every 5.2 Aston shares, representing an offer price of $0.01 per Aston share5.
- Directors of Aston unanimously recommend that all shareholders and option holders vote in favour of Torque’s offer, in the absence of a Superior Proposal.
- The merged entity will benefit from a strong cash position, a refreshed Board to drive the next phase of exploration growth, and the ability to drive gold exploration across two emerging gold assets, being the Paris Gold Project in Western Australia and the Edleston Gold Project in Ontario, Canada.
TRANSACTION SUMMARY
Torque Metals Limited (ASX: TOR) (“Torque”) and Aston Minerals Limited (ASX: ASO) (“Aston”) are pleased to announce a merger of equals, creating a well-funded, growth-focused gold exploration company with projects located in two Tier-1 mining jurisdictions: the Western Australian Goldfields and Ontario, Canada.
The companies have entered into a scheme implementation deed (“Scheme Implementation Deed” or “Scheme”) pursuant to which they have agreed to a merger to be conducted by way of a Scheme of Arrangement under the Corporations Act 2001 (Cth) (“Corporations Act”), whereby Torque will acquire 100% of the fully paid ordinary shares in Aston and 100% of the unlisted Aston options (“Proposed Merger”).
Commenting on the Proposed Merger, Torque Managing Director, Cristian Moreno, said:
“We are pleased to announce the proposed merger between Aston and Torque, creating a dynamic growth-focused gold explorer with a dominant position in two leading mining jurisdictions. This strategic transaction unites our strengths, consolidating a substantial gold resource of 1.75 million ounces (Moz) across two highly prospective exploration projects. Torque will command an extensive landholding in two premier mining jurisdictions and leverage current cash reserves exceeding $5 million to fund ongoing exploration activities.
“As Torque already owns the Paris Gold Project, located in the heart of the Western Australian Goldfields, the merger enhances the strategic potential of this asset and aligns with Torque's broader growth objectives. With a resource of 250,000 ounces at an impressive grade of 3.1 g/t gold, the project spans a substantial ~1,200km² tenement package, positioning it as a cornerstone of our portfolio. Complementing this, Aston’s Edleston Gold Project in Ontario, Canada, is situated in the renowned Abitibi Greenstone Belt and contributes a significant resource of 1.5 million ounces at 1.0 g/t gold. This project’s ~310km² landholding offers additional high-grade exploration opportunities, further solidifying our growth potential.
“A key advantage of this merger is the injection of $4 million cash on a pre-costs basis from Aston into Torque Metals. This strategic funding approach ensures that the company is well-capitalised to advance exploration efforts in the current robust gold price environment.
“We also welcome a $1 million strategic investment from Tolga and Evan, who have recognised the considerable exploration upside to be unlocked at our expansive Paris Gold Project area. Their involvement will bring valuable insights and leadership to Torque Metals, and I look forward to collaborating with them on the Board of Torque following completion of the merger.”
Commenting on the proposed merger, Aston Managing Director and Chairman, Russell Bradford, said:
"The proposed merger with Torque Metals marks an exciting milestone, and I am particularly impressed by the scale potential of the Paris Gold Project. This project boasts a dominant land package in the highly productive Western Australia Goldfields, with an outstanding resource grade of 3.1 g/t gold and significant potential to expand into a major high-grade deposit.
“Its strategic location, surrounded by prominent producers and explorers such as Goldfields, Westgold, Northern Star, Vault Minerals, and Astral Resources, underscores the quality and opportunity this project represents. To have a project of this calibre in such a prime jurisdiction is truly remarkable.
“I commend Torque Metals’ management for their exceptional work in advancing the Paris Gold Project to this stage. With the significant cash injection from this merger, I have complete confidence in their ability for Torque to uncover gold ounces and deliver outstanding value for the shareholders of Torque and Aston."
Click here for the full ASX Release
This article includes content from Torque Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Piche Resources
Investor Insight
With high-quality, drill-ready assets with world-class discovery potential, Piche Resources is a compelling business case for investors looking to leverage a bull market for uranium and gold.
Overview
Piche Resources (ASX:PR2) is an ASX-listed mineral exploration company focused on uranium and gold exploration in Tier-1 jurisdictions: Western Australia and Argentina. The company holds 100 percent ownership of all of its projects and is supported by a highly experienced board and technical team.
Targeting globally significant discoveries in Tier-1 mineral provinces
Piche’s portfolio includes the advanced-stage Ashburton uranium project in Western Australia and two large-scale exploration projects in Argentina: the Cerro Chacon gold-silver project and the Sierra Cuadrada uranium project. These projects have delivered high-grade exploration results and are drill-ready, positioning the company to unlock significant shareholder value through systematic exploration programmes.
Piche has an internationally recognized board focused on creating long-term shareholder value, and an in-country technical team in Argentina with a proven track record of taking projects from discovery through to development.
Company Highlights
- Flagship Ashburton uranium project in Western Australia with recent high-grade drilling results over wide intercepts.
- Sierra Cuadrada uranium project in Argentina showing extensive near-surface mineralisation with assays up to 2.86 percent U₃O₈.
- Cerro Chacon gold-silver project with high-grade surface results (up to 11.65 g/t gold and 333.7 g/t silver) across a 14 km mineralised corridor.
- Fully permitted and EIA-approved for drilling at Cerro Chacon (Chacon South and Middle).
- Large, 100-percent-owned tenement package across all projects (Ashburton: 335 sq km; Cerro Chacon: 414 sq km; Sierra Cuadrada: 1,310 km²).
- Board of directors includes former leaders of Peninsula Energy, Orano, Rio Tinto Uranium and Barrick Gold.
- Upcoming drill campaigns planned at Cerro Chacon and Ashburton to test multiple high-priority targets.
- Well positioned for growth in the context of a strengthening uranium and gold price environment.
Key Projects
Gold: Cerro Chacon, Argentina
Cerro Chacon interpreted geology and tenement holding
Cerro Chacon is a large-scale, early-stage gold-silver exploration project located in the Chubut Province of Argentina. The project is situated within a region known for hosting world-class low-sulphidation epithermal systems, including Cerro Negro and Cerro Vanguardia. With multiple gold-bearing structures confirmed over a 14 km corridor, Cerro Chacon is emerging as a highly promising and underexplored precious metals system with substantial scale and grade potential.
Project Highlights
Location: ~40 km southwest of Paso de Indios, Chubut Province
Tenure: 414 sq km across multiple tenements
Highlights:
- A 14 km-long mineralised corridor has been delineated across Chacon Grid, La Javiela and Toro Hosco prospects.
- High-grade geochemical results include:
- 11.65 g/t gold and 120.3 g/t silver at Toro Hosco
- 333.7 g/t silver, 9.48 percent lead, and 8.57 percent zinc at La Javiela South
- Maiden RC drilling programme of 57 holes (7,905 m) scheduled across three main targets:
- Chacon Grid: 45 holes (5,590 m)
- La Javiela: 8 holes (1,740 m)
- Toro Hosco: 4 holes (575 m)
- EIA approvals for Chacon South and Chacon Middle were received in May 2025, enabling drilling to proceed.
- Vein systems range from 2 to 6 km in strike length and up to 50 m in width; hosted within structurally controlled low-sulphidation epithermal veins (LSEV).
Uranium: Ashburton Project, Australia
The Ashburton project is Piche’s flagship uranium exploration asset in Australia, situated in the Pilbara region of Western Australia. Located within a historically underexplored but highly prospective unconformity-related uranium district, the project provides the company with strong leverage to the growing global demand for uranium. The project is geologically analogous to world-class Proterozoic uranium systems, with multiple confirmed mineralised zones and a regional corridor of 60 km.
Project Highlights
- Location: Pilbara region, ~1,150 km north of Perth
- Tenure: 335 sq km following the recent application for tenement E52/4461 (214 sq km), adding to the existing 122 sq km holdings.
- Highlights:
- 2024 RC and diamond drilling confirmed high-grade uranium mineralisation at multiple stratigraphic levels.
- Best intercepts include:
- 3.45 m @ 5,129 ppm eU₃O₈ from 137.62 m (ARC006)
- 10.48 m @ 1,412 ppm eU₃O₈ from 114.30 m (ADD005)
- 2.42 m @ 2,681 ppm eU₃O₈ from 155.10 m (ADD003).
- 7.86 m @ 2,266 ppm eU₃O₈ from 105.42 m (ADD006)
- The company has outlined a 60 km structural corridor hosting multiple uranium occurrences including Angelo A & B, Canyon Creek, Ristretto and Atlantis.
- Atlantis prospect: historical drilling returned up to 7,400 ppm U₃O₈ over 2.2 m; rock chip samples have returned up to 37 percent U₃O₈.
Uranium: Sierra Cuadrada, Argentina
Sierra Cuadrada is Piche’s primary uranium asset in Argentina, covering a vast area within the San Jorge Basin. This large-scale project has demonstrated strong surface uranium mineralisation with multiple drill-ready prospects. With mineralisation confirmed across extensive zones and supported by historical radiometric and geochemical data, Sierra Cuadrada has the potential to host multiple Tier-1 uranium deposits in a cost-effective, near-surface setting.
Teo 5 and 6 prospect 2024 auger drill programme
Project Highlights:
Location: San Jorge Basin, ~200 km north of Comodoro Rivadavia
Tenure: 1,310 sq km across multiple licences
Highlights:
- The project area contains broad, flat-lying mineralisation at multiple stratigraphic levels.
- High-grade uranium assays include:
- 28,650 ppm U₃O₈ (2.86 percent) from rock chip sampling at Teo 8
- 24,017 ppm U₃O₈ from channel sampling
- 2,772 ppm U₃O₈ over 0.5m from auger drill sample
- Mineralised zones extend over a strike of 60 sq km, with confirmed targets on the majority of tenements.
- 2024 auger drilling and sampling confirmed uranium continuity across a sandstone and conglomerate sedimentary package with 14 samples exceeding 200 ppm U₃O₈.
- Rock chip sampling has returned 114 samples >200ppm U₃O₈
- RC drilling is planned to follow up on anomalies identified in the auger and channel sampling programmes.
Management Team
John (Gus) Simpson – Executive Chairman
John Simpson has over 37 years of experience in mineral exploration, development and mining. Previously the executive chairman and founder of Peninsula Energy Limited (ASX:PEN), a USA uranium producer.
Stephen Mann – Managing Director
Stephen Mann is a geologist with over 40 years of experience in exploration, discovery and development of mining projects, including 20 years in the uranium sector. Formerly the Australian managing director of Orano, the world’s third-largest uranium producer.
Pablo Marcet –Executive Director
Pablo Marcet is a senior geoscientist with 38 years of experience in exploration, discovery and development of mineral deposits. Currently an independent director of lithium producer Arcadium Lithium (NYSE:ALTM) and previously a director of Barrick Gold (NYSE:GOLD) and U3O8 (TSX:UWE).
Clark Beyer – Non-executive Director
Clark Beyer is an internationally recognized nuclear industry executive with over 35 years of experience. Formerly the managing director of Rio Tinto Uranium and currently principal of Global Fuel Solutions, providing strategic consulting to the international uranium and nuclear fuels market.
Stanley Macdonald – Non-executive Director
Stanley Macdonald is a nationally recognized mining entrepreneur, founding director and instrumental in the success of numerous ASX-listed companies, such as Giralia Resources, Northern Star and Redhill Iron. He is currently a director of Zenith Minerals.
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