- Torq Resources (OTCQB:TRBMF) completes first drill program at Santa Cecilia project.
- Gold Fields acquires a 10% stake by funding the drilling program.
- Torq grants 12.7 million stock options, exercisable at $0.10.
Torq Resources Inc. (OTCQB:TRBMF) has announced the successful completion of its inaugural drill program at the Santa Cecilia project in partnership with Gold Fields. The program consisted of five drill holes totaling 4,062 meters, focusing on the unexplored Gemelos Norte area and following up on the 2024 Pircas Norte discovery.
Gold Fields has secured a 10% interest in the project by financing the drilling program. Torq Resources is now awaiting Gold Fields' decision on whether to further increase their stake in the project by funding additional exploration activities.
In a strategic move, Torq has granted 12.7 million stock options, including 8.75 million allocated to directors, officers, and an IR consultant. These options are exercisable at $0.10 and will expire five years from the date of grant.
The company has sent all drill samples to the laboratory and plans to release the results as soon as they are available. According to Shawn Wallace, CEO of Torq, the company is leveraging insights gained from this recent drill program to design the next campaign, targeting an early spring start in Chile. Shareholders are eagerly anticipating the results, which could make 2025 a pivotal year for the company.
