VANCOUVER — Torq Resources Inc. acquired the Speedway Gold Project in western Utah, near the Nevada border.
The Speedway property is approximately 2,668 acres of prospective terrain that hosts a large gold-in-bedrock anomaly, the company announced May 3. This leads Torq’s technical team to believe that the under-explored area represents an early-stage, Carlin-style gold target analogous to the Long Canyon mine, a Newmont Gold Corp. property about 31 miles away.
“The geological prospects we see in western Utah are exciting,” said Michael Kosowan, Torq’s president and CEO. “Coupled with the under-explored nature of this jurisdiction, this represents a great opportunity for our technical team. It’s an excellent first step towards diversifying our exploration portfolio outside of Newfoundland.”
The company paid $25,000 upon signing and will be required to pay steadily escalating annual lease payments as well as the underlying claim fees. There is no required work commitment and the lease agreement can be terminated at any time after one year. The lease agreement may be bought out at any time for $1 million, subject to a buyable 2 percent royalty to the underlying owner.
Torq Resources Inc. is a junior exploration company that has raised more than $500 million and monetized successes in three previous exploration companies. Its initial asset is a 463-square-mile land package in Newfoundland, Canada.
The property’s gold-in-bedrock anomaly extends approximately 2.5 miles and about a half mile in width. Of the 800 historic samples taken from across the anomaly, 10 samples exceeded 1 gram per ton of gold. Thirty-one samples exceeded 0.5 of gold per ton, and 118 samples exceeded 0.1 gram of gold per ton. The samples yielded a maximum value of 2.53 grams of gold per ton.
“The size, strength and alteration of the Speedway gold-in-bedrock anomaly represent a significant opportunity for a new sediment-hosted gold discovery,” said Dan McCoy, Torq’s chief geologist.
Limited exploration was conducted on Speedway by BHP in 1996 and then again in 2016 by EMU NL, an Australian exploration company. A total of six holes were drilled in the pediment outboard and topographically below the anomalous rock samples. The orientation of these drill holes is unknown, but one BHP drill hole placed closest to the anomaly returned a historical intercept of 14 meters of 0.15 grams of gold per ton. After that, no detailed geological mapping, grid based geochemical sampling, geophysical studies, or drill programs were undertaken in or near the most anomalous and prospective areas.
Torq’s technical team is moving ahead with geologic mapping and systematic rock sampling to determine the structural and stratigraphic controls on gold mineralization. The team is also designing geophysical and grid-based geochemical programs to define the gold targets.