Gold Fields bolsters presence in Chile with C$15m Torq investment
Bullion miner Gold Fields is strengthening its presence in Chile with a C$15-million investment in TSX-V-listed explorer Torq Resource.
“An investment of this size at this early stage of exploration represents tremendous confidence in our projects, our approach and our team,” comments Torq CEO Shawn Wallace.
The capital will primarily finance the maiden drill programme at Torq’s flagship Santa Cecilia gold/copper project, in the Maricunga belt, as well as for drilling at the Margarita IOCG project in the Coastal Cordillera belt.
Gold Fields CEO Chris Griffith says the investment further boosts the major’s exploration efforts with Torq’s projects augmenting the Salares Norte project, which is set to come on stream next year.
Torq will issue Gold Fields 15-million common shares at $1 each, which represents a 23% premium to the 20-day average trading price of its shares on the TSX. Upon closing of the private placement, Gold Fields will own about 15.05% of the junior.
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