Torq Resources Defers Margarita Project Payments

Vancouver-based mining company, Torq Resources Inc. (TSXV: TORQ, OTCQX: TRBMF) announced an amendment to its Margarita Project Unilateral Option Agreement. Originally set for an August 22, 2024 payment of USD $1,200,000, the due date is deferred for one year. Additionally, the 2025 payment increases by USD $300,000 to a total of USD $1,500,000, and the 2026 payment by USD $200,000 to USD $2,200,000.

Torq is now committed to spending at least USD $1,000,000 in exploration before August 22, 2025, and an additional USD $1,000,000 before August 22, 2026. CEO Shawn Wallace acknowledged the cooperation of the Margarita Project owners, stating that the deferral offers significant financial relief, especially with the recently announced Gold Fields Option and Joint Venture for the Santa Cecilia Project.

This joint venture is expected to finance Santa Cecilia, allowing Torq to focus on exploration efforts for both projects. Wallace expressed optimism about resuming active exploration despite current market challenges for junior explorers.