Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG)
reports that in 2019, for the Company’s El Limón Guajes (ELG)
Complex, total gold reserves declined 9% (approximately 0.22
million ounces). Open pit gold reserves declined 19%
year-over-year, primarily due to depletion. Exploration success
resulted in underground gold reserves increasing 140%, net of
depletion. The gold price used to estimate the 2019 year-end gold
reserves is unchanged at US$1,200 per ounce. The Company also
announces that it is continuing to rely on an exemption provided
under Ontario securities law and plans to file the annual
information form (the “AIF”) on or around May 6, 2020.
Fred Stanford, President & CEO of Torex,
stated:
“By the beginning of 2024, the open pit portion
of ELG will be mined out and Torex expects to be mining exclusively
from underground resources, primarily from Media Luna. Between now
and 2024, we have lots of time to continue the process of upgrading
underground resources to reserves. In 2019 we completed the first
infill drill program at Media Luna and upgraded 2.24 million gold
equivalent ounces to the Indicated resource category. These ounces
will be considered for conversion to reserves in a feasibility
study, which is underway and is expected to be complete in H1 2021.
Media Luna also contains a large Inferred resource of 4.56 million
gold equivalent ounces. Some of these ounces will be targeted for
upgrade to the Indicated resource category in a 2020 infill drill
program. The timing of the infill drill program is such that the
resulting upgraded ounces are also expected to be considered for
conversion to reserves in the 2021 feasibility study. The Media
Luna magnetic anomaly that hosts these Indicated and Inferred gold
equivalent ounces is only 1/3rd explored and offers significant
opportunity for future exploration to extend the Media Luna mine
life.
“The ELG deposits also show significant down dip
potential, some of which is currently being mined at Sub-Sill. The
2019 ELG underground exploration program resulted in a 140%
increase in reserves, net of depletion. In 2020, the exploration
program will continue under the El Limon pit at both Sub-Sill and
ELD, and even broaden out to determine whether mineralization
continues below the Guajes pit. We are preparing for the transition
to underground mining, well in advance, and look forward to
capitalizing on the potential of these underground resources and of
our proprietary Muckahi Mining System.”
Table 1: Year-over-year comparison of
mineral reserves & resources for the El Limón Guajes
Complex
|
December 31, 2019 |
December 31, 2018 |
|
Variance |
|
|
Tonnes |
Au |
Au |
Tonnes |
Au |
Au |
Tonnes |
Au |
Au |
|
(Mt) |
(g/t) |
(Moz) |
(Mt) |
(g/t) |
(Moz) |
(Mt) |
(g/t) |
(Moz) |
Proven & Probable Reserves |
|
|
|
|
|
|
|
|
|
Open Pit (including stockpiles) |
21.40 |
2.76 |
1.90 |
24.82 |
2.92 |
2.33 |
(14 |
%) |
(6 |
%) |
(19 |
%) |
Underground |
1.72 |
6.51 |
0.36 |
0.66 |
6.94 |
0.15 |
161 |
% |
(6 |
%) |
140 |
% |
Total |
23.12 |
3.04 |
2.26 |
25.48 |
3.02 |
2.48 |
(9 |
%) |
0 |
% |
(9 |
%) |
Measured & Indicated Resources |
|
|
|
|
|
|
|
|
|
Open Pit |
24.85 |
2.97 |
2.37 |
35.78 |
2.77 |
3.19 |
(31 |
%) |
7 |
% |
(26 |
%) |
Underground |
2.87 |
7.07 |
0.65 |
1.17 |
7.04 |
0.26 |
146 |
% |
0 |
% |
151 |
% |
Total |
27.73 |
3.39 |
3.03 |
36.95 |
2.91 |
3.45 |
(25 |
%) |
17 |
% |
(12 |
%) |
Inferred Resources |
|
|
|
|
|
|
|
|
|
Open Pit |
2.42 |
1.88 |
0.15 |
3.52 |
1.89 |
0.21 |
(31 |
%) |
(1 |
%) |
(30 |
%) |
Underground |
2.44 |
5.69 |
0.45 |
1.28 |
5.91 |
0.24 |
91 |
% |
(4 |
%) |
86 |
% |
Total |
4.86 |
3.79 |
0.59 |
4.80 |
2.96 |
0.45 |
1 |
% |
28 |
% |
32 |
% |
Notes:
- The reader is cautioned not to misconstrue this tabulation as a
mineral resource statement. Listed grades and tonnes are shown for
comparison purposes only.
- 2019 mineral resources estimate excludes the impact of mineral
resources related to the ELD underground, for which a maiden
mineral resource and reserve was published in June 2019. Impact on
open pit Measured & Indicated mineral resources at year-end
2019 was 3.0 Mt of ore and 0.31 Moz of gold that was depleted due
to mining. Impact on open pit Inferred mineral resources at
year-end 2019 was 0.8 Mt of ore and 0.08 Moz of gold that was
depleted due to mining.
- For additional information on mineral reserves and resources,
please refer to the notes following Table 2 and 3 at the end of
this press release.
- Year-end mineral reserves and resources as well as
year-over-year variance subject to rounding.
Mineral resources are classified in accordance
with the 2014 CIM Definition Standards for Mineral Resources and
Mineral Reserves and the 2019 CIM Estimation of Mineral Resources
and Mineral Reserves Best Practice Guidelines (collectively, the
“CIM Standards”).
ELG Mineral Reserves Proven and
Probable gold reserves declined 0.22 million ounces year-over-year
assuming a gold price of US$1,200 per ounce, in line with
the gold price used by the Company to estimate gold mineral
reserves at the end of 2018 and in the Technical Report, as defined
below (Table 2). The primary driver of the decline was mine
depletion of 0.56 million ounces, including 0.51 million ounces
processed with the remainder stockpiled. Success within the
step-out and infill exploration programs at the Sub-Sill and ELD
underground deposits helped offset depletion, with underground
reserves (contained gold) increasing 0.21 million ounces, net of
depletion of 0.10 million ounces. Beyond model adjustments, the key
change to reserves reflects the use of a lower cut‑off grade within
the El Limón and Guajes open pits relative to the cut-off grade
used at the end of 2018 (1.0 g/t gold versus 1.1 g/t).
ELG Mineral ResourcesMeasured
and Indicated gold resources decreased 0.42 million ounces relative
to the end of 2018, with ongoing exploration success within the
underground deposits partially offsetting depletion (Table 3).
Inferred gold resources increased 0.14 million ounces
year-over-year primarily reflecting underground exploration
success.
The gold price used to estimate open pit and
underground mineral resources was US$1,550 per ounce, an increase
over the US$1,380 per ounce gold price used to estimate resources
at the end of 2018 and in the Technical Report. The application of
a higher gold price to estimate resources at ELG is consistent with
the gold price used to estimate resources at the Company’s Media
Luna project. Open pit resources are estimated using a cut-off
grade of 0.8 g/t gold versus the prior cut-off grade of
0.7 g/t, reflecting assumption of higher operating costs
within the model.
Resources for the El Limón open pit have been
adjusted to remove resources associated with the ELD underground
deposit. Given a maiden resource for ELD was released during 2019,
the same adjustment was not included in the 2018 year-end resource
categories for the El Limón open pit (see notes for Table 1).
QA/QC and Qualified
PersonsTorex maintains an industry-standard analytical
quality assurance/quality control (QA/QC) and data verification
program to monitor laboratory performance and to ensure high
quality assay results. Results from this program confirm
reliability of the assay results. All sampling is conducted by
Torex Gold with analytical work for exploration programs at El
Limón Guajes performed by SGS de Mexico S.A. de C.V. (“SGS”) in
Durango, and by SGS in Nuevo Balsas, Mexico (each lab is
independent of the Company). Gold analyses comprise fire assays
with atomic absorption or gravimetric finish.
External check assays for QA/QC purposes are
performed by ALS Chemex de Mexico S.A. de C.V. (independent of the
Company). The analytical QA/QC program at El Limón Guajes is
currently overseen by Carlo Nasi, Chief Mine Geologist for Minera
Media Luna, S.A. de C.V.
The scientific and technical data contained in
this news release pertaining to mineral resources have been
reviewed and approved by Lars Weiershäuser, PhD, PGeo. Dr.
Weiershäuser is a “Qualified Person” as defined by NI 43-101, and
he is a member of the Association of Professional Geoscientists of
Ontario (APGO#1504), has experience relevant to the style of
mineralization under consideration, and is an employee of Torex.
Dr. Weiershäuser has verified the data disclosed, including
sampling, analytical, and test data underlying the drill results,
and he consents to the inclusion in this release of said data in
the form and context in which they appear.
The scientific and technical data contained in
this news release pertaining to mineral reserves has been reviewed
and approved by Mr. Clifford Lafleur, P.Eng who is a Qualified
Person as defined by NI 43-101 and an employee of the Company. Mr.
Lafleur is a registered member of the Professional Engineers of
Ontario, has worked the majority of his career in underground hard
rock mining in Canada and Mexico in progressively senior
engineering roles with relevant experience in mine design and
planning, mining economic viability assessments, and mining
studies.
Additional information on the ELD deposit,
including but not limited to, sampling and analyses, analytical
labs, and methods used for data verification is available in the
Company’s most recent annual information form and the technical
report entitled “Morelos Property, NI 43-101 Technical Report, ELG
Mine Complex, Life of Mine Plan and Media Luna Preliminary Economic
Assessment, Guerrero State, Mexico ” with an effective date of
March 31, 2018 (filing date September 4, 2018) (the “Technical
Report”) filed on SEDAR at www.sedar.com and the Company’s website
at www.torexgold.com.
Filing of Annual Information Form
Further to its press release on March 30, 2020, the Company is
continuing to rely on an exemption provided under Ontario
securities law regarding the filing of its AIF for the year ended
December 31, 2019, and expects to file its AIF on or around May 6,
2020. The Company confirms that its directors, officers and other
employees are subject to the Company’s Insider Trading Policy and
such policy reflects the principles in section 9 of National Policy
11-207. The Company also confirms that all material business
developments since the March 30th news release have been press
released and material change reports filed on SEDAR at
www.sedar.com.
About Torex Gold Resources
Inc.Torex is an intermediate gold producer based in
Canada, engaged in the exploration, development, and operation of
its 100% owned Morelos Gold Property, an area of 29,000 hectares in
the highly prospective Guerrero Gold Belt located 180 kilometres
southwest of Mexico City. The Company’s principal assets are the El
Limón Guajes mining complex (“ELG” or the “ELG Mine Complex”),
comprising the El Limón, Guajes, and El Limón Sur open pits, the El
Limón Guajes underground mine including zones referred to as
Sub-Sill and ELD, and the processing plant and related
infrastructure, which commenced commercial production as of April
1, 2016, and the Media Luna deposit, which is an early stage
development project, and for which the Company issued an updated
preliminary economic assessment in September 2018 (the “Technical
Report”). The property remains 75% unexplored.
For further information, please contact:
TOREX GOLD RESOURCES INC. |
|
|
Fred Stanford President and CEO Direct: (647) 260-1502 Email:
fred.stanford@torexgold.com |
Dan Rollins Vice President, Corporate Development & Investor
Relations Direct: (647) 260-1503 Email:
dan.rollins@torexgold.com |
CAUTIONARY NOTES
Muckahi Mining System
The Technical Report includes information on
Muckahi. It is important to note that Muckahi is experimental in
nature and has not been tested in an operating mine. Many aspects
of the system are conceptual, and proof of concept has not been
demonstrated. Drill and blast fundamentals, standards and best
practices for underground hard rock mining are applied in the
Muckahi, where applicable. The proposed application of a monorail
system for underground transportation for mine development and
production mining is unique to underground hard rock mining. There
are existing underground hard rock mines that use a monorail system
for transportation of materials and equipment, however not in the
capacity described in the Technical Report. Aspects of Muckahi
mining equipment are currently in the design and test stage. The
mine design, equipment performance and cost estimations are
conceptual in nature, and do not demonstrate technical or economic
viability. The Company has completed the development and the first
phase of testing the concept for the mine development and
production activities and will move to optimization in 2020 to
further verify the viability of Muckahi.
Forward Looking Statements This
press release contains "forward-looking statements" and
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Notwithstanding the Company's
efforts, there can be no guarantee that the Company will not face
unforeseen delays or disruptions of its operations including
without limitation, delays caused by the COVID-19 pandemic or
blockades limiting access to the ELG Mine Complex and the Media
Luna Project or by blockades or trespassers impacting the Company’s
ability to operate, or delays and disruptions in the in the
preparation and filing of its Q1 2020 financial and operational
results and AIF. Forward-looking information also includes, but is
not limited to, statements that the Company will continue mining,
development and exploration success, regarding the advancement of
Media Luna towards construction; and future gold prices; by the
beginning of 2024, the open pit portion of ELG will be mined out
and the Company expects to be mining exclusively from underground
resources, primarily from Media Luna; between now and 2024, Company
will have lots of time to continue the process of upgrading
underground mineral resources to reserves; the Media Luna Indicated
mineral resources will be considered for conversion to mineral
reserves in a feasibility study, which is underway and is expected
to be complete in H1 2021; some of the Media Luna Inferred resource
will be targeted for upgrade to the Indicated confidence category
in a 2020 infill drill program; the timing of the infill drill
program is such that the resulting upgraded ounces are also
expected to be considered for conversion to reserves in the 2021
feasibility study; the Media Luna magnetic anomaly that hosts these
Indicated and Inferred gold equivalent ounces is only 1/3rd
explored and offers significant opportunity for future exploration
to extend the Media Luna mine life; the ELG deposits also show
significant down dip potential; in 2020, the exploration program
will continue under the El Limon pit at both Sub-Sill and ELD, and
even broaden out to determine whether mineralization continues
below the Guajes pit; the Company is preparing for the transition
to underground mining, well in advance, and the Company looks
forward to capitalizing on the potential of these underground
resources and of the proprietary Muckahi Mining System. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects", "believes",
“future”, “strive” or variations of such words and phrases or state
that certain actions, events or results “can”, "may", "could",
"would", "might", "be achieved", “appears” or “focus on”.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including, without limitation,
uncertainty involving the inability of the Company’s mining and
exploration operations to operate as intended due to shortage of
skilled employees, shortages in supply chains, inability of
employees to access sufficient healthcare, significant social
upheavals, government or regulatory actions or inactions, decreased
demand or the inability to sell precious metals or declines in the
price of precious metals, capital market volatility, or other
unknown but potentially significant impacts, and uncertainty
involving skarns deposits and the management of soluble copper and
iron and those risk factors identified in the Technical Report and
the Company’s annual information form and management’s discussion
and analysis. Notwithstanding the Company's efforts, there
can be no guarantee that the Company does not have employees who
have the COVID-19 infection or that the Company’s measures to
protect employees and surrounding communities from COVID-19 during
this period will be effective and those risk factors identified in
the Technical Report and the Company’s annual information form and
management’s discussion and analysis. Forward-looking information
is based on the assumptions discussed in the Technical Report and
such other reasonable assumptions, estimates, analysis and opinions
of management made in light of its experience and perception of
trends, current conditions and expected developments, and other
factors that management believes are relevant and reasonable in the
circumstances at the date such statements are made. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
the forward-looking information, there may be other factors that
cause results not to be as anticipated. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, whether as a
result of new information or future events or otherwise, except as
may be required by applicable securities laws.
Table 2: Mineral Reserve Estimate – El
Limón Guajes Mining Complex
As of December 31, 2019 |
Tonnes |
Au |
Ag |
Au |
Ag |
|
(Mt) |
(g/t) |
(g/t) |
(koz) |
(koz) |
Reserves - Open Pit |
|
|
|
|
|
El Limón (including El Limón Sur) |
|
|
|
|
|
Proven |
3.13 |
3.53 |
3.9 |
356 |
397 |
Probable |
8.18 |
3.08 |
4.0 |
811 |
1,039 |
Proven & Probable |
11.31 |
3.21 |
4.0 |
1,167 |
1,436 |
Guajes |
|
|
|
|
|
Proven |
2.41 |
3.44 |
3.1 |
266 |
243 |
Probable |
2.74 |
3.16 |
2.7 |
278 |
236 |
Proven & Probable |
5.15 |
3.29 |
2.9 |
545 |
479 |
Mined Stockpiles |
|
|
|
|
|
Proven |
2.39 |
1.42 |
4.3 |
110 |
332 |
El Limón Guajes Low Grade |
|
|
|
|
|
Proven |
0.62 |
0.94 |
1.9 |
19 |
37 |
Probable |
1.92 |
0.94 |
2.2 |
58 |
136 |
Proven & Probable |
2.54 |
0.94 |
2.1 |
77 |
173 |
Total Open Pit |
|
|
|
|
|
Proven |
8.56 |
2.73 |
3.7 |
751 |
1,009 |
Probable |
12.84 |
2.78 |
3.4 |
1,147 |
1,411 |
Proven & Probable |
21.40 |
2.76 |
3.5 |
1,898 |
2,420 |
Reserves - El Limón Guajes Underground |
|
|
|
|
|
Sub-Sill |
|
|
|
|
|
Proven |
0.33 |
7.67 |
10.4 |
82 |
111 |
Probable |
0.50 |
6.52 |
8.3 |
104 |
132 |
Proven & Probable |
0.83 |
6.98 |
9.1 |
186 |
243 |
ELD |
|
|
|
|
|
Proven |
- |
- |
- |
- |
- |
Probable |
0.89 |
6.07 |
5.8 |
174 |
166 |
Proven & Probable |
0.89 |
6.07 |
5.8 |
174 |
166 |
Total El Limón Guajes Underground |
|
|
|
|
|
Proven |
0.33 |
7.67 |
10.4 |
82 |
111 |
Probable |
1.39 |
6.23 |
6.7 |
278 |
297 |
Proven & Probable |
1.72 |
6.51 |
7.4 |
360 |
409 |
Reserves - Open Pit & Underground |
|
|
|
|
|
El Limón Guajes Complex |
|
|
|
|
|
Proven |
8.89 |
2.91 |
3.9 |
833 |
1,120 |
Probable |
14.22 |
3.12 |
3.7 |
1,425 |
1,709 |
Proven & Probable |
23.12 |
3.04 |
3.8 |
2,258 |
2,829 |
Notes to accompany mineral reserve table:
- Mineral reserves are founded on Guajes, El Limón and El Limón
Sur measured and indicated mineral resources with an effective date
of December 31, 2019.
- Mineral reserves are based on open pit mining within designed
pits and underground cut and fill mining where appropriate and
include estimates of dilution and mining losses.
- El Limón and Guajes Open Pit mineral reserves are reported
above a diluted cut-off grade of 1.0 g/t Au and 1.1 g/t Au for El
Limón Sur within designed pits. El Limón and Guajes Low Grade
mineral reserves are reported above a diluted cut-off grade of 0.9
g/t Au.
- El Limón Underground mineral reserves are reported above a
diluted cut-off grade of 3.7g/t Au and 1.0 g/t Au for incremental
material within designed mechanized cut and fill stope shapes.
- Cut-off grades, designed pits, and mining shapes are considered
appropriate for a metal price of US$1,200/oz Au and metal
recoveries of 88% Au.
- Mineral reserves were developed in accordance with CIM
guidelines.
- Rounding may result in apparent summation differences between
tonnes, grade, and contained metal content.
- The qualified person for the mineral reserve estimate is
Clifford Lafleur P.Eng the Director of Mineral Resources and Mine
Engineering for the Corporation.
Table 3: Mineral Resource Estimate – El
Limón Guajes Mining Complex
As of December 31, 2019 |
Tonnes |
Au |
Ag |
Au |
Ag |
|
(Mt) |
(g/t) |
(g/t) |
(koz) |
(koz) |
Resources - Open Pit |
|
|
|
|
|
El Limón (including El Limón Sur) |
|
|
|
|
|
Measured |
3.68 |
3.60 |
4.6 |
430 |
550 |
Indicated |
13.11 |
2.80 |
5.0 |
1,180 |
2,120 |
Measured & Indicated |
16.79 |
2.97 |
4.9 |
1,610 |
2,670 |
Inferred |
1.96 |
1.87 |
5.4 |
120 |
340 |
Guajes |
|
|
|
|
|
Measured |
2.95 |
3.30 |
3.1 |
310 |
290 |
Indicated |
5.11 |
2.76 |
2.2 |
450 |
350 |
Measured & Indicated |
8.06 |
2.96 |
2.5 |
770 |
650 |
Inferred |
0.46 |
1.93 |
2.7 |
30 |
40 |
Total Open Pit |
|
|
|
|
|
Measured |
6.63 |
3.47 |
3.9 |
740 |
840 |
Indicated |
18.22 |
2.79 |
4.2 |
1,630 |
2,470 |
Measured & Indicated |
24.85 |
2.97 |
4.1 |
2,370 |
3,310 |
Inferred |
2.42 |
1.88 |
4.9 |
150 |
380 |
Resources - El Limón Guajes Underground |
|
|
|
|
|
Sub-Sill |
|
|
|
|
|
Measured |
0.56 |
9.02 |
12.1 |
160 |
220 |
Indicated |
0.98 |
7.05 |
8.6 |
220 |
270 |
Measured & Indicated |
1.55 |
7.77 |
9.9 |
390 |
490 |
Inferred |
0.91 |
6.17 |
4.7 |
180 |
140 |
ELD |
|
|
|
|
|
Measured |
- |
- |
- |
- |
- |
Indicated |
1.33 |
6.26 |
6.6 |
270 |
280 |
Measured & Indicated |
1.33 |
6.26 |
6.6 |
270 |
280 |
Inferred |
1.54 |
5.40 |
7.4 |
270 |
370 |
Total El Limón Guajes Underground |
|
|
|
|
|
Measured |
0.56 |
9.02 |
12.1 |
160 |
220 |
Indicated |
2.31 |
6.59 |
7.5 |
490 |
550 |
Measured & Indicated |
2.87 |
7.07 |
8.4 |
650 |
770 |
Inferred |
2.44 |
5.69 |
6.4 |
450 |
500 |
Resources - Open Pit & Underground |
|
|
|
|
|
El Limón Guajes Complex |
|
|
|
|
|
Measured |
7.20 |
3.90 |
4.6 |
900 |
1,060 |
Indicated |
20.53 |
3.21 |
4.6 |
2,120 |
3,030 |
Measured & Indicated |
27.73 |
3.39 |
4.6 |
3,030 |
4,090 |
Inferred |
4.86 |
3.79 |
5.6 |
590 |
880 |
Notes to accompany mineral resource table:
- The effective date of the estimate is December 31, 2019.
- The estimate was prepared by Dr. Lars Weiershäuser, P.Geo., an
employee of the Company, who is a “Qualified Person” under NI
43-101.
- Mineral resources are reported inclusive mineral reserves;
mineral resources that are not mineral reserves do not have
demonstrated economic viability.
- Mineral resources amenable for open pit extraction:
- Resources have been reported below a topography with mining
progress as of December 1, 2019. Stockpiled material is not
considered in the mineral resource tabulation.
- Resources are reported above a cut-off grade of 0.8 g/t gold
and are constraint within a conceptual open pit shell.
- Assumed pit slopes range from 3 to 49 degrees.
- The assumed open pit mining costs are US$2.18/tonne, processing
costs US$25.00/tonne, general and administrative costs of
US$8.19/tonne processed.
- Mineral resources amenable for underground extraction:
- Resources are reported above a 2.5 g/t Au cut-off grade
- Resources have been reported considering mining progress as of
December 1, 2019.
- Mineral resources for El Limon Deep have been reported below
the reserve pit of the El Limón deposit
- El Limon Open pit mineral resources have been reduced between
the final reserve pit and the resource pit to account for mineral
resources reported under El Limon Deep including a conceptual crown
pillar
- Mineral resources are reported using a long-term metal prices
of US$1,550/oz gold and US$21/oz silver.
- Metallurgical recoveries are assumed to be 88% for gold and 32%
for silver.
- Mineral resources are classified in accordance with the CIM
Standards.
- Rounding as required by reporting guidelines may result in
apparent summation differences between tonnes, grade, and metal
content.
Table 4: Mineral Resource Estimate – Media
Luna
As of December 31, 2019 |
Tonnes |
AuEq |
AuEq |
Au |
Au |
Ag |
Ag |
Cu |
Cu |
|
(Mt) |
(g/t) |
(Moz) |
(g/t) |
(Moz) |
(g/t) |
(Moz) |
(%) |
(Mlb) |
Media Luna |
|
|
|
|
|
|
|
|
|
Indicated |
12.6 |
5.55 |
2.24 |
3.27 |
1.32 |
37.7 |
15.3 |
1.16 |
322 |
Inferred |
33.5 |
4.23 |
4.56 |
2.49 |
2.68 |
23.6 |
25.5 |
0.93 |
686 |
Notes to accompany resource table:
- The effective date of the estimate is December 31, 2019
- Mineral resources are reported above a 2 g/t gold equivalent
(AuEq) cut-off grade; AuEq = Au (g/t) + Cu % *(77.16/49.83) + Ag
(g/t) * (0.64/49.83)
- The assumed mining method is from underground
- Mineral resources are reported using a long-term gold price of
US$1,550/oz, silver price of US$20.00/oz, and copper price of
US$3.50/lb
- Costs per tonne of mineralized material (including mining,
milling, and general and administrative) used is US$75/t.
Metallurgical recoveries average 85% for gold, 75% for silver and
89% for copper
- Mineral resources that are not mineral reserves do not have
demonstrated economic viability
- Mineral resources are classified in accordance with applicable
CIM Standards
- Rounding as required by reporting guidelines may result in
apparent summation differences between tonnes, grade, and contained
metal content
- Mineral resources are reported as undiluted; grades are
contained grades
- The estimate was prepared by Dr. Lars Weiershäuser, P.Geo., an
employee of the Company, who is a “Qualified Person” under NI
43-101
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