Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG)
announces results from the 2019 drill program at the El Limón Deep
(ELD) deposit, at the Company’s El Limón Guajes complex in Mexico.
The 2019 program has been successful in extending mineralization
150 metres down-dip from current reserves as well as along strike
to the south. Highlights from the latest round of drill results
include
15.6 g/t Au over 38.0 metres in LDUG-039,
28.5 g/t Au over 5.8 metres in drill-hole
LDUG-049,
20.9 g/t Au over 12.0 metres in
LDUG-056, and
15.7 g/t Au over 16.8 metres in
LDUG-036. Mineralization at ELD remains open in multiple
directions.
Fred Stanford, President & CEO of Torex
Gold, stated:
“These excellent results show the potential to
extend the reserves down-dip and along strike to the south, as
illustrated in Figures 1 and 2. The current reserves for ELD extend
150 metres down-dip. Extending the mineralization for another 150
metres down-dip has the potential to materially extend the mine
life of ELD. The mineralization is still open at depth, and this
opportunity will be drill tested in 2020. The current average
reserve grade of ELD is 5.5 g/t. As noted in Table 1, many of the
down-dip intersections are considerably above that grade. The
deposit appears to be steepening at depth, which bodes well for low
cost bulk mining techniques.
“We also tested for extensions along strike. The
low-grade intersections shown in Figure 3 indicate that we found
the northern limit of the strike extension at depth. We are
unlikely to mine that area. The deposit remains open along strike
to the south. The last three holes in Table 2 were targeting the
Sub-Sill deposit, but also intersected the El Limón skarn above the
sill. Figure 4 illustrates how that happened.”
Table 1: Key intersections from the recent ELD
drill-hole program (intersections are not reported to true
thickness)
Drill-Hole |
Intersection |
|
From (m) |
To (m) |
Core Length (m) |
Gold (g/t) |
Silver (g/t) |
Copper (%) |
|
|
LDUG-034 |
111.5 |
138.3 |
26.8 |
11.66 |
5.5 |
0.17 |
|
LDUG-034 |
143.3 |
149.8 |
6.5 |
12.27 |
1.4 |
0.03 |
|
LDUG-036 |
200.8 |
217.6 |
16.8 |
15.73 |
5.0 |
0.15 |
|
LDUG-037 |
171.5 |
175.9 |
4.4 |
10.97 |
2.3 |
0.12 |
|
LDUG-039 |
94.9 |
132.9 |
38.0 |
15.60 |
11.0 |
0.55 |
|
LDUG-045 |
106.0 |
119.0 |
13.0 |
14.70 |
1.4 |
0.04 |
|
LDUG-047 |
170.2 |
178.3 |
8.1 |
11.09 |
17.1 |
0.65 |
|
LDUG-049 |
171.9 |
177.6 |
5.8 |
28.58 |
20.3 |
0.76 |
|
LDUG-056 |
233.5 |
238.6 |
5.2 |
12.09 |
2.2 |
0.05 |
|
LDUG-056 |
252.0 |
264.0 |
12.0 |
20.91 |
2.8 |
0.00 |
|
- Intersections are not reported as true thickness.
- Core lengths subject to rounding.
- Interval lengths for holes dipping between -45 to -90º have
been selected to represent a minimum mining height of 3.5
metres.
- Interval lengths for holes dipping between 0 and -45º have been
selected to represent a minimum horizontal length of 3.5
metres.
- Torex is not aware of any drilling, sampling, recovery, or
other factors that could materially affect the accuracy or
reliability of the data.
A complete list of the most recent drill holes
from the ELD drill program can be found in Table 2 of this press
release.
GeologyELD is classified as the
mineralized skarn, which sits below the El Limón open pit and above
the granodiorite sill. Sub-Sill is classified as the mineralized
skarn which lies beneath the granodiorite sill.
The ELD zone occurs in the northwest portion of
the El Limón deposit, which is part of the large gold bearing skarn
system of the El Limón Guajes mining complex, located in the
central part of the Guerrero Gold Belt in Southwest Mexico. The El
Limón Guajes deposit is hosted in the Mesozoic carbonate-rich
Morelos Platform, which has been intruded by Paleocene granodiorite
stocks, sills, and dikes. Skarn-hosted gold mineralization is
developed along the contacts of the intrusive rocks and the
enclosing carbonate-rich sedimentary rocks of the Cuautla and
Morelos formations as well as along the footwall contact of the
Mezcala Formation. ELD represents the down-dip extension of the
skarn that hosts the gold mineralization at El Limón open pit,
where the skarn is developed immediately above a large granodiorite
sill intruded along the contact of the Cuautla and the Mezcala
formations. The ELD deposit is located directly below the deepest
part of the El Limón final pit and is above the El Limón “Sill”. It
lies approximately 300 metres north and at a higher elevation than
Sub-Sill but has the same general orientation in strike and
dip.
The southeast portion of ELD mineralization is
characterized by a single and continuous skarn package that strikes
approximately 10° to the north-northeast and dips between 30° and
35° to the northwest. To the northwest, the strike of the skarn
package changes to approximately 155° (south-southeast) and the dip
steepens to approximately 60°. The change in the geometry of the
skarn package is interpreted to be related to the northeast
striking and southeast dipping La Flaca Fault; parallel structures
are locally represented by post mineral dykes.
The currently known, best-developed skarn zone
at ELD is in the central part of the drilled area immediately north
of the La Flaca fault and below the deepest part of the El Limón
pit. The initial infill exploration program has been concentrated
in this area and has confirmed the continuity of the mineralization
intersected in earlier, widely spaced holes. Mineralization remains
open along strike especially to the southeast and down-dip to the
southwest. Additional mineral potential is envisaged in the
multiple skarn zones identified at depth.
Intersections reported in this press release are
not reported as true thickness. Interval lengths for holes dipping
between -45º to -90º have been selected to represent a minimum
mining height of 3.5 metres. Interval lengths for holes dipping
between 0º and -45º have been selected to represent a minimum
horizontal length of 3.5 metres. The program also demonstrates the
continuity of the high-grade gold mineralization for at least 150
metres along strike and 150 down-dip; apparent widths vary from
3.5 metres to 46 metres.
The style of mineralization at ELD is similar to
the mineralization in the other mineralized zones within the El
Limón Guajes deposit. It is characterized by gold, which is
strongly associated with bismuth and variable amounts of silver and
copper. Gold occurs in variably sulfidized, pyrrhotite-rich skarn,
while silver and copper mineralization is primarily controlled by
the degree of sulfidation of the host skarn. Mineralization is
associated with retrograde alteration characterized by the
occurrence of phlogopite, amphibole, chlorite, calcite and lesser
amounts of quartz and epidote, and local magnetite.
QA/QC and Qualified PersonTorex
maintains an industry-standard analytical quality assurance and
quality control (QA/QC) and data verification program to monitor
laboratory performance and ensure high quality assays. Results from
this program confirm reliability of the assay results. All sampling
and analytical work for the mine exploration program is performed
by SGS de Mexico S.A. de C.V. (“SGS”) in Durango, and by SGS in
Nuevo Balsas, Mexico. Gold analyses comprise fire assays with
atomic absorption or gravimetric finish. External check assays for
QA/QC purposes are performed at ALS Chemex de Mexico S.A. de
C.V.
The analytical QA/QC program 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 the ELD exploration program have
been reviewed and approved by Lars Weiershäuser, PhD, PGeo. Dr.
Weiershäuser 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.
Additional information on the ELD deposit,
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) filed on SEDAR at www.sedar.com and the
Company’s website at www.torexgold.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”),
comprised of the El Limón, Guajes and El Limón Sur open pits, the
El Limón Guajes underground mine including zones referred to as
Sub-Sill and El Limón Deep (“ELD”), and the processing plant and
related infrastructure, which is in the commercial production stage
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
Forward Looking StatementsThis
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 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.
Forward-looking information also includes, but is not limited to,
the expectation that the results show potential to extend the
reserves down dip and along strike to the south, the expected
potential of materially extending the mine life of ELD, plans to
drill test the mineralization at depth in 2020, the assessment that
the deposit appears to be steepening at depth and that it bodes
well for low cost mining techniques, indications of the northern
limit of the strike extension at depth and expectation that the
Company is unlikely to mine that area of the deposit, and the
expected additional mineral potential in the multiple skarn zones
identified at depth. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects", "believes", “future” or variations of
such words and phrases or state that certain actions, events or
results “can”, "may", "could", "would", "might", "be achieved",
“appears” or “bodes well”. 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 skarns
deposits and the analysis and interpretation of drilling results
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 are 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: ELD drill-hole results since the
February 14, 2019 press release
Drill-Hole |
Target Area |
UTM-E (m) |
UTM-N (m) |
Elevation (m) |
Azimuth (°) |
Dip (°) |
Total Length (m) |
Intersection |
Lithology |
|
|
From (m) |
To (m) |
Core Length (m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
|
|
LDUG-034 |
ELD |
422,181.1 |
1,990,285.5 |
1,010.2 |
311 |
-80.0 |
211.0 |
|
111.5 |
138.3 |
26.8 |
11.66 |
5.5 |
0.17 |
Skarn |
|
including |
124.6 |
136.1 |
11.5 |
16.96 |
4.6 |
0.11 |
Skarn |
|
|
143.3 |
149.8 |
6.5 |
12.27 |
1.4 |
0.03 |
Skarn |
|
LDUG-035 |
ELD |
422,234.3 |
1,990,350.4 |
1,013.1 |
311 |
-57.0 |
282.0 |
|
139.7 |
143.9 |
4.2 |
6.67 |
8.5 |
0.27 |
Skarn |
|
LDUG-036 |
ELD |
422,118.9 |
1,990,214.8 |
1,023.0 |
0 |
-90.0 |
273.0 |
|
143.7 |
147.9 |
4.1 |
5.23 |
1.5 |
0.11 |
Skarn |
|
|
159.2 |
166.4 |
7.2 |
5.78 |
14.1 |
0.74 |
Skarn |
|
|
200.8 |
217.6 |
16.8 |
15.73 |
5.0 |
0.15 |
Skarn |
|
including |
208.0 |
217.6 |
9.6 |
20.55 |
4.8 |
0.12 |
Skarn |
|
LDUG-037 |
ELD |
422,118.6 |
1,990,213.0 |
1,023.2 |
199 |
-84.0 |
276.0 |
|
171.5 |
175.9 |
4.4 |
10.97 |
2.3 |
0.12 |
Skarn |
|
|
189.4 |
194.9 |
5.5 |
6.40 |
2.6 |
0.18 |
Skarn |
|
LDUG-039 |
ELD |
422,158.2 |
1,990,314.9 |
1,010.3 |
0 |
-90.0 |
264.0 |
|
35.5 |
43.0 |
7.5 |
4.84 |
1.5 |
0.10 |
Gdi w/sulfide veinlets |
|
|
94.9 |
132.9 |
38.0 |
15.60 |
11.0 |
0.55 |
Skarn |
|
including |
111.7 |
124.5 |
12.8 |
34.29 |
15.1 |
0.80 |
Skarn |
|
LDUG-040 |
ELD |
422,157.9 |
1,990,315.1 |
1,010.3 |
320 |
-74.0 |
159.0 |
|
35.6 |
40.0 |
4.4 |
1.36 |
0.5 |
0.02 |
Veinlets in Gdi |
|
LDUG-041 |
ELD |
422,157.4 |
1,990,314.6 |
1,010.3 |
280 |
-82.0 |
213.0 |
|
42.0 |
46.4 |
4.4 |
1.92 |
5.5 |
0.29 |
Skarn |
|
|
145.7 |
150.0 |
4.3 |
1.42 |
0.9 |
0.02 |
Skarn |
|
LDUG-042 |
ELD |
422,161.1 |
1,990,312.2 |
1,010.3 |
126 |
-54.0 |
210.0 |
|
108.1 |
112.4 |
4.3 |
2.47 |
1.0 |
0.03 |
Skarn |
|
LDUG-043 |
ELD |
422,161.1 |
1,990,312.1 |
1,010.8 |
128 |
-35.0 |
180.0 |
|
84.2 |
90.3 |
6.1 |
0.61 |
2.9 |
0.09 |
Skarn |
|
LDUG-044 |
ELD |
422,160.9 |
1,990,312.7 |
1,010.4 |
122 |
-74.0 |
222.0 |
|
90.3 |
121.1 |
30.8 |
7.09 |
5.1 |
0.16 |
Skarn |
|
including |
103.4 |
108.5 |
5.1 |
12.37 |
3.0 |
0.05 |
Skarn |
|
and including |
115.5 |
121.1 |
5.7 |
9.34 |
16.5 |
0.61 |
Skarn |
|
LDUG-045 |
ELD |
422,161.4 |
1,990,312.4 |
1,011.1 |
127 |
-20.0 |
180.0 |
|
106.0 |
119.0 |
13.0 |
14.70 |
1.4 |
0.04 |
Skarn |
|
LDUG-046 |
ELD |
422,089.6 |
1,990,339.4 |
1,011.2 |
131 |
-16.0 |
261.0 |
|
204.9 |
217.5 |
12.6 |
1.54 |
0.5 |
0.01 |
Skarn |
|
LDUG-047 |
ELD |
422,089.6 |
1,990,339.3 |
1,010.7 |
131 |
-40.0 |
576.0 |
|
130.5 |
144.6 |
14.1 |
5.25 |
1.9 |
0.08 |
Skarn |
|
|
170.2 |
178.3 |
8.1 |
11.09 |
17.1 |
0.65 |
Skarn |
|
LDUG-048 |
ELD |
422,089.7 |
1,990,339.3 |
1,011.0 |
131 |
-27.0 |
243.0 |
|
143.5 |
148.9 |
5.4 |
4.06 |
1.8 |
0.08 |
Skarn |
|
LDUG-049 |
ELD |
422,089.6 |
1,990,339.4 |
1,010.5 |
131 |
-52.0 |
246.0 |
|
118.9 |
135.2 |
16.3 |
6.54 |
2.4 |
0.16 |
Skarn |
|
|
144.5 |
153.1 |
8.6 |
6.51 |
3.5 |
0.12 |
Skarn |
|
|
171.9 |
177.6 |
5.8 |
28.58 |
20.3 |
0.76 |
Skarn |
|
LDUG-050 |
ELD |
422,089.6 |
1,990,339.5 |
1,010.0 |
131 |
-66.0 |
286.5 |
|
152.7 |
162.9 |
10.2 |
8.87 |
4.3 |
0.27 |
Skarn |
|
LDUG-051 |
ELD |
422,113.6 |
1,990,409.2 |
1,010.2 |
131 |
-57.0 |
196.5 |
|
119.8 |
124.1 |
4.3 |
2.19 |
1.0 |
0.01 |
Skarn |
|
LDUG-052 |
ELD |
422,089.2 |
1,990,339.8 |
1,010.0 |
131 |
-79.0 |
618.0 |
|
160.0 |
163.6 |
3.6 |
3.43 |
8.4 |
0.29 |
Skarn |
|
LDUG-053 |
ELD |
422,113.4 |
1,990,409.4 |
1,010.3 |
131 |
-75.0 |
378.0 |
|
198.0 |
205.7 |
7.7 |
1.18 |
4.1 |
0.18 |
Skarn |
|
LDUG-054 |
ELD |
422,113.2 |
1,990,409.7 |
1,010.2 |
0 |
-90.0 |
303.0 |
|
154.1 |
157.7 |
3.6 |
2.29 |
0.5 |
0.00 |
Skarn |
|
LDUG-055 |
ELD |
422,089.1 |
1,990,339.9 |
1,010.4 |
0 |
-90.0 |
279.0 |
|
164.0 |
168.2 |
4.2 |
3.75 |
0.5 |
0.04 |
Skarn |
|
LDUG-056 |
ELD |
422,089.1 |
1,990,339.2 |
1,010.3 |
162 |
-70.0 |
340.5 |
|
165.0 |
169.7 |
4.7 |
5.54 |
14.7 |
0.54 |
Skarn |
|
|
176.7 |
180.6 |
3.9 |
5.62 |
11.3 |
0.54 |
Skarn |
|
|
233.5 |
238.6 |
5.2 |
12.09 |
2.2 |
0.05 |
Skarn |
|
|
252.0 |
264.0 |
12.0 |
20.91 |
2.8 |
0.00 |
Skarn |
|
including |
259.2 |
264.0 |
4.8 |
40.63 |
3.4 |
0.01 |
Skarn |
|
SST-132 |
ELD |
422,296.3 |
1,989,999.8 |
1,302.8 |
0 |
-90.0 |
741.0 |
|
264.8 |
268.3 |
3.5 |
1.73 |
3.8 |
0.09 |
Skarn |
|
SST-138 |
ELD |
422,297.2 |
1,989,998.5 |
1,302.6 |
270 |
-87.0 |
628.5 |
|
283.9 |
290.0 |
6.1 |
5.63 |
3.3 |
0.18 |
Skarn |
|
SST-139 |
ELD |
422,297.2 |
1,989,998.5 |
1,302.6 |
270 |
-83.0 |
626.5 |
|
302.9 |
307.9 |
5.0 |
4.92 |
7.7 |
0.56 |
Skarn |
|
- Intersections are not reported as true thickness.
- Interval lengths for holes dipping between -45 to -90º have
been selected to represent a minimum mining height of 3.5
metres.
- Interval lengths for holes dipping between 0 and -45º have been
selected to represent a minimum horizontal length of 3.5
metres.
- Torex is not aware of any drilling, sampling, recovery, or
other factors that could materially affect the accuracy or
reliability of the data.
- Gdi stands for granodiorite.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0eace72e-1406-4109-8aaa-c2f7d21e56e6
https://www.globenewswire.com/NewsRoom/AttachmentNg/26de5b05-ab64-4a0e-8eac-1c416f2d8bc5
https://www.globenewswire.com/NewsRoom/AttachmentNg/7ff592e5-b991-4b71-b8db-e19e05866a97
https://www.globenewswire.com/NewsRoom/AttachmentNg/65e5f9a3-36b9-40b1-91e9-70a985dd8b59
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