Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG)
announces results from the 2019 drill program at the Sub-Sill
deposit, at the Company’s El Limón Guajes complex in Mexico. The
2019 program successfully extended known mineralization 300 metres
below existing reserves. Highlights from the latest round of drill
results include
35.1 g/t Au over 6.1 metres in
SST-156,
21.6 g/t Au over 3.5 metres in SST-135,
19.5 g/t Au over 5.9 metres in SST‑139,
15.7 g/t Au over 5.2 metres in SST-132, and
13.8 g/t Au over 12.8 metres in LDGU-047.
Mineralization at Sub-Sill remains open at depth and along
strike.
Fred Stanford, President & CEO of Torex
Gold, stated:
“The down-dip extensions of the mineralization
of both Sub-Sill and El Limón Deep (ELD), the latter highlighted in
a press release earlier this month, are very encouraging. Sub-Sill
has been an excellent ‘sweetener’ to the high-grade open pits. In
the first three quarters of 2019, the deposit has contributed more
than 60,000 ounces of gold production. The latest drill results
show the potential of Sub-Sill to continue to be a sweetener well
into the future. ELD is going to be a nice sweetener as well, and
it is just getting started.
“The first long-hole open-stope blast in ELD
took place this week. In December, the site teams will be trialing
the removal of ore from the stope utilizing the production aspects
of the Muckahi Mining System. These are exciting times with
drilling highlighting the potential to mine new zones of
mineralization as well as testing of Muckahi, which has the
potential to materially lower the cost of underground mining.”
Table 1: Key intersections from the recent Sub-Sill 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 (%) |
|
|
SST-132 |
549.4 |
558.3 |
8.9 |
13.94 |
5.5 |
0.25 |
|
SST-132 |
578.3 |
583.5 |
5.2 |
15.78 |
7.7 |
0.29 |
|
SST-132 |
591.3 |
602.9 |
11.6 |
13.35 |
4.8 |
0.18 |
|
SST-135 |
606.7 |
610.2 |
3.5 |
21.64 |
15.2 |
0.59 |
|
SST-139 |
443.4 |
449.4 |
5.9 |
19.54 |
3.1 |
0.04 |
|
SST-144 |
199.7 |
208.0 |
8.3 |
12.33 |
2.9 |
0.03 |
|
SST-146 |
211.7 |
220.6 |
8.9 |
11.01 |
6.3 |
0.74 |
|
SST-156 |
269.1 |
274.0 |
4.9 |
12.56 |
29.5 |
0.97 |
|
SST-156 |
282.0 |
288.1 |
6.1 |
35.17 |
49.1 |
3.64 |
|
LDUG-047 |
494.2 |
507.0 |
12.8 |
13.89 |
14.5 |
0.65 |
|
- 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 Sub-Sill drill program can be found in Table 2 of this
press release. A longitudinal section containing the drill-hole
results can be found in Figure 1 as well as corresponding cross
sections in Figures 2, 3 and 4. GeologySub-Sill is
classified as the mineralized skarn which lies beneath the
granodiorite sill as shown in Figure 5. ELD is classified as the
mineralized skarn, which sits below the El Limón open pit and above
the granodiorite sill.
The Sub-Sill deposit occurs at the south end of
the El Limón deposit in the Mesozoic carbonate-rich Morelos
Platform, which has been intruded by Paleocene granodiorite stocks,
sills and dikes. It is located below mineralization currently
exploited by open pit mining in the El Limon mine. 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.
Multiple skarn zones have been recognized
underneath the El Limón Sill, they are developed along the contacts
between marbles of the Morelos formation and multiple granodiorite
sills that are interpreted as late stage porphyritic intrusions
that branch off the main body of granodiorite. The best developed
skarn zones at the Sub-Sill area strike northeast and dip between
35° and 45° to the northwest. Deep drilling has identified a
steeply dipping extension of the Sub-Sill skarn zone with high
grade mineralization. This zone is currently interpreted as the
structurally controlled feeders of the mineralization developed
along the lithological contacts between the hornfels, the marbles,
and the sills (Figures 2, 3 and 4). The skarn zone hosts multiple
horizons with high-grade gold mineralization that vary in strike
length from approximately 50 meters up to 200 meters, with
apparent widths varying from 2 metres to 36 metres. The trend of
the overall skarn body in the Sub-Sill area is north-south to
northeast-southwest and appears to connect to previously recognized
skarn and gold mineralization at the El Limón Sur deposit 200
meters to the southwest.
Mineralization at the Sub-Sill deposit is
dominated by gold, which is associated with bismuth and variable
amounts of silver and copper. Mineralization is associated with
retrograde alteration characterized by amphibole, calcite, and
quartz, with lessor amounts of chlorite ± epidote, affecting
pyroxene-garnet exoskarn and granodiorite-related endoskarn.
Locally, mineralization occurs in narrow lenses of massive
sulfides.
Intersections reported in this press release are
not reported as true thickness. Interval lengths for holes dipping
between ‑45º and -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. Currently reported
intersections also demonstrate the continuity of potentially
economic gold mineralization for at least 100 metres along strike
and 300 down-dip; apparent widths vary from 3.5 metres to 46
metres.
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 Sub-Sill 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 Sub-Sill 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 (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”),
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 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
Muckahi Mining SystemThe
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 expects to complete the development and test
the concept by the end of 2019 for the mine development and
production activities. Further studies would be required to verify
the viability of Muckahi.
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, the expected potential of
Sub-Sill and ELD to enhance grade to the mill beyond high-grade
open pits, that mineralization within the Sub-Sill remains open at
depth and along strike, and potential for the Muckahi Mining System
to materially lower the cost of underground mining. 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: Sub-Sill drill-hole results since the November 28,
2018 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 (%) |
SST-129 |
Sub-Sill |
421,999.5 |
1,989,829.0 |
1,075.0 |
0 |
-90.0 |
543.8 |
|
387.1 |
390.6 |
3.5 |
4.78 |
3.7 |
0.05 |
Skarn |
SST-130 |
Sub-Sill |
422,060.6 |
1,989,826.5 |
1,084.3 |
90 |
-55.0 |
293.0 |
|
158.3 |
162.5 |
4.2 |
1.39 |
2.5 |
0.11 |
Skarn |
SST-131 |
Sub-Sill |
422,292.3 |
1,990,038.7 |
1,319.6 |
90 |
-75.0 |
614.5 |
|
Intrusives intersected in the target area |
|
|
|
|
|
|
|
|
|
427.5 |
431.5 |
4.0 |
5.64 |
1.3 |
0.00 |
Skarn |
|
|
|
|
|
|
|
|
|
474.7 |
478.2 |
3.6 |
7.39 |
5.0 |
0.15 |
Skarn |
|
|
|
|
|
|
|
|
|
497.0 |
501.5 |
4.5 |
5.01 |
0.5 |
0.01 |
Skarn |
|
|
|
|
|
|
|
|
|
534.6 |
541.9 |
7.3 |
5.08 |
0.5 |
0.00 |
Skarn |
SST-132 |
Sub-Sill |
422,296.3 |
1,989,999.8 |
1,302.8 |
0 |
-90.0 |
741.0 |
|
549.4 |
558.3 |
8.9 |
13.94 |
5.5 |
0.25 |
Skarn |
|
|
|
|
|
|
|
|
|
564.9 |
583.5 |
18.7 |
6.01 |
1.0 |
0.04 |
Skarn |
|
|
|
|
|
|
|
|
including |
578.3 |
583.5 |
5.2 |
15.78 |
7.7 |
0.29 |
Skarn |
|
|
|
|
|
|
|
|
|
591.3 |
602.9 |
11.6 |
13.35 |
4.8 |
0.18 |
Skarn |
|
|
|
|
|
|
|
|
including |
592.7 |
596.3 |
3.6 |
26.22 |
9.1 |
0.41 |
Skarn |
|
|
|
|
|
|
|
|
|
652.5 |
663.0 |
10.6 |
4.51 |
11.2 |
0.34 |
Skarn |
SST-133 |
Sub-Sill |
422,356.2 |
1,990,070.0 |
1,322.6 |
0 |
-90.0 |
909.0 |
|
677.4 |
685.6 |
8.2 |
8.28 |
18.6 |
0.63 |
Skarn |
|
|
|
|
|
|
|
|
|
696.7 |
702.7 |
6.1 |
5.30 |
4.7 |
0.27 |
Skarn |
SST-134 |
Sub-Sill |
422,331.8 |
1,989,965.0 |
1,011.1 |
90 |
-77.0 |
331.1 |
|
192.0 |
195.6 |
3.6 |
4.05 |
27.7 |
1.42 |
Skarn |
SST-135 |
Sub-Sill |
422,318.9 |
1,990,040.2 |
1,320.9 |
0 |
-90.0 |
815.5 |
|
606.7 |
610.2 |
3.5 |
21.64 |
15.2 |
0.59 |
Skarn |
SST-136 |
Sub-Sill |
422,299.6 |
1,989,937.2 |
1,014.5 |
0 |
-90.0 |
329.8 |
|
105.4 |
113.3 |
7.9 |
6.31 |
1.5 |
0.00 |
Skarn |
|
124.5 |
129.0 |
4.5 |
7.46 |
0.6 |
0.00 |
Skarn |
SST-137 |
Sub-Sill |
422,299.7 |
1,989,937.2 |
1,014.1 |
90 |
-80.0 |
265.0 |
|
192.0 |
195.6 |
3.6 |
4.07 |
28.7 |
1.42 |
Skarn |
SST-138 |
Sub-Sill |
422,297.2 |
1,989,998.5 |
1,302.6 |
270 |
-87.0 |
628.5 |
|
453.0 |
457.5 |
4.5 |
4.59 |
0.7 |
0.00 |
Skarn |
SST-139 |
Sub-Sill |
422,297.2 |
1,989,998.5 |
1,302.6 |
270 |
-83.0 |
626.5 |
|
443.4 |
449.4 |
5.9 |
19.54 |
3.1 |
0.04 |
Skarn |
SST-140 |
Sub-Sill |
422,259.7 |
1,989,934.9 |
1,018.3 |
354 |
-89.0 |
246.0 |
|
64.4 |
73.8 |
9.4 |
8.22 |
3.3 |
0.02 |
Skarn |
|
84.0 |
88.5 |
4.5 |
6.30 |
2.7 |
0.01 |
Skarn |
SST-141 |
Sub-Sill |
422,255.8 |
1,989,934.9 |
1,018.1 |
235 |
-81.0 |
165.0 |
|
144.0 |
147.5 |
3.5 |
2.30 |
2.3 |
0.17 |
Skarn |
SST-142 |
Sub-Sill |
422,194.4 |
1,989,933.2 |
1,023.8 |
329 |
-88.0 |
237.0 |
Intrusives intersected in the target area |
SST-143 |
Sub Sill |
422,102.1 |
1,989,759.8 |
1,092.5 |
0 |
-90.0 |
299.5 |
|
188.0 |
191.5 |
3.5 |
2.16 |
1.6 |
0.03 |
Skarn |
|
|
|
|
|
|
|
|
|
178.9 |
184.3 |
5.3 |
4.77 |
3.3 |
0.10 |
Skarn |
SST-144 |
Sub Sill |
422,107.6 |
1,989,759.9 |
1,092.6 |
90 |
-73.0 |
261.1 |
|
199.7 |
208.0 |
8.3 |
12.33 |
2.9 |
0.03 |
Skarn |
|
|
|
|
|
|
|
|
|
236.8 |
241.1 |
4.3 |
5.05 |
2.8 |
0.03 |
Skarn |
SST-145 |
Sub Sill |
422,027.0 |
1,990,007.8 |
1,053.0 |
0 |
-90.0 |
316.4 |
|
292.5 |
296.1 |
3.6 |
3.82 |
2.4 |
0.02 |
Skarn |
SST-146 |
Sub-Sill |
422,345.3 |
1,989,997.8 |
1,007.6 |
270 |
-87.0 |
320.3 |
|
211.7 |
220.6 |
8.9 |
11.01 |
6.3 |
0.74 |
Skarn |
|
266.0 |
272.6 |
6.6 |
8.00 |
3.7 |
0.25 |
Skarn/Gdi |
SST-147 |
Sub-Sill |
422,281.1 |
1,989,695.6 |
1,120.1 |
0 |
-90.0 |
356.5 |
Intrusives intersected in the target area |
SST-148 |
Sub-Sill |
422,027.3 |
1,990,007.9 |
1,053.0 |
90 |
-70.0 |
396.0 |
|
345.0 |
348.8 |
3.8 |
2.12 |
8.6 |
0.42 |
Skarn |
SST-149 |
Sub-Sill |
422,106.0 |
1,989,760.0 |
1,092.3 |
95 |
-50.0 |
251.5 |
|
152.0 |
156.6 |
4.6 |
1.82 |
0.5 |
0.01 |
Skarn |
SST-150 |
Sub-Sill |
421,991.7 |
1,989,825.9 |
1,074.1 |
270 |
-80.0 |
482.6 |
Intrusives intersected in the target area |
SST-151 |
Sub-Sill |
422,255.7 |
1,989,870.8 |
1,012.9 |
185 |
-88.0 |
300.0 |
|
91.2 |
94.7 |
3.5 |
1.21 |
1.1 |
0.01 |
Skarn |
SST-152 |
Sub-Sill |
422,256.2 |
1,989,871.1 |
1,012.3 |
261 |
-75.0 |
303.0 |
No significant intersection |
Skarn |
SST-154 |
Sub-Sill |
422,264.1 |
1,989,886.2 |
1,011.9 |
280 |
-70.0 |
438.0 |
|
50.9 |
54.9 |
4.1 |
4.33 |
9.7 |
0.68 |
Skarn |
SST-155 |
Sub-Sill |
422,262.9 |
1,989,885.1 |
1,012.2 |
320 |
-87.0 |
363.0 |
|
86.0 |
89.9 |
3.9 |
3.81 |
7.4 |
0.36 |
Skarn |
SST-156 |
Sub-Sill |
422,349.5 |
1,989,996.8 |
1,007.5 |
66 |
-83.0 |
417.0 |
|
269.1 |
274.0 |
4.9 |
12.56 |
29.5 |
0.97 |
Skarn |
|
282.0 |
288.1 |
6.1 |
35.17 |
49.1 |
3.64 |
Skarn |
SST-158 |
Sub-Sill |
421,769.9 |
1,989,861.4 |
1,051.3 |
90 |
-50.0 |
585.6 |
No significant intersection |
Skarn |
LDUG-047 |
Sub-Sill |
422,089.6 |
1,990,339.3 |
1,010.7 |
131 |
-40.0 |
576.0 |
|
494.2 |
507.0 |
12.8 |
13.89 |
14.5 |
0.65 |
Skarn |
including |
493.3 |
498.9 |
5.6 |
24.42 |
30.5 |
1.43 |
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.
Five photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/e0295750-2c80-4f48-8b79-9b36e765c136
https://www.globenewswire.com/NewsRoom/AttachmentNg/0e0df137-6cc0-42b0-9a18-bcc9ce9d1c95
https://www.globenewswire.com/NewsRoom/AttachmentNg/6e2e5221-5662-4912-8e81-1207f7ab2914
https://www.globenewswire.com/NewsRoom/AttachmentNg/0c1c3aa1-ade6-4697-8363-6cf110809076
https://www.globenewswire.com/NewsRoom/AttachmentNg/3e2c5bfd-5f1b-4941-9057-56d1361534a4
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