The initial step out drilling at the Guajes West deposit include 2.63g/t Au over 31.0m from borehole TMP-1003 which also included 13.22g/t Au over 3.0m, and 2.21g/t Au over 20.3m from borehole TMP-1021 which also included 4.28g/t Au over 9.57m (see Figure 1 and 2 and Table 1 for drill details). This drilling indicates the Guajes West deposit is open to the northeast toward the Guajes East deposit and that the joining of the two Guajes deposits over a distance of 350 metres could significantly add to the properties’ global gold resource.
The ongoing infill drilling at Guajes West intersected several high grade intersections including 8.48g/t Au over 11.0m from borehole T10-027C, 3.25g/t Au over 24.5m from borehole T10-029C which also included 10.43g/t Au over 6.60m, and 6.37g/t Au over 20.3m from borehole T10-134C which also included 11.89g/t Au over 10.5m. (see Figure 1 and 2 and Table 1 for drill details).
Fred Stanford, President & CEO of Torex stated: “We are very encouraged that the initial drill results from the Guajes West deposit clearly indicates that the mineralization is open to the northeast toward the Guajes East deposit. If these two deposits connect, it will provide for economies of scale in potential future mining operations. The three Morelos deposits; El Limon, Guajes East and Guajes West remain open in several directions and these new results continue to show the potential to expand the global gold resource at our Morelos Gold Project and meet our internal goal to bring the M&I resources north of the Balsas River to five million ounces of gold. Once drilling activities resume, a focus of our exploration team will be to further drill test the area between Guajes East and Guajes West.” He added “We continue to work with federal, state and local authorities to establish sustainable internal and external security measures that will ensure the safety of our employees and assets and permit us to start up our drill programs as soon as possible”.
Highlights for step-out drilling at the Guajes West deposit:
|BH ID||Area||Interval (m)||Interval|
|TMP-1003||Guajes West||113.00||143.95||30.95||2.62||Intrusive, Skarn, Endoskarn|
|TMP-1021||Guajes West||66.60||77.25||10.65||2.63||Breccia, Porphyry|
Highlights for in-fill drilling within the Guajes West deposit:
|BH ID||Area||Interval (m)||Interval|
|T10-029C||Guajes West||140.77||165.22||24.45||3.25||Msv. Sulf. Endoskarn|
|143.90||150.50||6.60||10.43||Msv. Sulf. Endoskarn|
|T10-134C||Guajes West||98.14||118.50||20.36||6.37||Hornfels, Intrusive|
Please refer to Table 1 for a full list of significant intercepts and Figure 1 for borehole locations.
To date, Torex has drilled a total of 75 boreholes (21,794 metres) at the Guajes West deposit. Forty boreholes are reported in this press release. The assays results for 23 boreholes (3829 metres) are pending and will be announced upon receipt. Twelve boreholes were previously announced in October 2010.
The Company is currently working on new geological models for the Guajes West and Guajes East deposits and the area between. The new models will include the initial interpretation of the structurally controlled vein and fracture type mineralization.
Quality Assurance/Quality Control
At the Morelos Gold Project, all of the analytical work is performed by SGS de Mexico S.A. de C.V. (“SGS”) in Mexico. Sample preparation is done at a dedicated sample preparation laboratory operated by SGS at the project site in Nuevo Balsas, Guerrero, Mexico. The Au analyses (fire assay with an atomic absorption or gravimetric finish) and multi-element geochemical analyses are completed by SGS at their analytical facilities in Durango, Durango, Mexico. Torex has a Quality Assurance/Quality Control (“QA/QC”) program in place that includes 5% each of the certified reference materials, blanks, field duplicates and preparation duplicates. The QA/QC program as designed has been approved by AMEC E&C Services Inc. and is overseen by Dr. Jeffrey W. Brooks, Chief Geologist for Torex.
The Company follows strict QA/QC protocol measures in keeping with industry standards and regulatory reporting requirements. Mr. Jerry E. Snider, B.Sc. Mining Engineering, MBA, Project Manager of Torex, is the Qualified Person who has reviewed this news release, and is responsible for the technical information reported herein, including verification of the data disclosed, the sampling, analytical and test data underlying the technical information.
Further information regarding the Morelos Gold Project is contained in the Technical Report entitled “Torex Gold Resources Inc. Morelos Gold Project Guerrero, Mexico, NI 43-101 Technical Report - Underground and Open Pit Resources”, dated January 26, 2011 and effective October 22, 2010.
Torex Gold Resources Inc. is a well funded, growth-oriented, Canadian mining company engaged in the exploration and development of precious metal resources with a focus on gold. It owns 100% of the Morelos Gold Project, an advanced stage gold exploration property, located 180km southwest of Mexico City in the highly prospective Morelos Gold Belt. The project covers an area of 29,000ha of which more than 75% remains unexplored.
For further information, please contact:
TOREX GOLD RESOURCES INC.
President and CEO
Tel. (647) 260-1502
Vice President Investor Relations
Tel. (647) 260-1503
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to future surface exploration and other activities including future drilling plans at the Morelos Gold Project and the expected timing for future surface exploration to resume. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates” or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made at the date that such statements are made. 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 the risk factors disclosed elsewhere in the Company’s public disclosure. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding the Company’s expected financial and operating performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.