Step out drilling at its Guajes West deposit has delivered 3.45g/t Au over 11.8m in borehole TMP-1071 and 2.92g/t Au over 3.0m in borehole TMP 1047. In- fill drilling at Guajes West has continued to confirm the geological model with significant intercepts including 2.16g/t Au over 46.3m in borehole TMP-1081, 3.22g/t Au over 14.6m in borehole TMP-1075 and 8.60g/t Au over 15.0m in borehole TMP-1049. The Company’s drilling program in the next few months will continue to test the extensions of the gold mineralization around all three deposits at its Morelos Gold Project.
To date, Torex has drilled a total of 136 boreholes (22,247metres) at the Guajes East and West deposits. The 21 boreholes (3,574 metres) being reported today were completed prior to the temporary suspension of drilling announced March 24, 2011.
Fred Stanford, President & CEO of Torex stated: “These are more great results from an area that has consistently produced high grade intercepts and they continue to support our confidence in attaining our goal of defining a global resource of 5 million ounces of gold north of the Balsas River when we complete our new resource estimate in Q4/11.” He added, “The new drilling contractors are in the process of assembling equipment and providing training in coordination with our logistics and security staff and we look forward to an imminent restart of drilling activities.”
Highlights for the Guajes East drilling:
|BH ID||Area||Interval (m)||Interval |
|TMP-1077||Guajes East||33.55||43.10||9.55||3.27||Hornfels, Porphyry|
|TMP-1097||Guajes East||50.76||71.50||20.74||0.62||Hornfels, Porphyry|
|TMP-1099||Guajes East||15.25||65.74||50.49||6.60||Porphyry, Marble, Breccia|
Highlights for the Guajes West drilling:
|BH ID||Area||Interval (m)||Interval |
|TMP-1075||Guajes West||96.38||106.00||9.62||3.02||Hornfels, Endoskarn, Skarn|
|TMP-1081||Guajes West||77.05||123.40||46.35||2.16||Porphyry, Endoskarn, Skarn|
Please refer to Table 1 for a full list of significant intercepts and Figure 1 and Figure 2 for borehole locations. Figure 2 includes select previously released boreholes to emphasize the high grade area on the west end of the Guajes East deposit which remains open to the south, east and west.
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 drilling plans and expected timing for drilling to resume at the Morelos Gold Project, and with respect to the size and timing of the new resource estimate. 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 that drilling will not proceed in accordance with the current timetable; the size and timing of a new resource estimate will not be as anticipated, and other risk factors disclosed elsewhere in the Company’s Annual Information Form and Management’s Discussion and Analysis for the year ended October 31, 2010, and other public disclosure available at www.sedar.com. 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 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.