Step-out drill intersections include 6.04 g/t Au over 45.0m from borehole T10-127C as well as 11.47 g/t Au over 9.1m, and 3.15 g/t Au over 11.1m from borehole T10-118C. Both of these boreholes are to the southeast of the known resource. To the northwest of the deposit, borehole TMP-1007 encountered 9.91 g/t Au over 21.0m.
A significant portion of the drilling in this stage of the drill program at El Limon has been in-fill drilling designed to upgrade inferred ounces to measured and indicated. Highlights include 7.03 g/t Au over 55.9m, and 6.24 g/t Au over 23.0m from borehole T10-107C, 6.13 g/t Au over 12.9m from borehole T10-115C and 7.54 g/t Au over 8.9m and 8.29 g/t Au over 3.5mfrom borehole T10-131C.
Fred Stanford, President and CEO of Torex stated “We are very pleased that over the past several months we have been able to announce successful step-out and in-fill drilling at two of our three Morelos deposits, El Limon and Guajes East; both of which remain open in several directions. Drilling at the third deposit, Guajes West, started recently and results will be reported as they become available. Today’s near surface, high grade results at El Limon move us closer toward our goal of increasing the global resources north of the Balsas River to our target of five million ounces. Seven drills will continue this effort north of the Balsas River, while four drills are focusing on finding new gold deposits south of the river.”
Highlights for step-out drilling at the El Limon deposit:
Skarn, Porphyry, Marble
Endoskarn, Skarn, Hornfels
Highlights for in-fill drilling within the El Limon deposit:
Skarn, Hornfels, Intrusive, Breccia
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 74 boreholes (12,597 metres) at the El Limon deposit. In this second press release for this deposit, we report results from 24 boreholes (4,358 metres); another 15 holes (2,179 metres) have been drilled and assay results are pending. Four drills continue to explore this deposit.
TMP-1007, -1002 and -1010 are all located on the western side of the deposit and indicate that there is still room to grow the resource in this direction. T10-127C and -138C are located on the eastern side of the deposit and indicate that there is room to grow the resource in this direction also. We continue to encounter significant mineralization in lithologies that are not skarn (e.g., T10-138C, TMP-1010) which suggests that although Morelos is a gold skarn deposit, there is vein and fracture-controlled mineralization that can be economically important. Additional drilling to follow up on successful step-out boreholes has been planned and is awaiting drill availability.
Of the drill holes with no significant intercepts, two drilled to the target depth and were terminated without hitting the Mezcala / Morelos Formations contact and three others had intervals with anomalous Au, Cu and As indicating that the limits of the hydrothermal system have not been determined.
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 exploration and development plans concerning the Morelos Gold Project, including expected timing for mobilizing drills on the project, expected drilling results and the timing within which the Company expects to receiving drilling results, anticipated timing for the completion of a pre-feasibility study and other technical studies on the project. 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.