Fred Stanford, President & CEO of Torex stated: “the Company’s focus on drilling the magnetic anomalies in the Media Luna Area has been very successful in discovering both high grade gold intersections and thick intervals of potentially economic gold mineralization. The two magnetic anomalies drilled to date, which cover approximately 391 hectares, appear to represent very large gold mineralizing systems that warrant extensive additional drilling to define the size and grade of the gold zones. In addition, there are several untested magnetic anomalies that appear to have similar potential.” He added “the drilling within the magnetic anomalies has resulted in the discovery of local areas containing very high-grade gold along with significant copper and silver values. The drilling along the edges and outside of the magnetic anomalies (13 of the 23 boreholes being reported today) has allowed the Company to start to define the boundaries of the large Media Luna gold mineralized areas. The focus of the on-going exploration will continue to drill test the length and width of the Media Luna and Media Luna West magnetic anomalies and to initiate testing of additional highly prospective magnetic anomalies in the area.”
Highlights of drill results from inside the magnetic anomalies of Media Luna and Media Luna West
The gold equivalent grade, including copper and silver values, is based on 100% metal recoveries. The gold grade equivalent calculation used is as follows:
Au g/t (EQ) = Au g/t + (Cu grade x ((Cu price per lb/Au price per oz) x 0.06857 lbs per oz x 10000 g per %)) + (Ag grade x (Ag price per oz/Au price per oz)).
The metal prices used were: Gold - $1600/oz, Copper - $3.50/lb, Silver - $29.59/oz
Please refer to Table 1 for a complete list and expanded description of the intercepts and Figures 1-4 for borehole locations.
Forty-three drill holes have been completed at Media Luna over a strike length of approximately 1.85 km and a width of 1 km. All but one of these holes has intersected significant skarn alteration, and that hole intersected a post mineralization dike at the target zone. Massive-magnetite sulfide mineralization, with associated skarn appears to correlate closely to the area of the most intense magnetic anomalism. Skarn alteration continues in drilling beyond the margins of the magnetic high, however, at this early stage, better grade gold mineralization appears to be more consistently associated with magnetic high area. Within the magnetic high area, high grade gold is often found associated with the massive-magnetite sulfide mineralization. However, high grade gold also occurs in sulfide-bearing skarn without magnetite.
Copper mineralization, with elevated silver and low but anomalous gold, and associated with pyrrhotite-bearing skarn, has been intersected outside of the magnetic anomaly.
At Media Luna West, gold is also associated with magnetite-sulfide mineralization within the area of more intense magnetic anomalism. Several additional magnetic targets occur near the Media Luna and Media Luna West areas and these targets are scheduled to be tested later in the drill program.
The potential quantity and grade of the exploration targets are conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource.
QA/QC and Qualified Person
At the Morelos Gold Project, all of the Media Luna target analytical work is performed by SGS de Mexico S.A. de C.V. (“SGS”) in Mexico and/or Acme Analytical Laboratories Mexico S.A. de C.V. (“ACME”).
Sample preparation is done at a dedicated sample preparation laboratory operated by SGS at the project site in Nuevo Balsas, Guerrero, Mexico, and/or at a dedicated sample preparation laboratory operated by ACME at Guadalajara, Mexico. The gold analyses (fire assay with an atomic absorption or gravimetric finish) and multi-element geochemical analyses are completed at an analytical laboratory operated by SGS at the project site in Nuevo Balsas, Guerrero, Mexico and at their analytical facilities in Vancouver, British Columbia, Canada, respectively. The gold analyses (fire assay with an atomic absorption or gravimetric finish) and multi-element geochemical analyses are completed by ACME at their analytical facilities Vancouver, British Columbia, Canada.
The Company has a Quality Assurance/Quality Control (“QA/QC”) program in place that includes 2% of each of the certified reference materials, blanks, field duplicates and preparation duplicates for the grassroots exploration drilling program, with the objective of the QA/QC program to ensure the batch to batch relative bias remains constant and that absolute accuracy at anomalous to near cut-off grades is measured and acceptable. The QA/QC program as designed has been approved by AMEC and is currently overseen by Cristian Puentes, Chief Exploration Geologist for the Morelos Gold Project.
The scientific and technical data contained in this news release pertaining to the Morelos Project has been reviewed and approved by Mr. Barton Suchomel as a Qualified Person under NI 43-101. Mr. Suchomel is a Fellow of the Australasian Institute of Mining and Metallurgy and has experience relevant to the style of mineralization under consideration. Mr. Suchomel consents to the inclusion in this release of said data in the form and context in which it appears.
Torex is a growth-oriented, Canadian-based resource company engaged in the exploration and development of precious metal resources with a focus on gold. It owns 100% of the Morelos Gold Project, a development stage project, located 180 kilometres southwest of Mexico City in the highly prospective Morelos Gold Belt. Torex is aggressively exploring within its property to identify a pipeline of additional future economic deposits. The project covers an area of 29,000 hectares of which more than 75% remain 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 the initial drill program at the Company’s Media Luna target and the results of the program contained herein. 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 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 those risk factors identified in the Company’s current annual information form. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding the Company’s exploration results 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.