TORONTO, Ontario, June 18, 2015 – Torex Gold Resources Inc. (the "Company" or "Torex") (TSX:TXG) is pleased to announce the results of its step out drilling program at its Media Luna deposit. The results of this program will be incorporated in an updated mineral resource estimate which will be the foundation for the Preliminary Economic Assessment (PEA) expected to be completed in July of this year. Highlighted intercepts from the 2013-2015 exploration program include 5.59 g/t Au Eq. over 105.2 m in borehole NWZML-25A, 14.13 g/t Au Eq. over 4.0 m in borehole MLN-07, 4.13 g/t Au Eq. over 28.2 m in borehole MLN-08, 5.10 g/t Au Eq. over 8.4 m in borehole NWZML-23, and 10.20 g/t Au Eq. over 4.4 m in borehole MLN-04.
Fred Stanford, President & CEO of Torex stated: "In July we expect to release the summary of an updated Technical Report (TR) for the Morelos Property. In keeping with Securities regulation requirements for a single 'current' technical report for a specific property, this technical report will include an update on the feasibility study for El Limon / Guajes, as well as a PEA for Media Luna assessing the potential for developing Media Luna as a satellite deposit. The geological examination and interpretation of the Media Luna results has advanced our knowledge of the entire mineralizing system, including El Limon-Guajes. The updated feasibility study for El Limon-Guajes will take advantage of this enhanced knowledge of the mineralizing system and incorporate it in an updated resource estimate and mine plan for Guajes." He added, "The age and extensive nature of the dikes encountered in the area of this just completed drill program, as well as the enhanced copper grade, help to inform the geological model as to the potential source of the mineralizing system. We look forward to seeing the inclusion of these drill results into an updated Media Luna inferred resource next month."
Highlights of exploration drilling at Media Luna
|BH ID||Interval (m)||Interval|
True thickness of the mineralized zone is unknown and is reported as drill hole length
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 – $1495/oz, Copper – $3.39/lb, Silver – $26.45/oz
Please refer to Table 1 for a complete list and expanded description of the borehole intercepts reported in this press release. Refer to Figure 1 for general location and Figures 2-4 for geology, borehole locations and assay results.
Diamond drilling focused on the northeastern one-third of an approximately 263 Ha magnetic anomaly situated to the northwest of the Media Luna resource. In addition, surface mapping over this portion of the magnetic anomaly in a topographically challenging area revealed exposed massive sulfide-magnetite mineralization along the contact between marble and granodiorite, extending for about 800m along strike and with thicknesses up to 30 m. The outcrops are located 1.2 km north of the northern edge of the Media Luna resource.
The Media Luna deposit occurs within the Mesozoic carbonate-rich Morelos Platform, which has been intruded by Paleocene granodiorite to tonalite stocks, sills and dikes. Skarn-hosted gold-silver-copper mineralization is developed along the contacts of intrusive rocks and enclosing carbonate-rich sedimentary rocks. Sedimentary rocks and their contact with the main granodiorite stock dip southwest at approximately 35º. Extensive skarn alteration and metal deposition at this contact exhibits the same dip.
Gold-silver-copper mineralization at Media Luna is primarily associated with sulfidized pyroxene-garnet-magnetite exoskarn and with zones of massive magnetite-sulfide, at the contact of granodiorite with marble. Sulfidation of skarn assemblages is closely related to retrograde alteration. This alteration consists of amphibole, phlogopite, chlorite, calcite ± quartz ± epidote.
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 additional mineral resources.
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 Bureau Veritas – Inspectorate de México, S.A. de C.V. ("Bureau Veritas")
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 Bureau Veritas 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 Bureau Veritas Commodities Canada Ltd.at their analytical facilities Vancouver, British Columbia, Canada.
The Company has a Quality Assurance/Quality Control ("QA/QC") program in place that includes 2% and 5% of each of the certified reference materials, blanks, field duplicates and preparation duplicates for the grassroots exploration and infill drilling program respectively, 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 Bureau Veritas 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 its 100% owned Morelos Gold Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometers southwest of Mexico City. Within this property, Torex has two projects: the El Limon and Guajes Project, currently under development, and the Media Luna Project, at an advanced stage of exploration. Torex intends to identify a pipeline of future economic deposits within its property, which remains 75% unexplored.
For further information, please contact:
TOREX GOLD RESOURCES INC.
President and CEO
Tel. (647) 260-1502
Email: [email protected]
Vice President Investor Relations
Tel. (647) 260-1503
Email: [email protected]
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 future exploration and development plans of the Company and the timing of an updated mineral 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 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, the risk that actual results of current exploration and development activities will not achieve expectations and other risk factors identified in the Company's annual information form and management's discussion and analysis. 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. 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. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Original Article: http://www.torexgold.com/s/NewsReleases.asp?ReportID=712611