TORONTO, ONTARIO--(Marketwired - Aug. 21, 2013) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX:TXG)(TSX:TXG.WT.A) is pleased to report the last batch of results from its resource drilling program at its Media Luna target in Mexico. The program has continued to intersect high grade Au-Ag-Cu mineralization over significant widths, and remains open to the north, west and south of the Media Luna magnetic anomaly. Highlight intercepts include, in the West Zone, 11.56 g/t Au eq. over 19.9m in borehole WZML-47; 10.55 g/t Au eq. over 17.3m in borehole WZML-52; 5.34 g/t Au eq. over 24.0m in borehole WZML-08 and 7.98 g/t Au eq. over 8.6m in borehole WZML-48.
Fred Stanford, President & CEO of Torex stated: "This is a significant milestone for Torex and a major achievement by our exploration team. Together with Western Mining Services, and AMEC, they have executed through a process that has taken us from discovery hole to, what promises to be a significant maiden resource, in just 18 months. Through disciplined execution of this process they have now advanced the expected time of completion of the first inferred resource estimate at Media Luna to mid-September." He added, "With the mineralization open in several directions, the focus of the on-going exploration is to drill test the untested portions of the Media Luna, Media Luna West, and Todos Santos magnetic anomalies. In addition, a ZTEM survey has recently been flown over the entire property. As results of this survey are interpreted, which includes new magnetic information from upgraded technology, additional targets will be generated, both north and south of the Balsas River."
Highlights from this release of resource drilling results at Media Luna
| ||Intersection|| || || || || || |
| ||(m)||(m)||(m)||(g/t)||(g/t)||(%)||(g/t)|| |
|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 - $1600/oz, Copper - $3.50/lb, Silver - $29.59/oz|
|Media Luna (IF) = Infill Hole - Media Luna|
Please refer to Table 1 for a complete list and expanded description of the borehole intercepts reported in this press release and Figures 1-5 for borehole locations. Resource drilling at Media Luna has been divided into three sectors (West Zone (WZ), Central Zone (CZ) and Northeast Zone (NEZ) for logistical reasons. Figures 1-3 refer to these sectors.
The three 'resource' sectors, noted above, have a combined area of approximately 127 hectares. This 127 ha area of the pending resource estimate represents approximately 42% of the area of the Media Luna magnetic anomaly, or approximately 25% of combined areas of the Media Luna, Media Luna West and Todos Santos magnetic anomalies. Within the 127 ha resource area, 150 boreholes have been completed through a drill program of 92,442 meters.
Gold-copper-silver mineralization is associated with skarn alteration (pyroxene-garnet-magnetite) and later sulfides (pyrrhotite-chalcopyrite-pyrite), which developed at the contact of granodiorite with marble. Sulfidation of skarn assemblages is closely related to retrograde alteration.
Within the sectors covered by the 'resource area', the granodiorite-marble contact dips at roughly 35 degrees to the southwest and is locally disrupted by apparent structural zones. The skarn is thicker and the grade and thickness of gold-copper-silver mineralization appears to increase in proximity to these irregular contact zones, especially where the contact steepens or forms a trough. The resource boreholes on the western and southern margins of the West Zone show that mineralization continues to the southwest beyond the sharp SW boundary of the Media Luna magnetic anomaly (see Figure 2). Outside of the magnetic anomaly, magnetite content decreases significantly while pyrrhotite remains abundant.
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 5% 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 Guerrero 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.
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.
To view Table 1, please visit the following link: http://media3.marketwire.com/docs/txg0821table.pdf.
To view Figures 1-5, please visit the following link: http://media3.marketwire.com/docs/txg0821figures.pdf.