Torex Gold Resources Inc. (the "Company" or "Torex")
(TSX:TXG)(TSX:TXG.WT.A) is pleased to announce a National
Instrument ("NI") 43-101 compliant inferred mineral resource
estimate of 5.84 million gold equivalent ounces, including 3.3
million ounces of gold, at its Media Luna Project in Mexico. The
average resource grade is 4.55 g/t Au Eq. (Au - 2.63 g/t, Ag -
24.46 g/t, Cu - 0.97%) at a 2.0 g/t Au Eq. cutoff grade. The
resource is contained within a single, continuous, strongly
mineralized system, which remains open in several directions.
"Our strategy has always been to - "Get the first mine resource
up to 5 million ounces, build it, and then find a second mine on
the same property, and build that one as well". In the recent past,
the exploration team delivered on the resource upgrade for the
first mine. Today's results suggest that the team has also been
very successful in finding a second major deposit. What they have
found is a deposit that appears to have proportions comparable to
some of the larger known skarn-hosted Au-Ag-Cu deposits. The
deposit was discovered by drill testing a portion of one of three
large magnetic anomalies in the Media Luna Area. The portion that
was drill tested represents approximately 30% of the 'traditional'
area covered by those three magnetic anomalies. The entire property
has recently been re-surveyed with ZTEM and newer magnetic
technology. The early results indicate that the magnetic anomalies
in the Media Luna Area may be larger than previously interpreted.
This leaves open the potential for significant additions to the
known mineralization at Media Luna that, with additional drilling,
may support updated Mineral Resource estimates. Future exploration
work in the Media Luna Area will be to drill test the unexplored
portions of the magnetic anomalies. Currently that is being done
with three drill rigs. Targeting guidance for those drill rigs will
be enhanced by the results from the ZTEM-magnetic survey, which
will be released in the near future as the interpretive work is
completed. In closing I would like to express the appreciation of
the Board to the exploration teams and all the support teams, for
the diligent application of their expertise in making the discovery
and then for the countless things that need to be done properly and
on schedule to deliver a resource of this size and quality in the
record time of only 18 months. Well done and thank you!" said Fred
Stanford, President & CEO of Torex.
The table below summarizes the estimated tonnes, grade, and
contained ounces.
Media Luna Deposit Inferred Mineral Resource Estimate at a 2.0
g/t Au Eq. Cut-off Grade.
------------------------------------------------------------------------
------------------------------------------------------------------------
Gold Eq. Contained Gold
Resource Tonnes Grade Gold Eq. Grade
Deposit Category (Mt) g/t (Moz) (g/t)
------------------------------------------------------------------------
Media Luna Inferred 39.9 4.55 5.84 2.63
------------------------------------------------------------------------
------------------------------------------------------------------------
------------------------------------------------------------------------
------------------------------------------------------------------------
Contained Silver Contained Copper Contained
Gold Grade Silver Grade Copper
Deposit (Moz) g/t (Moz) % (Mlb)
------------------------------------------------------------------------
Media Luna 3.38 24.46 31.39 0.97 852.48
------------------------------------------------------------------------
------------------------------------------------------------------------
Notes to accompany Mineral Resource tables
1. The qualified person for the estimate is Mark Hertel, RM SME, an AMEC
employee. The estimate has an effective date of September 6th 2013
2. Au Equivalent = Au (g/t) + Cu% (i)(74.74/48.07) + Ag (g/t) (i)
(0.85/48.07)
3. Mineral Resources are reported as undiluted; grades are contained grades
4. Mineral Resources are reported using a long-term gold price of
US$1495/oz, silver price of US$26.45/oz, and copper price of US$3.39/lb. The
metal prices used for the Mineral Resources estimates are based on AMEC`s
internal guidelines which are based on long-term consensus prices
5. The assumed mining method is from underground; depending on
mineralization thicknesses, a combination of cut-and-fill and transverse
stoping methods are likely. Mining costs are assumed at US$27.68 per tonne
and processing costs at US$17.00 per tonne. General and administrative costs
are estimated at US$4.00 per tonne
6. Based on preliminary metallurgical testwork results, the metallurgical
recoveries are estimated as gold 87%, silver 73%, and copper 89%
7. Inferred blocks are located within 110 m of two drill holes, approx. 100
m drill hole grid spacing
8. Rounding as required by reporting guidelines may result in apparent
summation differences between tonnes, grade and contained metal content
Please refer to Figure 1 for resource area map and Figures 2-7
for representative simplified geological cross-sections.
The limits of the Media Luna Inferred Mineral Resource are
defined primarily on the basis of current permitting and logistical
considerations. Systematic drilling in this defined area has
identified a gold-silver-copper-mineralized skarn with approximate
dimensions of 1.6 km x 1.2 km and ranging from 4 m to greater than
70 m in thickness. The mineralized zone is exposed at the surface
along the northeastern border of the area, although it has only
been surface mapped in detail at one location due to extremely
steep topography along this margin. Skarn alteration and associated
mineralization remains open in several directions.
The geology, as currently understood, appears to continue
laterally and down-dip. In addition, the strong magnetic anomaly
that characterizes Media Luna persists to the southeast and to the
northwest of the resource estimate area. Drilling shows that the
magnetic anomaly can be explained by the presence of massive
magnetite and magnetic pyrrhotite, which are typically associated
with gold-silver-copper mineralization. Magnetite within the skarn
zone decreases significantly outside the boundary of the magnetic
anomaly, but magnetic pyrrhotite continues and is locally
associated with elevated Au-Ag-Cu grades outside the magnetic
anomaly.
The table below illustrates the sensitivity of the Inferred
Mineral Resource estimate to changes in cut-off grade. The base
case at a cut-off grade of 2.0 g/t Au equivalent is highlighted.
The table suggests that the mineral resource estimate is not
particularly sensitive to cut-off grade.
Sensitivity of Media Luna Inferred Mineral Resource Estimate to
Cut-Off Grade (base case is highlighted)
Media Luna Inferred Resource at 2.00 (g/t) Au Equivalent
Grade
---------------------------------------------------------------
Cutoff AuEq Tonnes AuEq Au Ag Cu
(g/t) (Mt) (g/t) (g/t) (g/t) (%)
---------------------------------------------------------------
1.50 48.9 4.03 2.27 22.82 0.89
---------------------------------------------------------------
1.75 44.2 4.29 2.45 23.69 0.93
---------------------------------------------------------------
2.00 39.9 4.55 2.63 24.46 0.97
---------------------------------------------------------------
2.25 35.7 4.84 2.83 25.39 1.01
---------------------------------------------------------------
2.50 32.2 5.11 3.01 26.43 1.06
---------------------------------------------------------------
3.00 26.6 5.60 3.36 28.06 1.13
---------------------------------------------------------------
---------------------------------------------------------------------
Cutoff AuEq Contained AuEq Contained Au Contained Ag Contained Cu
(g/t) (Moz) (Moz) (Moz) (Mlb)
---------------------------------------------------------------------
1.50 6.35 3.57 35.92 956.51
---------------------------------------------------------------------
1.75 6.10 3.47 33.66 904.64
---------------------------------------------------------------------
2.00 5.84 3.38 31.39 852.48
---------------------------------------------------------------------
2.25 5.56 3.26 29.18 795.94
---------------------------------------------------------------------
2.50 5.29 3.12 27.36 749.26
---------------------------------------------------------------------
3.00 4.80 2.88 24.03 665.24
---------------------------------------------------------------------
The mineral resource estimates set out above have been prepared
by AMEC E&C Services Inc. (AMEC), of Sparks, Nevada. Torex will
file a NI 43-101 Technical Report on SEDAR within 45 days of this
announcement.
Mineral Resource Estimate Methodology
Within the Media Luna project 165 drill holes (94,206) meters
support the mineral resource estimate. Assays were composited into
2.5 meter lengths for estimation into 2.5 meter cubic blocks.
MineSight® a commercially-available geologic modeling and mine
planning software package, was used to produce a three dimensional
block model. Specific gravity (SG) was assigned by rock type from
244 wax immersion density determinations. Gold, silver and copper
grades, within the Media Luna resource model, were estimated using
a geologic skarn zone solid, upper and lower grade domains, skarn
position variables, and lithologic codes. The skarn zone solid was
created from three contact surfaces: limestone-exoskarn,
exo-endoskarn, and endoskarn-granodiorite. Vertical, un-mineralized
intrusive dykes were solid modeled. Ordinary kriging was used to
interpolate grade. Mineral Resources take into account geologic,
mining, and processing constraints. AMEC reviewed underground
conceptual mining methods, and concluded that, depending on
mineralization thicknesses, a combination of cut-and-fill and
transverse stoping methods are likely. Mineral Resources are
classified in accordance with the 2010 CIM Definition Standards for
Mineral Resources and Mineral Reserves and the 2003 CIM Estimation
of Mineral Resources and Mineral Reserves Best Practice
Guidelines.
QA/QC and Qualified Persons
All of the Media Luna project 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 in 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 being 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 Media Luna Project.
The Qualified Person for the resource estimate is Mark Hertel,
RM SME, an AMEC employee.
The scientific and technical data contained in this news release
pertaining to the Media Luna 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 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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, without limitation,
information with respect to mineral resource estimates and the
initial drill program at the Media Luna prospecting area.
Generally, forward-looking information can be identified by the use
of terminology such as "plans", "expects", "estimates", "intends",
"anticipates", "believes" or variations of such words, or
statements that certain actions, events or results "may", "could",
"would", "might", "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 Company's actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking information, including, without limitation, risks
related to the inability to realize resource estimates at
anticipated recovery levels or at all, assumptions underlying
resource estimates being incorrect, and those 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
perception of trends, current conditions and expected developments,
and other factors that management believes are relevant and
reasonable in the circumstances at the date such statements are
made. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated. 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. Accordingly, readers should not
place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
To view figure 1 to 7 please visit the following link:
http://media3.marketwire.com/docs/Figure1-7.pdf.
Contacts: Torex Gold Resources Inc. Fred Stanford President and
CEO (647) 260-1502fred.stanford@torexgold.com Torex Gold Resources
Inc. Gabriela Sanchez Vice President Investor Relations (647)
260-1503gabriela.sanchez@torexgold.com www.torexgold.com
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