Encouraging results support strategy to fill the mill with higher-grade feed beyond 2027
TORONTO, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) is pleased to report initial results from the 2023 drilling program at EPO, a deposit located to the north of the Media Luna deposit, in close proximity to the Guajes Tunnel, south of the Balsas River. Results from the 2023 program continue to highlight the potential to upgrade Inferred resources to the Indicated category and expand Inferred resources through step-out drilling to the north and south of the deposit.

Jody Kuzenko, President & CEO stated:

“The geology of the Morelos Property continues to impress and support our strategy to enhance the production and cash flow profile beyond 2027 and extend the overall life of the Morelos Complex. The focus of our renewed investment in exploration and drilling is on expanding the resource potential of the Media Luna Cluster and making stand-alone discoveries across the broader Morelos Property.

“We are pleased with the results to date from the 2023 drilling program at EPO as the assay results indicate the potential to upgrade additional Inferred mineral resources while expanding mineralization. We are also optimistic about the potential to further increase the size of EPO, as the deposit remains highly prospective with mineralization open to the north, south, and potentially at depth. Results from the 2023 program will be incorporated into the year-end Mineral Resource update and will form the basis of an internal study evaluating the feasibility of developing an economic mining front at EPO, which could leverage the infrastructure currently being developed for Media Luna, including the Guajes Tunnel.

“Drill results from the resource categorization program have been positive, with infill drilling along the southern end of the deposit returning intercepts with similar grades and widths as previous drilling. Several drill holes returned favourable assay results including 9.78 grams per tonne gold equivalent (“gpt AuEq”) over 21.3 metres (“m”) in drill hole ML23-957D; 11.08 gpt AuEq over 5.3 m in ML23-941D; 5.08 gpt AuEq over 5.0 m in ML23-954D; 7.11 gpt AuEq over 14.1 m in ML23-938D; and 3.96 gpt AuEq over 49.75 m in ML23-933D.

“Initial results from the resource expansion program have also been encouraging, with four step-out holes confirming the mineralized footprint of the deposit approximately 500 m to the north of the current block model. Notable assay results from the resource expansion program include 6.14 gpt AuEq over 15.75 m and 4.04 gpt AuEq over 11.2 m in drill hole ML23-942; 4.69 gpt AuEq over 3.1 m, 4.49 gpt AuEq over 3.4 m, and 6.26 gpt AuEq over 3.0 m in ML23-935; 4.80 gpt AuEq over 8.6 m in ML23-956; as well as 7.99 gpt AuEq over 7.1 m and 8.81 gpt AuEq over 6.2 m in ML23-949A. The intercepts show a strong structural control of the mineralization by the dykes with assays demonstrating a higher proportion of copper mineralization relative to gold.

“Additionally, an evolving structural interpretation for the Morelos Property, in conjunction with historical drill results, indicate the potential to extend the mineralized footprint of EPO to the south. Drilling to test the southern extensions of the deposit and validate the structural interpretation is planned for the second half of the year.

“Overall, initial results from the 2023 drilling program at EPO are very encouraging and, combined with the success of the 2022 drilling campaign, continue to demonstrate the potential for EPO to become a new mining front on the south side of the Balsas River, which would support our strategic goal of filling the mill with higher-grade feed beyond 2027.”

The gold equivalent grade calculation accounts for the same metal prices ($1,550/oz gold (“Au”), $20/oz silver (“Ag”), and $3.50/lb copper (“Cu”)) as well as metallurgical recoveries (85% Au, 75% Ag, and 89% Cu) used in the current Mineral Resource estimate for the EPO deposit (effective date of December 31, 2022).

Assay results from the resource categorization program at EPO can be found in Table 3 and results from the expansion drilling program at EPO can be found in Table 4.

2023 EPO DRILLING PROGRAM

Through the end of July, approximately 24,140 m and 54 holes were drilled as part of the 2023 drilling program at EPO, with assays received for 34 holes. This represents 72% of the approximately 35,000 m of total drilling planned at EPO in 2023.

A recent structural study has identified at least three north-south oriented thick-skin faults, with the Cuajiote fault believed to be responsible for the El Limón Guajes and Media Luna Cluster mineralization. Specifically at EPO, this structural interpretation highlights the exploration potential to the south and to the north, towards the highly prospective Todos Santos target, all of which further demonstrates the continuity of the Media Luna Cluster.

RESOURCE CATEGORIZATION PROGRAM

The resource categorization program in 2023 is aimed at upgrading Inferred resources along the southern portion of the deposit to the Indicated category. The initial results suggest a portion of the Inferred resources in the area of focus will be upgraded to Indicated resource category (Figures 1 and 2).

Assay results have been received for 30 holes drilled under the resource categorization program (approximately 21,280 m), 24 of which returned intercepts with mineralization in excess of 2.0 gpt AuEq and over 3 m in length.

Table 1: Highlights from the 2023 resource categorization program at EPO

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