TORONTO, ONTARIO--(Marketwire - Feb. 20, 2013) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX:TXG)(TSX:TXG.W.A.) is pleased to report that it continues to intersect high grade gold mineralization over significant widths at both the Media Luna and Media Luna West targets at the Company's Morelos Gold Project in Mexico. At Media Luna, borehole WZML-07 intersected 36.18 g/t Au over 26.7m; borehole ML-200 intersected 12.58 g/t Au over 6.0m; borehole NEZML-12 intersected 14.71 g/t Au over 5.7m and 5.49 g/t Au over 20.3m; and borehole WZML-16 intersected 4.25 g/t Au over 13.1m. At Media Luna West, borehole MLW-05 intersected 48.0 g/t Au over 2.8m.
Fred Stanford, President & CEO of Torex stated: "These excellent drill intercepts continue to support the model that the Media Luna Area hosts very large and consistent gold-copper-silver mineralizing systems associated with large magnetic anomalies. Of the 60 boreholes drilled to date into the Media Luna magnetic anomaly, 54 of the boreholes (90%) have intersected skarn alteration containing gold-copper-silver mineralization. At the Media Luna West magnetic anomaly five of the six boreholes drilled to date contain similar gold-copper-silver mineralization. Of particular interest from the 19 boreholes being reported today is the western edge of the Media Luna magnetic anomaly where borehole WZML-07 intersected 36.18 g/t Au over 26.7m. WZML-07 contains the highest gold values intersected in Media Luna to date and is 108 meters to the north of the previously reported ML-35 which contained 30.31 g/t Au over 21.0m. Also released today is borehole ML-115, which has returned the longest potentially economic intercept to date with 124.6m grading 2.45 g/t of Au Eq. ML-115 is also along the western edge of the Media Luna magnetic anomaly and is located over 1,140 meters north of WZML-07. We look forward to further testing of this very prospective, potentially thick, high-grade gold-copper-silver zone located along the western boundary of the Media Luna magnetic anomaly." He added "We also look forward to receiving the permits to extend the network of roads in the Media Luna area which will allow us to drill test the full strike length of the Media Luna and Media Luna West magnetic anomalies. In addition, several additional prospective magnetic targets occur in the Media Luna area and these targets are scheduled to be tested later in the drill program."
|Highlights of drill results from Media Luna and Media Luna West
True thickness of the mineralized zone is unknown and is reported as core 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.
Please refer to Table 1 for a complete list and expanded description of the borehole intercepts reported in this press release and Figures 1-4 for borehole locations.
Nine drill rigs are currently testing the central portion of the large magnetic anomaly at Media Luna on approximately 100 meter drill centers. Two additional drill rigs continue to test the Media Luna West target and other portions of the main Media Luna magnetic anomaly.
The focus of on-going exploration is to complete a resource drill program covering the central portion of Media Luna, continue to drill test the length and width of the Media Luna and Media Luna West magnetic anomalies, and begin testing of additional highly prospective magnetic anomalies in the area.
Sixty drill holes have been completed at Media Luna over a strike length of approximately 1.85 km and a width of 1 km. Gold is associated with massive-magnetite sulfide mineralization and accompanying skarn alteration. Gold also occurs locally in pyrrhotite and chalcopyrite-bearing skarn without massive magnetite. At Media Luna West, gold is also associated with magnetite-sulfide mineralization within the area of more intense magnetic anomalism.
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.
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/TXG2002_Table1.pdf.
To view "Figures 1-4" please visit the following link: http://media3.marketwire.com/docs/TXG2002_Figures_1-4.pdf.