|By Marketwired .||
|June 26, 2014 06:00 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/26/14 -- Torex Gold Resources Inc. (the "Company" or "Torex") (TSX:TXG)(TSX:TXG.WT) is pleased to announce completion of its in-fill drilling program covering the near-surface portion of the El Limon Sur area at its El Limon-Guajes Gold Project in Mexico. Highlighted intercepts from the in-fill drilling include 22.2 g/t Au over 12.3m in borehole LS-02, 7.2 g/t Au over 34.1m in borehole LS-20, 4.8 g/t Au over 23.5m in borehole LS-33, and 8.0 g/t Au over 15.2m in borehole LS-41. The El Limon Sur area is located on the south face of El Limon hill.
Fred Stanford, President & CEO of Torex stated: "The intent of this drilling program is to upgrade the inferred resources at El Limon Sur to the indicated category. The drill program results have been submitted to AMEC for resource modelling and we expect to have an updated resource estimate available in early August. With that upgraded information our teams can then put together a mine plan with the objective of taking advantage of the processing plant capacity that is available during the ramp up of the Guajes and El Limon pits in 2016. The proximity of El Limon Sur to the El Limon access road and the near surface nature of the mineralization, make El Limon Sur an excellent potential source of additional feed for the processing plant during the ramp-up period." He added, "In order to minimize risks to the schedule, the process for developing the permit applications is already underway."
--------------------------------------------------------------------------- Interval (m) --------------------------------------------------------------------------- BH ID Area From To Interval Length (m) Au (g/t) Lithology --------------------------------------------------------------------------- LS-02 EL Limon Sur 20.6 32.9 12.3 22.23 Breccia --------------------------------------------------------------------------- LS-20 EL Limon Sur 45.0 79.1 34.1 7.19 Skarn --------------------------------------------------------------------------- LS-33 EL Limon Sur 58.3 81.8 23.5 4.80 Breccia --------------------------------------------------------------------------- LS-41 EL Limon Sur 88.5 103.7 15.2 8.05 Skarn ---------------------------------------------------------------------------
Notes: True thickness of the mineralized zone is unknown and is reported as drill-hole length.
Please refer to Table 1 for a complete list and expanded description of the borehole intercepts reported in this press release. Refer to Figures 1-4 for borehole locations.
To see Table 1, please click on the following link: http://media3.marketwire.com/docs/TorexTable1.pdf
To see Figures 1-4, please click on the following link: http://media3.marketwire.com/docs/TorexFigures1-4.pdf
The El Limon Sur area is located on the south face of El Limon hill. Mineralization is situated along a southwest-trending ridge and extends approximately 725 m. In this program, thirty-eight diamond drill holes were completed over selected portions of the El Limon Sur area. These holes, in-fill portions of inferred resources that were estimated from 42 previous holes (see Guajes and El Limon Open Pit Deposits, Updated Mineral Resource Statement, NI 43-101 Technical Report dated June 18, 2012). The current program had the objective of delineating the boundaries of the near-surface; easily-accessible portions of the inferred resources and to in-fill the drill-spacing within these areas to potentially allow for upgrading of the resources to a minable class. Mineralization at El Limon Sur remains partially open at depth, however the objective of the current drilling is to test only near-surface areas.
The El Limon Sur area is underlain by a similar stratigraphic succession as the southeastern portion of the El Limon deposit. In general, marbleized and hornfelsed sedimentary rocks are in contact with the El Limon granodiorite intrusive. Post mineralization, felsic dikes and sills are also common. Pyroxene-garnet skarn occurs along the contact between hornfels or marble and granodiorite.
There are two main areas of near-surface gold mineralization at El Limon Sur that are separated by a zone of mostly barren granodiorite. The northernmost mineralized area is characterized by retrograde-altered exoskarn. The exoskarn contains sulfides and local argillic alteration. The southern mineralized area is smaller in extent and consists of dominantly endoskarn along with hydrothermal breccias. The hydrothermal breccias are developed within skarn and often display thin laminations and size-graded layering. The mineralized zones are strongly oxidized in the near-surface.
QA/QC and Qualified Persons
All of the El Limon Sur 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 MML.
The scientific and technical data contained in this news release 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.
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 a future resource calculation. 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 the 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.
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