Torex Gold Resources Inc. (the "Company" or "Torex")
(TSX:TXG)(TSX:TXG.W.A.) is pleased to report that it has recently
intersected several of the highest grade gold intercepts drilled
thus far at the Media Luna and Media Luna West targets at the
Company's Morelos Gold Project in Mexico. At Media Luna, borehole
ML-35 intersected 30.31 g/t Au over 21.0m; borehole ML-79
intersected 15.56 g/t Au over 12.2m; borehole ML-11A intersected
28.60 g/t Au over 5.2m. At Media Luna West, borehole MLW-02
intersected15.68 g/t Au over 5.9m. The gold and gold equivalent
values for the 23 boreholes being reported today are shown in the
Highlight Table and in Table 1.
Fred Stanford, President & CEO of Torex stated: "the
Company's focus on drilling the magnetic anomalies in the Media
Luna Area has been very successful in discovering both high grade
gold intersections and thick intervals of potentially economic gold
mineralization. The two magnetic anomalies drilled to date, which
cover approximately 391 hectares, appear to represent very large
gold mineralizing systems that warrant extensive additional
drilling to define the size and grade of the gold zones. In
addition, there are several untested magnetic anomalies that appear
to have similar potential." He added, "the drilling within the
magnetic anomalies has resulted in the discovery of local areas
containing very high-grade gold along with significant copper and
silver values. The drilling along the edges and outside of the
magnetic anomalies (13 of the 23 boreholes being reported today)
has allowed the Company to start to define the boundaries of the
large Media Luna gold mineralized areas. The focus of the on-going
exploration will continue to drill test the length and width of the
Media Luna and Media Luna West magnetic anomalies and to initiate
testing of additional highly prospective magnetic anomalies in the
area."
Highlights of drill results from inside the magnetic anomalies of Media Luna
and Media Luna West
----------------------------------------------------------------------------
Intersection Core Au
----------------
From To Length Au Ag Cu Equivalent
BH I.D. (m) (m) (m) (g/t) (g/t) (%) (g/t) Lithology
----------------------------------------------------------------------------
ML-35 550.45 571.42 20.97 30.31 44.21 1.14 32.84 Skarn
----------------------------------------------------------------------------
ML-79 401.86 414.10 12.24 15.56 15.56 1.99 19.19 Skarn
----------------------------------------------------------------------------
ML-11A 505.91 511.08 5.17 28.60 26.43 1.39 31.17 Skarn
----------------------------------------------------------------------------
MLW-02 675.87 726.65 50.78 3.53 1.62 0.00 3.56 Skarn
----------------------------------------------------------------------------
and 752.09 757.95 5.86 15.68 3.17 0.06 15.83 Skarn
----------------------------------------------------------------------------
ML-20 331.95 336.30 4.35 11.69 107.21 4.71 20.74 Skarn
----------------------------------------------------------------------------
ML-152 384.85 391.63 6.78 5.87 52.81 1.59 9.24 Skarn
----------------------------------------------------------------------------
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
To view Table 1 for a complete list and expanded description of
the intercepts, please vist the following link:
http://media3.marketwire.com/docs/841805_Table_1.pdf.
To view Figures 1-4 for borehole locations, please visit the
following link:
http://media3.marketwire.com/docs/841805_Figures1-4.pdf.
Forty-three drill holes have been completed at Media Luna over a
strike length of approximately 1.85 km and a width of 1 km. All but
one of these holes has intersected significant skarn alteration,
and that hole intersected a post mineralization dike at the target
zone. Massive-magnetite sulfide mineralization, with associated
skarn appears to correlate closely to the area of the most intense
magnetic anomalism. Skarn alteration continues in drilling beyond
the margins of the magnetic high, however, at this early stage,
better grade gold mineralization appears to be more consistently
associated with magnetic high area. Within the magnetic high area,
high grade gold is often found associated with the
massive-magnetite sulfide mineralization. However, high grade gold
also occurs in sulfide-bearing skarn without magnetite.
Copper mineralization, with elevated silver and low but
anomalous gold, and associated with pyrrhotite-bearing skarn, has
been intersected outside of the magnetic anomaly.
At Media Luna West, gold is also associated with
magnetite-sulfide mineralization within the area of more intense
magnetic anomalism. Several additional magnetic targets occur near
the Media Luna and Media Luna West areas and these targets are
scheduled to be tested later in the drill program.
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.
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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