| Announcement Date: | 2022-12-05 |
|---|---|
| Announcement Type: | Drilling Results |
| Announcement Code: | NI43-101 |
| Company name: | Torex Gold Resources Inc. |
| Project name: | El Limon Guajes |
| Location: | Mexico |
| Commodities: | Gold,Silver,Copper |
| Highlight: | Drilling results incl. 15.96m at 87.60g/t Au, 15.40g/t Ag, 0.15% Cu, from 154.04m |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | TORONTO, Ontario, December 5, 2022 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) is pleased to report positive assay results from step-out and infill drilling at El Limón Sur, which is targeting underground mineralization below the existing open pit as well as incremental open pit mill feed. The latest drill results support the Company’s strategic priority of optimizing and extending production and cash flow from the El Limón Guajes (“ELG”) Mine Complex. Jody Kuzenko, President & CEO of Torex, stated: “Drilling below the El Limón Sur open pit has validated the mineralized potential of this steeply dipping zone, named El Limón Sur Deep. This potential new underground mining front is in addition to the potential mining front identified earlier this year at Sub-Sill South. Drilling at El Limón Sur Deep returned multiple impressive intersects, including 163.5 grams per tonne gold (“g/t” Au) over a core length of 4.5 metres (“m”) and 166.9 g/t Au over 3.8 m, both within a broader intersect of 87.6 g/t Au over 16.0 m; 107.6 g/t Au over 3.0 m within a broader intersect of 25.3 g/t Au over 22.8 m (including 122 g/t silver and 3.45% copper); 15.2 g/t Au over 9.9 m; and 8.1 g/t Au over 18.7 m. “We expect to announce expanded resources from both El Limón Sur Deep and Sub-Sill South when year-end 2022 mineral reserves and resources are published in March. Infill drilling planned for 2023 will be aimed at bringing these underground mineral resources into reserves. Both El Limón Sur Deep and Sub-Sill South are expected to extend the mine life of ELG Underground and support our objective of increasing underground mining rates to 2,000 tonnes per day in 2024. “In addition, drilling has identified additional mineralization within the upper portion of the El Limón Sur open pit. Based on the results of this drilling and initial mine planning activities, we expect to extend the life of the El Limón Sur open pit by about 6 months and bring approximately 25,000 ounces of gold into the mine plan. “We are extremely encouraged with the results from the various drill programs underway across the Morelos Complex and are optimistic about future programs bringing similar success. Based on the results to date, and underlying potential of the property, we expect to steadily improve the current production profile and the associated economics outlined in the 2022 Technical Report. |
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