Torex Gold Reports Results From The Ongoing 2024 EPO Exploration Program
Torex Gold Reports Results From The Ongoing 2024 EPO Exploration Program . (MENAFN - Newsfile Corp) 
(All amounts expressed in U.S. dollars unless otherwise stated)Toronto, Ontario--(Newsfile Corp. - November 13, 2024) - Torex Gold Resources Inc. (the "Company" or "Torex") ...
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(MENAFN- Newsfile Corp) (All amounts expressed in U.S. dollars unless otherwise stated) Toronto, Ontario--(Newsfile Corp. - November 13, 2024) - Torex Resources Inc. (the "Company" or "Torex") (TSX: TXG) announces assay results from the Company's ongoing program at EPO. The results to date support Torex's goal of expanding resources to the north of the deposit and upgrading Inferred Resources to Indicated Resources. Jody Kuzenko, President & CEO of Torex, stated: "The results from the first half of EPO's 2024 exploration and drilling program build on the success of the drilling programs conducted over the last few years. Drilling has confirmed mineralization extends beyond defined resources to the north and also indicates high potential to convert Inferred Resources to Indicated Resources in both the south and the northeast of the deposit. The expansion of resources to the north reinforces the underlying potential for EPO and, if follow-up drilling is successful, could open up new operating fronts to support additional production from EPO beyond what was outlined in the internal prefeasibility study released in September. "We look forward to seeing the results from the second half of the 2024 program, which I expect will further indicate the potential to build on our resource inventory with the year-end mineral reserve and resource update and support the Company's target of sustaining annual gold equivalent production between 450,000 to 500,000 ounces beyond 2030. With only a few months remaining before Media Luna delivers first production and the Company returning to a strong free cash flow position, EPO is setting the stage for the capital efficient growth potential we see within the Media Luna Cluster and across the whole Morelos Property." HIGHLIGHTS

Within the northeastern portion of the EPO deposit, drilling has highlighted the potential to upgrade Inferred Resources to Indicated Resources, with the most notable intercepts from drill hole ML23-1009 which returned 10.67 grams per tonne gold equivalent ("gpt AuEq") over 36.6 metres ("m"), including 44.80 gpt AuEq over 7.6 m; and drill hole ML23-1001 which returned 6.82 gpt AuEq over 18.9 m .

Drilling directly south of the defined resource encountered mineralization, highlighting the potential to expand Indicated Resources in that direction. Most notably, drill hole ML24-1035D intercepted 5.70 gpt AuEq over 7.5 m . Drilling has also confirmed the expansion of mineralization to the north of EPO and has defined a northwest corridor with at least 100 m of vertical continuity. Notably, drill hole ML24-1017, a follow-up of drill hole ML23-942 (6.14 gpt AuEq over 15.8 m; press release dated September 5, 2023), intercepted 6.35 gpt AuEq over 5.1 m . 2024 EPO DRILLING & EXPLORATION PROGRAM EPO currently hosts a gold equivalent Indicated Resource of over 1.15 Moz AuEq at a grade of 5.14 gpt AuEq and an Inferred Resource of over 0.72 Moz AuEq at a grade of 4.52 gpt AuEq.1 The focus of the 2024 drilling program at EPO is to upgrade Inferred Resources to Indicated Resources as well as expand the overall resource footprint, specifically to the north. Assays for 22 holes drilled in 2023 that were received after the cut-off date to be included in the year-end 2023 mineral resource estimation have been included in this press release. For the 2024 program, 15 drill holes totalling 9,860 m drilled through the first three quarters of the year have been included. Results to date support the ability to grow Indicated Resources and expand Inferred Resources. Torex has budgeted approximately $10 million for the 2024 drilling and exploration program at EPO. Drilling is progressing with four rigs and the Company is forecasting to achieve a forecast of 21,000 m by the end of the year. Detailed drill results are reported in Table 4 (2023 results) and Table 5 (2024 results). Drill hole intercepts are core lengths and not true widths. True width will be determined once the geological modelling to define the ore controls is completed. The gold equivalent grade calculation accounts for the same metal prices ($1,650/oz gold ("Au"), $22/oz silver ("Ag"), and $3.75/lb copper ("Cu")) as well as metallurgical recoveries (87% Au, 85% Ag, and 92% Cu) used in the current mineral resource estimate for the EPO deposit (effective date of December 31, 2023). 1) Mineral resource estimates for the Morelos Complex can be found in table 3 of this news release. AuEq values account for underlying metal prices and metallurgical recoveries used in resource estimates. For additional information on the mineral resource estimates for the Morelos Complex, please see the Company's Annual Information Form dated March 27, 2024 filed on SEDAR+ at and on the Company's website at . RESOURCE DELINEATION DRILLING PROGRAM The strong results from the 2023 EPO drilling program wherein the quality and continuity of the mineralization was identified to the south of the deposit has underpinned the 2024 Resource Delineation drilling program. Six drill holes to date have returned favourable intercepts in the southern area of EPO, with the most notable being ML24-1035D (4.37 gpt AuEq over 10.5 m) and ML24-1037DA (5.12 gpt AuEq over 9.7 m). The drilling indicates the potential to upgrade Inferred Resources to Indicated Resources with the 2024 year-end mineral reserve and resource update. These mineralized intercepts show a strong structural control, with mineralized ore shoots at the hanging-wall of the dikes containing up to 10 m of vertical extension and lateral continuity of at least 75 m. Table 1: Highlights from the Resource Delineation drilling program to upgrade Inferred Resources to Indicated Resources to the south and the east at EPO

Drill Hole From

(m) To

(m) Core Length1

(m) Au

(gpt) Ag

(gpt) Cu

(%) AuEq2

(gpt) ML23-994D 738.84 758.00 19.16 4.01 2.9 0.30 4.54 Including 751.00 757.04 6.04 12.34 4.9 0.40 13.06 Including 751.00 754.22 3.22 22.96 6.5 0.35 23.63 ML23-997D 693.07 711.82 18.75 2.83 28.1 1.26 5.28 Including 700.00 703.30 3.30 10.73 15.6 1.02 12.60 Including 706.95 711.82 4.87 1.56 59.2 2.74 6.84 ML23-1001 706.00 713.75 7.75 1.14 31.6 1.22 3.55 and 732.40 751.31 18.91 1.56 72.6 2.62 6.82 ML23-1002 367.52 369.00 1.48 1.66 70.6 1.38 4.85 and 387.66 394.28 6.62 1.38 79.3 0.79 3.71 ML23-1003 174.72 176.15 1.43 2.40 35.2 0.62 3.88 and 176.35 178.00 1.65 10.61 43.9 0.37 11.80 ML23-1009 588.13 624.70 36.57 9.57 19.8 0.51 10.67 Including 588.13 595.68 7.55 43.33 48.3 0.51 44.80 ML24-1026A 474.96 479.25 4.29 0.52 55.8 1.40 3.56 and 494.41 503.00 8.59 0.20 69.6 1.31 3.26 Including 494.41 498.67 4.26 0.32 113.8 2.38 5.73 ML24-1030DA 467.03 469.49 2.46 6.22 20.0 0.28 6.94 Including 467.03 468.21 1.18 11.60 34.1 0.58 13.00 ML24-1035D 476.75 487.24 10.49 3.32 17.4 0.50 4.37 Including 477.84 485.36 7.52 4.43 22.5 0.59 5.70 ML24-1037DA 496.31 506.00 9.69 4.69 6.5 0.20 5.12 Including 497.31 499.10 1.79 4.03 20.0 0.83 5.66 Including 505.00 506.00 1.00 35.80 7.0 0.03 35.94

Notes to Table:

1) Intercepts are reported as core length (not true width/thickness). True width/thickness will be determined once the geological modelling to define the ore controls is completed.

2) Core lengths reflect drilling core recovery >98%.

3) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0130) + (Cu (%) * 1.6480) and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (87% Au, 85% Ag, and 92% Cu) used in the year-end 2023 mineral resource estimate for EPO Underground.

To the southwest, mineralized intercepts are more discrete, with drill widths of less than 2 m and grades ranging from 3 to 7 gpt AuEq. Drilling from surface has been complex due to the presence of the clay-rich Copalillo fault zone, which resulted in two drill holes being abandoned this year.

To the northeast of the defined Inferred Resources, mineralization encountered in drill holes ML23-1009 (10.67 gpt AuEq over 36.6 m, including 44.80 gpt AuEq over 7.6 m) and ML23-1001 (6.82 gpt AuEq over 18.9 m) highlights the potential for Inferred Resources to be converted to Indicated Resources. This area will be subject to Resource Delineation drilling later this year once the geological modelling to define the ore controls is completed.

As part of the 2025 exploration program, the Company is evaluating an approximately 600 m exploration drift from South Portal Upper directly north over the upper portion of reserves at EPO at the 970 m elevation. This drift, as well as the lower elevation access tunnel connecting EPO to the Guajes Tunnel (planned to commence in mid-2025), will support lower cost, closer to the deposit drilling which will, in turn, inform and derisk the feasibility study mine design. The exploration drift will also provide access to the upper portion of EPO.

ADVANCED EXPLORATION DRILLING PROGRAM

Beyond the defined resource boundary to the north of EPO, mineralization encountered in drill hole ML23-942 (6.14 gpt AuEq over 15.8 m and 4.04 gpt AuEq over 11.2 m; press release dated September 5, 2023) drilled during the 2023 program was the basis for an Advanced Exploration drilling program. Six holes drilled in a north-south direction as part of the 2024 program have confirmed the mineralization continuity along a northwest trend extending for over 400 m with a vertical extension exceeding 100 m.

Most of the mineralized intercepts in the northern part of EPO are located at the hanging wall of the dikes, trapped at the contact between the limestones and the intrusive bodies that host most of the mineralization at the Media Luna Cluster. The latter suggests that the dike contacts could correspond to the main mineralization feeders.

Drill hole ML24-1017 (3.41 gpt AuEq over 8.3 m) confirms the vertical continuity of the mineralization at the hanging-wall of the dikes. The multiple mineralized intercepts encountered in this area suggest the potential for additional ore shoots that are yet to be tested.

Initial results from the 2024 drilling program support the addition of Inferred Resources to the north of EPO with the year-end mineral reserve and resource update. Assuming the ability to delineate Inferred Resources in this area in 2024, follow-up delineation drilling in 2025 will look to further upgrade resources in this area. Given that the vertical continuity of the mineralization encountered is potentially conducive to a long-hole mining method, the success of current and future drilling could support additional mining fronts at EPO, which in turn could support mining beyond what was identified in the prefeasibility study.

Table 2: Highlights from the Advanced Exploration drilling program to test the northern extension of EPO

Drill Hole From

(m) To

(m) Core Length1

(m) Au

(gpt) Ag

(gpt) Cu

(%) AuEq2

(gpt) ML23-1013 535.00 537.94 2.94 0.21 70.3 1.37 3.38 547.84 550.84 3.00 4.90 20.7 0.28 5.63 564.44 566.81 2.37 0.46 149.1 3.24 7.74 ML24-1017 699.48 703.68 4.20 2.21 26.0 0.53 3.42 721.00 722.68 1.68 3.43 23.5 0.17 4.02 850.95 859.28 8.33 0.44 45.2 1.44 3.41 887.35 892.45 5.10 3.70 30.4 1.37 6.35 ML24-1018 812.35 815.94 3.59 0.51 68.8 2.23 5.07 ML24-1020 782.61 785.62 3.01 0.67 66.5 2.18 5.13 796.37 796.98 0.61 3.71 54.8 1.82 7.42 ML24-1022 774.99 778.17 3.18 3.56 39.0 0.95 5.64 ML24-1031 217.65 220.75 3.10 2.64 134.3 0.02 4.42

Notes to Table:

1) Intercepts are reported as core length (not true width/thickness). True width/thickness will be determined once the geological modelling to define the ore controls is completed.

2) Core lengths reflect drilling core recovery >98%.

3) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0130) + (Cu (%) * 1.6480) and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (87% Au, 85% Ag, and 92% Cu) used in the year-end 2023 mineral resource estimate for EPO Underground.

EPO GEOLOGY

The main host unit at EPO is the Morelos Formation, cut by an intrusive phase of the Media Luna granodiorite and followed by multiple generations of late felsic dikes predominantly oriented northwest and northeast. Finally, a dome and phreatomagmatic breccia event with an apparent north-south control crosscuts the whole sequence.

EPO is located to the east of the major Cuajiote fault within a structural block characterized by multiple second-order structures. These structures are recognized at surface and in drill core, and exhibit north-south, north-northeast, and subordinate northwest orientations. The north-south oriented Copalillo and Todos Santos faults control the main alteration-mineralization event. Early-stage calc-silicate alteration is related to a proximal "aborted" skarn event containing anomalous molybdenum values and traces of Cu and Au. The latter grades into CRD-style mineralization that is associated with the main Cu and Ag mineralization event. Mineralizing fluids are believed to have originated from a deeper magmatic source, younger than the Media Luna granodiorite stocks, which have not yet been identified at surface. A late IS-epithermal mineralization event, related to the phreatomagmatic activity, increases the Au volume and grade. Dikes and sills are deemed to have been previously emplaced along the same feeder structures of the mineralization event and constitute traps for the mineralized bodies. Given that Au precipitates due to the buffer exerted by the early stage calc-silicate alteration and sulfide mineralization, it occurs as free Au and is dissociated from the early Cu event mainly related to chalcopyrite.

QA/QC AND QUALIFIED PERSON

Torex maintains an industry-standard analytical quality assurance and quality control ("QA/QC") and data verification program to monitor laboratory performance and ensure high-quality assays. Results from this program confirm reliability of the assay results. All sampling and analytical work for the mine exploration program is performed by SGS de Mexico S.A. de C.V. ("SGS") in Durango, and by SGS at Minera Media Luna site facilities in Mexico. Gold analyses comprise fire assays with atomic absorption or gravimetric finish. External check assays for QA/QC purposes are performed at ALS Chemex de Mexico S.A. de C.V.

The analytical QA/QC program for EPO drilling is currently overseen by José Antonio San Vicente Díaz, Chief Exploration Geologist for Minera Media Luna, S.A. de C.V. All samples reported have been checked against Company and Lab standards, and blanks. No core duplicate samples are taken.

Sample preparation is carried out by BV at its facilities in Durango, Mexico and consists of crushing a 1 kg sample to >70% passing 2 mm followed by pulverisation of 500 g to >85% passing 75 μm. Gold is analyzed at the BV facilities in Hermosillo, Mexico following internal analytical protocols (FA430) and comprises a 30g fire assay with an atomic absorption finish. Samples yielding results >10 g/t Au are re-assayed by fire assay with gravimetric finish (FA530-Au). Copper and silver analyses are completed at the BV facilities in Vancouver, Canada as part of a multi-element geochemical analysis by an aqua regia digestion with detection by ICPES/MS using BV internal analytical protocol AQ270. Overlimits for the multi-element package are analyzed by internal protocol AQ374. Scientific and technical information contained in this news release has been reviewed and approved by Rochelle Collins, P.Geo. (PGO #1412), Principal, Mineral Resource Geologist with Torex Gold Resources Inc. "a qualified person" ("QP") as defined by NI 43-101. Ms. Collins has verified the information disclosed, including sampling, analytical, and test data underlying the drill results. Verification included visually reviewing the drill holes in three dimensions, comparing the assay results to the original assay certificates, reviewing the drilling database, and reviewing core photography consistent with standard practice. Ms. Collins consents to the inclusion in this release of said information in the form and context in which they appear.

Additional information on sampling and analyses, analytical labs, and methods used for data verification is available in the Company's technical report entitled the "Morelos Property, NI 43-101 Technical Report, ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study, Guerrero State, Mexico", dated effective March 16, 2022 filed on March 31, 2022 (the "2022 Technical Report") and in the annual information form ("AIF") dated March 30, 2023, each filed on SEDAR+ at and the Company's website at .

ABOUT TOREX GOLD RESOURCES INC.

Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City. The Company's principal asset is the Morelos Complex, which includes the El Limón Guajes ("ELG") Mine Complex, the Media Luna Project, a processing plant, and related infrastructure. Commercial production from the Morelos Complex commenced on April 1, 2016 and an updated Technical Report for the Morelos Complex was released in March 2022. Torex's key strategic objectives are: integrate and optimize the Morelos Property; deliver Media Luna to full production; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and build on ESG excellence.
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(MENAFN - Newsfile Corp) 
(All amounts expressed in U.S. dollars unless otherwise stated)Toronto, Ontario--(Newsfile Corp. - November 13, 2024) - Torex Gold Resources Inc. (the "Company" or "Torex") ...
Torex Gold Reports Results From The Ongoing 2024 EPO Exploration Program