Torex Continues to Confirm Its Guajes East and West Deposits
TORONTO, ONTARIO -- (Marketwire) -- 06/27/11 -- Torex Gold Resources Inc. (the 'Company' or 'Torex') (TSX: TXG) continues to encounter high grade gold mineralization at its Guajes East and West deposits. Highlights include borehole TMP-1099 with main intercepts of 6.60g/t Au over 50.5m and 7.40g/t Au over 13.6m. TMP-1099 is an in-fill borehole in the area between Guajes East and West that has produced several high grade intercepts. At the other end of the Guajes East deposit, step-out drilling to the southeast, in borehole TMP-1077, included intercepts of 3.88g/t Au over 8.0m and 3.27g/t Au over 9.6m. This deposit remains open to the west, to the east and to the south.
Step out drilling at its Guajes West deposit has delivered 3.45g/t Au over 11.8m in borehole TMP-1071 and 2.92g/t Au over 3.0m in borehole TMP 1047. In-fill drilling at Guajes West has continued to confirm the geological model with significant intercepts including 2.16g/t Au over 46.3m in borehole TMP-1081, 3.22g/t Au over 14.6m in borehole TMP-1075 and 8.60g/t Au over 15.0m in borehole TMP-1049. The Company's drilling program in the next few months will continue to test the extensions of the gold mineralization around all three deposits at its Morelos Gold Project.
To date, Torex has drilled a total of 136 boreholes (22,247 metres) at the Guajes East and West deposits. The 21 boreholes (3,574 metres) being reported today were completed prior to the temporary suspension of drilling announced March 24, 2011.
Fred Stanford, President & CEO of Torex stated: 'These are more great results from an area that has consistently produced high grade intercepts and they continue to support our confidence in attaining our goal of defining a global resource of 5 million ounces of gold north of the Balsas River when we complete our new resource estimate in Q4/11.' He added, 'The new drilling contractors are in the process of assembling equipment and providing training in coordination with our logistics and security staff and we look forward to an imminent restart of drilling activities.'
Highlights for the Guajes East drilling:
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Interval (m)
-------------- Interval
BH ID Area From To Length (m) Au (g/t) Lithology
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TMP-1077 Guajes East 33.55 43.10 9.55 3.27 Hornfels, Porphyry
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Inc. 33.55 41.55 8.00 3.88 Hornfels, Porphyry
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with 33.55 37.70 4.15 7.06 Hornfels
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TMP-1097 Guajes East 50.76 71.50 20.74 0.62 Hornfels, Porphyry
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80.70 87.80 7.10 1.55 Hornfels
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With 80.70 83.70 3.00 3.09 Hornfels
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Porphyry, Marble,
TMP-1099 Guajes East 15.25 65.74 50.49 6.60 Breccia
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With 15.25 32.00 18.25 11.88 Porphyry
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55.00 59.50 4.50 10.86 Breccia
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88.55 102.15 13.60 7.40 Porphyry, Endoskarn
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Highlights for the Guajes West drilling:
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Interval (m)
-------------- Interval
BH ID Area From To Length (m) Au (g/t) Lithology
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TMP-1049 Guajes West 112.0 127.0 15.0 8.60 Endoskarn
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With 121.00 125.50 4.50 27.33 Endoskarn
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TMP-1055 Guajes West 65.25 83.60 18.35 2.74 Skarn
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With 75.10 82.10 7.00 6.14 Skarn
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TMP-1059 Guajes West 62.70 65.70 3.00 4.22 Skarn
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TMP-1068 Guajes West 51.00 60.00 9.00 1.53 Skarn
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With 52.50 55.50 3.00 3.96 Skarn
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TMP-1071 Guajes West 54.00 65.80 11.80 3.45 Porphyry
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With 55.06 60.20 5.14 6.57 Porphyry
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Hornfels, Endoskarn,
TMP-1075 Guajes West 96.38 106.00 9.62 3.02 Skarn
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And 116.70 131.25 14.55 3.22 Porphyry, Skarn
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With 116.70 119.70 3.00 5.88 Porphyry
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And 128.10 131.25 3.15 5.94 Skarn
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Porphyry, Endoskarn,
TMP-1081 Guajes West 77.05 123.40 46.35 2.16 Skarn
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With 77.05 83.00 5.95 7.28 Porphyry
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And 85.06 88.05 2.99 3.69 Endoskarn
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Please refer to Table 1 for a full list of significant intercepts and Figure 1 and Figure 2 for borehole locations. Figure 2 includes select previously released boreholes to emphasize the high grade area on the west end of the Guajes East deposit which remains open to the south, east and west.
Quality Assurance/Quality Control
At the Morelos Gold Project, all of the analytical work is performed by SGS de Mexico S.A. de C.V. ('SGS') in Mexico. Sample preparation is done at a dedicated sample preparation laboratory operated by SGS at the project site in Nuevo Balsas, Guerrero, Mexico. The Au analyses (fire assay with an atomic absorption or gravimetric finish) and multi-element geochemical analyses are completed by SGS at their analytical facilities in Durango, Durango, Mexico. Torex has a Quality Assurance/Quality Control ('QA/QC') program in place that includes 5% each of the certified reference materials, blanks, field duplicates and preparation duplicates. The QA/QC program as designed has been approved by AMEC E&C Services Inc. and is overseen by Dr. Jeffrey W. Brooks, Chief Geologist for Torex.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/txg627f1.pdf.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/txg627f2.pdf.
To view Table 1, please visit the following link: http://media3.marketwire.com/docs/txg627t1.pdf.
The Company follows strict QA/QC protocol measures in keeping with industry standards and regulatory reporting requirements. Mr. Jerry E. Snider, B.Sc. Mining Engineering, MBA, Project Manager of Torex, is the Qualified Person who has reviewed this news release, and is responsible for the technical information reported herein, including verification of the data disclosed, the sampling, analytical and test data underlying the technical information.
Further information regarding the Morelos Gold Project is contained in the Technical Report entitled 'Torex Gold Resources Inc. Morelos Gold Project Guerrero, Mexico, NI 43-101 Technical Report - Underground and Open Pit Resources', dated January 26, 2011 and effective October 22, 2010.
Torex Gold Resources Inc. is a well funded, growth-oriented, Canadian mining company engaged in the exploration and development of precious metal resources with a focus on gold. It owns 100% of the Morelos Gold Project, an advanced stage gold exploration property, located 180km southwest of Mexico City in the highly prospective Morelos Gold Belt. The project covers an area of 29,000ha of which more than 75% remains unexplored.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/txg627f1.pdf.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/txg627f2.pdf.
To view Table 1, please visit the following link: http://media3.marketwire.com/docs/txg627t1.pdf.
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 future drilling plans and expected timing for drilling to resume at the Morelos Gold Project, and with respect to the size and timing of the new resource estimate. 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 based on the reasonable assumptions, estimates, analysis and opinions of management made at the date that such statements are made. 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 that drilling will not proceed in accordance with the current timetable; the size and timing of a new resource estimate will not be as anticipated, and other risk factors disclosed elsewhere in the Company's Annual Information Form and Management's Discussion and Analysis for the year ended October 31, 2010, and other public disclosure available at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding 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) 260-1502
fred.stanford@torexgold.com
Torex Gold Resources Inc.
Gabriela Sanchez
Vice President Investor Relations
(647) 260-1503
gabriela.sanchez@torexgold.com
www.torexgold.com