Torex Gold Resources Inc. (the "Company" or "Torex")
(TSX:TXG)(TXG.WT.A) is pleased to report that results of its new
exploration drilling program intercepted high grade Au-Ag-Cu
mineralization over significant widths, beyond the recently
published Media Luna Inferred Resource. Highlighted intercepts in
Media Luna, but outside of the resource area, include 12.96 g/t Au
Eq. over 10.8m in borehole NWZML-05 and 10.26 g/t Au Eq. over 6.6m
in borehole NWZML-01B. In Media Luna West, significant intercepts
include 9.81 g/t Au Eq. over 4.8m in borehole MLW-22 and 4.40 g/t
Au Eq. over 14.9m in borehole MLW-03A. In the La Fe area,
approximately 2 km northwest of the Media Luna resource area,
reconnaissance borehole SS-07 intercepted 3.96 g/t Au Eq. over
6.1m.
In addition, a recent magnetic survey completed over the entire
property, suggests a 26% increase in the area of the three magnetic
anomalies in the Media Luna Area (498 ha to 630 ha). Interpreted in
the 'new' magnetic area is a connection between the Media Luna West
anomaly and the northwestern 'lobe' of the Media Luna anomaly. The
same survey reveals several other magnetic anomalies both north and
south of the Balsas River, which are currently being evaluated by
the exploration team.
Fred Stanford, President & CEO of Torex stated: "The gold
potential 'south of the river' continues to be very prospective and
encouraging. We look forward to drill testing the interpreted
magnetic connection between Media Luna West and Media Luna and to
understanding the potential that it might offer. Todos Santos, the
third magnetic anomaly in the Media Luna Area, also shows
significant promise. We are pushing a road down to the first Todos
Santos drill platform and anticipate the start of drilling before
year end." He added, "A great deal more work is required to fully
understand the nature and overall potential of the entire 29,000 ha
of the claim area. The expansion of the footprint of the Media Luna
Area magnetic anomalies to 630 ha means that the recently released
resource covers only 24% of the interpreted magnetic area. In
addition, the resources also occur over an additional 30 ha in an
area outside of the main magnetic anomaly. In the Media Luna Area,
magnetism can indicate potential mineralization, but a lack of
magnetism does not necessarily indicate a lack of mineralization.
We look forward to the continuing efforts to fully evaluate the
many untested targets, both north and south of the river."
Highlights of exploration drilling at Media Luna
----------------------------------------------------------------------------
Intersection
---------------
Core Au
BH I.D. From To Length Au Ag Cu equivalent Lithology
------------------------------------------------------------------
(m) (m) (m) (g/t) (g/t) (%) (g/t)
----------------------------------------------------------------------------
NWZML-05 551.72 562.50 10.78 12.40 13.90 0.20 12.96 Skarn
----------------------------------------------------------------------------
NWZML-06 770.95 781.61 10.66 3.98 46.57 1.05 6.43 Skarn
----------------------------------------------------------------------------
NWZML-01B 465.46 472.07 6.61 0.42 227.68 3.74 10.26 Skarn
----------------------------------------------------------------------------
MLW-22 568.31 573.14 4.83 1.13 96.26 4.49 9.81 Skarn
----------------------------------------------------------------------------
MLW-03A 808.62 812.69 4.07 7.74 6.46 0.27 8.28 Skarn
----------------------------------------------------------------------------
MLW-18 724.59 728.29 3.70 6.95 2.56 0.05 7.07 Skarn
----------------------------------------------------------------------------
SS-07 221.30 227.38 6.08 3.59 20.35 0.01 3.96 Breccia
----------------------------------------------------------------------------
Notes:
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 - $1495/oz, Copper -
$3.39/lb, Silver - $26.45/oz
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 and 2 for new magnetic anomalies
identified with recently completed survey and to Figures 3 and 4
for borehole locations.
A ZTEM and magnetic survey covering 1,620 line-kilometers was
completed over the Torex concession. Initial results from the
magnetic survey reveal notably different shapes for the main
magnetic anomalies in the Media Luna Area (see Figure 2). Of
particular note is an expansion of the main Media Luna anomaly to
the northeast and the appearance of a connection between the Media
Luna West anomaly and the NW extension of Media Luna. The Todos
Santos anomaly also has a slightly different shape. The cause of
the differences between the new magnetic and the previous (year
2000) magnetic data is not known. The changes in the shapes may
result from surveying using a different line direction, lower
magnetic sensor height and better line control using a helicopter.
The ZTEM data highlights resistivity contrast within the local rock
packages and will be particularly useful to define rock contacts
and vertical structures that may have been conduits for
mineralizing fluids. Both the ZTEM and magnetic data are being used
to create 3D inversion models that will support detailed targeting
within prospective areas.
Exploration on the magnetic anomaly lobe that extends NW from
the Media Luna Inferred Resource area is aimed at completing
wide-spaced drill testing of the magnetic anomaly. New roads are
under construction toward the north of the Media Luna Resource Area
to access this topographically challenging target. Mineralization
encountered in drilling to date in the NW area is similar in
character to Media Luna.
Ten drill holes have been completed at Media Luna West. The
drilling defines an area with current dimensions of approximately
500m x 700m that contains strong Au-Ag-Cu mineralization associated
with magnetite-pyrrhotite-bearing exoskarn alteration. The
mineralization is similar in nature to Media Luna. The large zone
of magnetic anomalism between Media Luna West and the NW zone has
yet to be drill-tested (see Figures 2 and 3).
Four exploration drill holes were also completed in the La Fe
target area, located approximately 2 km northwest of the Media Luna
resource area. These holes targeted the limestone-granodiorite
contact zone in areas of smaller magnetic anomalies. Three of the
four wide-spaced holes encountered significant Au-Ag-Cu
mineralization associated with magnetite-pyrhotite-bearing
exoskarn. The fourth hole intersected a post-mineral intrusive dike
at the contact.
The focus of ongoing exploration will be to continue wide-spaced
drilling at Media Luna West and NW Media Luna and to test the zone
of magnetism that connects these 2 areas. In addition,
reconnaissance drilling will test Todos Santos and other magnetic
anomalies in the area.
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 its 100% owned
Morelos Gold Property, an area of 29,000 hectares in the highly
prospective Guerrero Gold Belt located 180 kilometres 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
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.
To view Figures 1 to 4, please visit the following link:
http://media3.marketwire.com/docs/txg0923figs1to4.pdf.
To view Table 1, please visit the following link:
http://media3.marketwire.com/docs/txg0923table1.xls.
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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