Torq Drills Two New Discoveries at Margarita IOCG Project: 42 m of 1.1 g/t Gold and 0.48% Copper on New Structure Near Falla 13 Discovery, 132 m of 0.48% Copper at Cototuda Target
TSX.V: TORQ | OTCQX: TRBMF 1630 – 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
Torq Drills Two New Discoveries at Margarita IOCG Project:
42 m of 1.1 g/t Gold and 0.48% Copper on New Structure Near Falla 13 Discovery,
132 m of 0.48% Copper at Cototuda Target
VANCOUVER, CANADA – October 18 , 2023 – Torq Resources Inc. (TSX-V: TORQ , OTCQX: TRBMF)
(“Torq” or the “Company”) is pleased to announce the first set of results from its phase III drill program
at its Margarita iron-oxide-copper-gold (IOCG) project located approximately 65 kilometres north of the
city of Copiapo in Chile (Figure 1). The program, which consisted of 14 drill holes over 3,862 metres (m),
successfully ac complished the Company’s main objectives of: 1) expand ing on the original Falla 13
discovery area and 2) discovering a new mineralized body to demonstrate the scale and potential of the
mineralized system that encompasses the Margarita project.
The phase III drill program identified a new parallel mineralized structure 200 m west of the original Falla
13 discovery, intersecting 42 m of 1.1 g/t gold and 0.48% copper of sulphide mineralization in drill hole
23MAR-031R and in addition, a new zone of copper oxide mineralization was discovered in the southern
area of the project a t the Cototuda target, where 132 m of 0.4 8% copper was intersected in drill hole
23MAR-035R (Figure 2). Finally, broad zones of copper oxide mineralization were encountered at the
historically drilled Margarita structural corridor, at the southwest limit of the property, where Torq drilled
62 m of 0.49% copper and 134 m of 0.29% copper in drill hole 23MAR-036R. Table 1 below summarizes
highlights from the phase III drill program from the seven reported drill holes. Results from the remaining
seven drill holes are pending.
A Message from Shawn Wallace, CEO:
“We are very pleased to have multiple discoveries to pursue at our Margarita project, which is
advantageously located near a major city, roads and power, and where we can drill year-round because
of the low elevation. The discovery of additional bodies of mineralization on the property has significantly
enhanced the value proposition for Torq at Margarita. We look forward to further drilling to continue to
unlock the project’s growth potential.”
A Message from Michael Henrichsen, Chief Geological Officer:
“The two discoveries we have made in our third phase of drilling significantly increase the potential scale
of the Margarita project. With the identification of a parallel structure to the Falla 13 discovery area, we
demonstrate that the mineralization is wide open to the west , and in addition, our second discovery at
the Cototuda target demonstrate s the potential to define a new body of copper oxide mineralization .
Margarita continues to improve as we learn more about the project, and we believe that with further
drilling we can elev ate Margarita to become a significant project in the Coastal Cordillera bel t, where
there are numerous nearby producers.”
TSX.V: TORQ | OTCQX: TRBMF 1630 – 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
Table 1: Summary of drill results
Target Area Hole ID From
(m)
To
(m)
Length
(m) Au (g/t) Cu (%) Cu (%) Au (g/t)
0.1 g/t Au Cutoff1 0.1% Cu Cutoff2
Falla 13 West 23MAR-031R
232 312 80 0.64 0.27 - -
incl. 246 288 42 1.11 0.48 - -
Cototuda 23MAR-035R
24 156 132 - - 0.48 0.04
incl. 40 108 68 - - 0.76 0.04
Margarita Oxide 23MAR-036R
0 62 62 - - 0.49 0.003
incl. 22 62 40 - - 0.67 0.004
112 246 134 - - 0.29 0.02
incl. 116 164 48 - - 0.40 0.03
Falla 13 Northern
Extension 23Mar-028R 258 262 4 0.46 0.09 - -
Remolino
23Mar-025R
0 12 12 0.29 0.04 - -
80 110 30 - - 0.14 0.05
23Mar-026R
124 144 20 0.25 0.003 - -
164 200 36 - - 0.18 0.003
258 262 4 0.17 0.001 - -
278 290 12 - - 0.13 0.006
23Mar-027R No significant interval
1. Interval - No less than 5 m of >= 0.1 g/t Au, maximum consecutive dilution 6 m
2. Main interval - No less than 5 m of >= 0.1 % Cu, maximum consecutive dilution 8 m; Sub-interval - No less than 5 m of >= 0.2 %
Cu, maximum consecutive dilution 6 m
Technical Discussion:
Falla 13 Discovery Area:
Drill hole 23MAR-031R is located approximately 200 m west of the original Falla 13 discovery structure
in a zone of significant surfacial iron oxides, without a strong gold or copper signature on surface (Figure
3). The drill hole intersected 42 m of 1.1 g/t gold and 0.48% copper (246 m – 288 m in depth) within a
broader interval of 80 m of 0.64 g/t gold and 0.27% copper (232 m – 312 m in depth). The mineralization
was encountered within a suite of dioritic porphyry bodies that are situated below the key volcani c –
intrusive contact zone, which thus far has defined the position of mineralization along the 800 m long
Falla 13 discovery (Figure 4). The gold – copper mineralization is associated with a pyrite – chalcopyrite
– magnetite and/or hematite mineral assemblage with alteration within the mineralized interval
characterized as strongly sericitic. At this early stage, Torq’s technical team has interpreted the
mineralization to be hosted in a north -northwest trending structure that is parallel to the Falla 13
discovery and that has been mapped on surface and within geophysics over a 1 ,200 m strike length ,
demonstrating considerable exploration potential.
Formatted Table
TSX.V: TORQ | OTCQX: TRBMF 1630 – 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
Importantly, given that the mineralization encountered in drill hole 23MAR -031R is situated 200 m
vertically below the sub-horizontal volcanic-intrusive contact zone, the depth potential for mineralization
has increased dramatically within the Falla 13 discovery area. The mineralization is interpreted as being
hosted in a feeder structure , with mineralization open vertically upward . The primary targets are the
volcanic-intrusive contact zone, where there is the potential for flat-lying manto-style mineralization, and
the strike length of the structure . The Company is currently planning a set of follow -up drill holes to
explore along the north-northwest trending structure, as well as to test for adjacent flat-lying manto-style
mineralization both to the east and west of drill hole 23MAR-031R.
Cototuda and Margarita Target Areas:
Drill hole 23MAR -035R is located on the north -northwest trending Cot otuda structural corridor ,
approximately 150 m from the property boundary and the small -scale C ototuda copper oxide mine
situated just to the south of the property boundary (Figure 2). The drill hole intersected 132 m of 0.4 8%
copper (including 68 m of 0.76% copper) at a depth of 24 m – 156 m and is characterized by malachite,
chalcocite, chrysocolla and black copper oxide minerals within a series of hematite – silica breccia
bodies and dioritic intrusives that contain minor amounts of pyrite (Figure 5). The structural corridor is
open along strike t o the north -northwest for 750 m and represents an excellent opportunity to expand
upon this second discovery on the project.
Drill hole 23MAR -036R is located on the north-northwest trending Margarita structural corridor where
limited historical drilling in the mid -1990s encountered copper oxide mineralization in the southwest
corner of the project. The purpose of drill hole 23MAR-036R was to evaluate the validity of the historical
data and to determine the potential to define a coherent body of copper oxide mineralization within the
structural corridor. Drill hole 23MAR-036R intersected two broad zones of copper oxide mineralization ,
including 62 m of 0.49% copper (including 40 m of 0.67% copper) from surface and 134 m of 0.29%
copper (including 48 m of 0.40% copper) at a depth of 112 m – 246 m (Figure 6). Mineralization within
both intervals was characterized by chrysocolla, malachite, chalcocite and black copper oxide minerals
within a feldspar porphyry crosscut by a series of dioritic dykes. The results from drill hole 23MAR-036R
exceed the historical results and demonstrate that copper oxide mineralization occurs at greater depths.
Remolino Target Area:
At the Remolino target area, a fence of three drill holes was designed to test a coincident magnetic and
gold-in-soils geochemistry anomaly that had similar characteristics as the original Falla 13 discovery. Of
the three drill holes , two intersected anomalous copper and/or gold miner alization, including 12 m of
0.29 g/t gold from surface and 30 m of 0.14% copper (80 m – 110 m in depth) in drill hole 23MAR-025R
and 20 m of 0.25 g/t gold (124 m – 144 m in depth) and 36 m of 0.18% copper (164 m – 200 m in depth)
in drill hole 23MAR-026R. Importantly, copper mineralization at Remolino is characterized by intervals of
secondary chalcocite copper oxide mineralization , indicating the possibility of a proximal copper
sulphide source to the mineralization encountered in the Remolino drill holes.
Next Steps:
Based on the new discovery of copper oxide mineralization at the Cototuda target and the long broad
intervals of mineralization encountered at the Margarita copper oxide zone, the Company is planning on
initial metallurgical test work from both zones to determine the leaching characteristic s of the oxide
mineralization encountered. In addition, a follow-up drill program is currently being planned on the newly
TSX.V: TORQ | OTCQX: TRBMF 1630 – 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
discovered mineral ized stru cture adjacent to the Falla 13 discovery, as well as along the Cototuda
structural corridor and to test several remaining undrilled target areas.
Figure 1: Illustrates the location of the Margarita project within the Coastal Cordillera belt and its proximity to major deposits in
the region .
TSX.V: TORQ | OTCQX: TRBMF 1630 – 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
Figure 2: Illustrates the position of the discovery holes, 23MAR-031R and 23MAR-035R, at the Falla 13 and Cototuda target areas,
respectively, as well as the significant copper oxide mineralization encountered in drill hole 23MAR-036R at the Margarita
structural corridor.
TSX.V: TORQ | OTCQX: TRBMF 1630 – 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
Figure 3: Illustrates the position of the new discovery of a parallel mineralized structure 200 m west of the original Falla 13
discovery. Importantly, there is considerable strike length, over 1,200 m, to explore along this newly identified structural corridor,
as well as along the series of west-northwest trending cross structures.
TSX.V: TORQ | OTCQX: TRBMF 1630 – 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
Figure 4: Illustrates a cross-section of the mineralization discovered in drill hole 23MAR -031R where 42 m of 1.11 g/t gold and
0.48% copper was intersected on a structure 200 m west of the Falla 13 discovery . Note that mineralization is open vertically
upward toward surface for 200 m vertical to the manto target at the contact between the volcanic and intrusive units.
Mineralization is characterized by chalc opyrite and pyrite within magnetite breccias , as illustrated in the photo from 252 m –
254 m depth, and within disseminated chalcopyrite and pyrite within the host dioritic intrusive , as illustrated in the photo from
274 m – 276 m depth.
TSX.V: TORQ | OTCQX: TRBMF 1630 – 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
Figure 5: Illustrates a cross-section of the mineralization discovered in drill hole 23MAR-035R at the Cototuda target where 132
m of 0.48% copper was intersected. Mineralization is characterized by malachite, as illustrated in the photo from 82 m – 84 m
depth and by chalcocite covering pyrite grains, as illustrated in the photo from 94 m – 96 m depth.