Torq Makes New Discovery at its Margarita Iron-Oxide Copper-Gold Project: 90 metres of 0.94% Copper and 0.84 g/t Gold
TSX.V: TORQ | OTCQX: TRBMF 600 – 1199 West Hastings Street, Vancouver, BC, Canada V6E 3T5
Torq Makes New Discovery at its Margarita Iron-Oxide Copper-Gold Project: 90
metres of 0.94% Copper and 0.84 g/t Gold
Vancouver, Canada – May 2, 2022 – Torq Resources Inc. (TSX-V: TORQ, OTCQX: TRBMF) (“Torq” or the
“Company”) is pleased to announce the discovery of a new copper and gold sulphide system as a result
of its maiden 4,075 metre (m) reverse – circulation (RC) drill program at its Margarita Iron-Oxide-Copper-
Gold (IOCG) project, located in northern Chile about 65 kilometres (km) north of the city of Copiapo. Drill
hole 22MAR-013R intersected 90 m of 0.94% copper and 0.84 g/t gold at a depth of 50 m – 140 m. This
discovery successfully identified the copper and gold sulphide source mineralization to the abundant
copper oxide mineralization observed on the southern margin of the project , validating the Company’s
exploration thesis, and represents the potential for a significant new IOCG discovery in the Cretaceous
Coastal Cordillera belt in northern Chile (Figure 1). A summary of the drill results is presented in Table 1.
A Message from Shawn Wallace, Executive Chair:
“This copper and gold discovery drill hole is a remarkable success for Torq. After only acquiring the
Margarita project a year ago, our team was able to uncover the potential for an entirely new IOCG deposit
in Chile from its maiden 13 -hole drill program on a project that had never been drille d before. We are
incredibly impressed by the work of our technical team and their ability to move quickly and methodically
in recognizing the opportunity at Margarita at an early stage and then delivering the kind of results all
exploration companies strive for. We are now diligently preparing for a follow -up drill program and will
update shareholders and stakeholders of our plans in the very near future.”
A Message from Michael Henrichsen, Chief Geological Officer:
“In the first ever modern drill program at the Margarita project, the Company has demonstrated the true
potential of the property with a meaningful discovery. The mineralization has a clear signature over a 1
km strike length , and we believe there is significant potential for the project to host a substantial
mineralized body. We greatly look forward to the second phase of drilling this summer when we will aim
to outline a world-class IOCG deposit.”
A Message from Waldo Cuadra, General Manager of Chile:
“Rarely does an exploration team on its first drill program achieve noteworthy success with the discovery
of a significant mineralized section. The Margarita project has the potential to be Chile’s next major IOCG
discovery, and after a long process of monitoring this project over the years, it is very gratifying to drill
Margarita successfully with a team of experienced and motivated geologists as well as the full support
of our executive team in Vancouver . I am proud to lead our team of geologists in Chile toward our
objective of defining an IOCG – type deposit.”
TSX.V: TORQ | OTCQX: TRBMF 600 – 1199 West Hastings Street, Vancouver, BC, Canada V6E 3T5
Table 1: Summary of drill results
Hole ID From To Length Cu % Au g/t Au g/t Cu %
0.2% Cu Cutoff1 0.1 g/t Au Cutoff2
21MAR-001R No significant intervals
21MAR-002R
6 18 12 0.31 0.014 - -
300 304 4 - - 0.175 0.01
21MAR-003R
54 70 16 0.22 0.042 - -
96 106 10 0.33 0.031 - -
22MAR-004R
14 28 14 0.29 0.125 - -
16 28 12 - - 0.134 0.30
52 62 10 0.32 0.035 - -
74 90 16 0.32 0.034 - -
22MAR-005R No significant intervals
22MAR-006R
4 24 20 - - 0.267 0.10
30 52 22 - - 0.127 0.12
22MAR-007R 54 68 14 0.32 0.016
22MAR-008R
22 30 8 - - 0.180 0.06
40 42 2 - - 0.250 0.11
58 72 14 - - 0.126 0.05
22MAR-009R No significant intervals
22MAR-010R No significant intervals
22MAR-011R No significant intervals
22MAR-012R Results pending
22MAR-013R
50 140 90 0.94 0.838 - -
64 140 76 - - 0.983 1.02
200 202 2 0.59 0.095 - -
294 318 24 - - 0.156 0.10
1. Intervals - no less than 5m of >= 0.2 % Cu, maximum consecutive dilution 5m
2. Intervals - no less than 5m of >= 0.1 g/t Au, maximum consecutive dilution 5m
Technical Discussion of Drill Hole 22MAR-013R:
The discovery of significant iron -oxide-copper-gold mineralization was made through a combination of
geological, geochemical and geophysical vectors. The mineralization is situated along the north -
northwest trending Falla 13 strike-slip reverse structure, which has been mapped on the property over a
strike length of at least 2 km with associated strong hematite-argillic-sericitic alteration (Figure 2-3). Soil
geochemistry conducted using portable X -Ray fluorescence (pXRF) shows a 900 m copper anomaly
situated along the Falla 13 structure, which is coincident with the mineralization in drill hole 22MAR-013R
TSX.V: TORQ | OTCQX: TRBMF 600 – 1199 West Hastings Street, Vancouver, BC, Canada V6E 3T5
(Figure 4). Importantly, this copper -in-soils anomaly is terminated to the south by volcanic cover
associated with the Remolino rhyo lite dome. The Company’s technical team believes this mineralized
signature has the potential to extend beneath this cover sequence of volcanic rocks. In addition, there is
a strong correlation between the mineralized intercept and strong magnetic and conductivity highs from
ground-based geophysical surveys, which are associated with magnetite, copper sulphide mineralization
and strong hydrothermal alteration along the Falla 13 structure , respectively (Figures 5-6). Collectively,
the geological, geochemical and geophys ical signatures encountered in drill hole 22MAR-013R extend
along strike for approximately 1 km, demonstrating the potential to expand on the initial discovery.
Drill hole 22MAR-013R is hosted within a wide structural corridor, which is interpreted to exist at a depth
between 20 m – 250 m, and which exhibits a typical IOCG zonation where the higher grade mineralization
is associated with shallow silica-hematite-pyrite-chalcopyrite mineral assemblage that grades vertically
downward into a magnetite-hematite-chalcopyrite-pyrite mineral assemblage at a depth of 50 m – 140
m. The higher grade mineralization is interpreted to be associated with breccia bodies and associated
veining hosted within a diorite and quartz diorite intrusive complex. The upper portion of the mineralized
intercept, from 40 m – 106 m, is characterized as a zone of mixed secondary iron and copper oxide
minerals and a sulphide mineral assemblage of chalcopyrite and pyrite that grades into sulphide-only
mineralization at a depth of 106 m - 140 m (Figure 7). From 140 m – 192 m, mineralization is
characterized by abundant pyrite mineralization (5%-20%) with low copper values averaging 48 parts per
million (ppm). From 192 m – 250 m, the mineralization is characterized by primary 5 %-10% pyrite
mineralization, with an average of 768 ppm copper that is associated with silica -magnetite-hematite
alteration. The hole ended with 250 m - 360 m of silica-chlorite and calc-sodic alteration showing intervals
with over 20% of disseminated pyrite. The Company is currently planning a follow -up drill program to
continue to explore the Falla 13 structural corridor over an approximate strike length of 1 km.
Increased Land Position:
The Company has increased its land position at the Margarita project, acquiring an additional 200
hectares on the northern margin of the property, in order to expand the exploration potential as well as
to create a larger buffer around the discovery drill hole, 22MAR-013R (Figure 8).
TSX.V: TORQ | OTCQX: TRBMF 600 – 1199 West Hastings Street, Vancouver, BC, Canada V6E 3T5
Figure 1: Illustrates the position of the discovery hole in the north – central region of the project along the Falla 13 structural corridor.
TSX.V: TORQ | OTCQX: TRBMF 600 – 1199 West Hastings Street, Vancouver, BC, Canada V6E 3T5
Figure 2: Illustrates a cross section of the structurally controlled mineralization associated with silica-hematite-magnetite bodies, as
highlighted by the red colour, encountered in drill hole 22MAR-013R.
TSX.V: TORQ | OTCQX: TRBMF 600 – 1199 West Hastings Street, Vancouver, BC, Canada V6E 3T5
Figure 3: Illustrates a view to the north of the Falla 13 structural corridor. The surface expression of mineralization encountered in drill hole
22MAR-013R is represented by strong silica-hematite alteration with sulphide boxwork, limonite and copper-oxide staining along fractures.
TSX.V: TORQ | OTCQX: TRBMF 600 – 1199 West Hastings Street, Vancouver, BC, Canada V6E 3T5
Figure 4: Illustrates the 900 m copper-in-soils geochemical anomaly, as defined by portable X-ray flouresence (pXRF) along the Falla 13
structural corridor.
TSX.V: TORQ | OTCQX: TRBMF 600 – 1199 West Hastings Street, Vancouver, BC, Canada V6E 3T5
Figure 5: Illustrates the magnetic high associated with the mineralization encountered in drill hole 22MAR-013R, which is interpreted to be
associated with magnetite breccia bodies and associated copper – gold mineralization.
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