Torex Announces Positive Results from Its First Infill Program Targeting the El Limon Deep (ELD) Zone
Corporate Office: 130 King St. West, Suite 740, Toronto, ON M5X 2A2, Canada – Tel. (647) 260 1500 Fax (416) 304 4000
www.torexgold.com
TOREX ANNOUNCES POSITIVE RESULTS FROM ITS FIRST INFILL PROGRAM TARGETING
THE EL LIMON DEEP (ELD) ZONE
TORONTO, Ontario, February 14, 2019 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) announces the results
from the first 32 holes of its infill drill program targeting t he ELD zone, in preparation for a maiden underground resource es timate.
The ELD zone is the downdip extension of mineralization below the El Limon Open Pit, at the Morelos Property in Southwest Mexico.
Highlights from this program include 25.0 g/t Au over 8.5m in borehole LDUG-026, 24.9g/t Au over 7.5m in borehole LDUG-013,
16.8g/t Au over 15.2m in borehole LDUG-021, and 12.5g/t Au over 45.9m in borehole LDUG-002. The deposit remains open down
dip and along strike.
Fred Stanford, President and CEO of Torex stated: “These initial results illustrate the potential of the Morelos Property to co ntinue
to offer incremental ore sources to complement the production from the open pits, and potentially from Media Luna after the pits are
mined out. ELD is ‘above the sill’, whereas Sub-Sill is ‘below the sill’. Both are accessed from the same underground infrastructure.
ELD is where testing of the Muckahi Mining System will take plac e, starting this quarter. Testing in 2019 will include both tu nnel
excavation and long hole open stope production mining. Access to start the testing is in place. The first piece of Muckahi equipment
is in transit to site. Training will start this month, with the first Muckahi blast anticipated before the end of the quarter. Step-out
drilling at ELD, to test for down dip mineralization, will continue during the Muckahi testing. Media Luna infill drilling will also continue
throughout the year, as we upgrade this resource in preparation for further technical studies. Exciting times at Torex, as we plan to
produce more than 400,000 ounces of Au/year, seek to grow the resources at Morelos, upgrade the confidence class of underground
resources, and develop innovative ways to reduce the cost and environmental impact of mining, with methods that could be
applicable across the industry.”
Highlights of drilling results at the ELD:
Drill-Hole Intersection Core
Length Au Ag Cu Lithology
From (m) To (m) (m) g/t g/t %
LDUG-002 12.00 57.91 45.9 12.5 10.5 0.2 Skarn
Including 24.17 42.19 18.0 18.3 17. 2 0.3 Skarn
LDUG-004 41.18 58.72 17.5 7.5 8.7 0.2 Skarn
LDUG-005 79.13 96.01 16.9 10.1 1.2 0.0 Skarn
LDUG-010 97.48 120.17 22.7 10.1 1.7 0.0 Skarn
Including 105.55 112.95 7.4 18.9 1.9 0.0 Skarn
LDUG-011 37.38 45.70 8.3 18.8 4.6 0.1 Skarn
LDUG-013 85.76 93.29 7.5 24.9 8.4 0.2 Skarn
Including 88.00 92.70 4.7 34.9 10. 2 0. 2 Skarn
LDUG-017 70.31 80.00 9.6 15.7 6.6 0.1 Skarn
LDUG-018 102.32 107.00 4.6 23.0 27.4 1.0 Skarn
LDUG-019 77.50 88.67 11.1 12.8 2.5 0.0 Skarn
LDUG-021 94.24 109.48 15.2 16.8 35.2 0.3 Skarn
Including 104.68 109.4 8 4. 8 27.5 59. 8 0.3 Skarn
LDUG-025 76.07 88.53 12.4 9.3 5.2 0.1 Skarn
LDUG-026 56.23 64.69 8.4 25.0 9.2 0.2 Skarn
LDUG-029 32.00 44.27 12.2 8.2 10.2 0.3 Skarn
LDUG-031 58.11 72.88 14.7 11.1 33.7 0.9 Skarn
LDUG-032
And
62.17 67.20 5.0 25.6 3.0 0.1 Skarn
72.30 87.00 14.7 10.8 3.5 0.1 Skarn
Torex Gold Resources Inc. Page 2
Corporate Office: 130 King St. West, Suite 740, Toronto, ON M5X 2A2, Canada – Tel. (647) 260 1500 Fax (416) 304 4000
www.torexgold.com
Notes to drilling results table:
1. Intersections are not reported as true thickness
2. Interval lengths for holes dipping between -45 to -90º have been selected to represent a minimum
mining height of 3.5 metres
3. Interval lengths for holes dipping between 0 and -45º have been selected to represent a minimum horizontal length of 3.5
metres
4. Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability
of the data.
Please refer to Table 1 for a complete list and expanded description of the borehole intersections reported in this press relea se.
Refer to Sections 1-3 for general borehole locations and cross sections.
This infill exploration drill program consists of a total of 32 holes (4,818 metres) and is designed to increase the confidence in the
grade and continuity of mineralization in the central part of t he currently known zone. With these new intersections, Torex ex pects
to create a mineral resource below the deepest part of the El Limon Pit, which will be tested in an underground mine planning
exercise for conversion to mineral reserves. Drilling commenced in July 2018 and has confirmed the prevalence of high-grade
mineralization intersected in earlier, widely spaced holes proving the potential of this zone.
Geology
The ELD zone occurs in the northwest portion of El Limon deposit, which is part of the large gold bearing skarn system of El Limon-
Guajes, located in the central part of the Guerrero Gold Belt in Southwest Mexico. The El Limon-Guajes deposit is hosted in the
Mesozoic carbonate-rich Morelos Platform, which has been intruded by Paleocene granodiorite stocks, sills, and dikes. Skarn-hosted
gold mineralization is developed along the contacts of the intrusive rocks and the enclosing carbonate-rich sedimentary rocks of the
Cuautla and Morelos formations. El Limon Deep represents the down-dip extension of the skarn that hosts the gold mineralization
at El Limon open pit, where the skarn is developed immediately above a large granodiorite sill intruded along the contact of th e
Cuautla and the Mezcala formations. El Limon Deep is located directly below the deepest part of the El Limon final pit and is a bove
the El Limon “Sill”. It lies approximately 300m north and at a higher elevation than Sub-Sill but has the same general orientation in
strike and plunge.
The southeast portion of El Limon Deep is characterized by a single and very continuous skarn package that strikes approximatel y
35° to the northeast and dips between 30° and 35° to the northwest. To the northwest, along its downdip extension, El Limon Deep
is characterized by multiple more steeply dipping (45° to 60°), skarn zones. They are developed along the contact between the
Cuautla and the Mezcala formations, and along the contacts between marbles of the Morelos formation and multiple granodiorite
sills and resemble the Sub-Sill skarn morphology.
The currently known, best-developed skarn zone at El Limon Deep is in the central part of the drilled area where the single flat lying
skarn package turns into steeply dipping, mu ltiple skarn zones. The change in the geometry of the skarn package is interpreted to
be related to northeast striking and southeast dipping pre, syn-, and post mineral faults, locally represented by post-mineral dykes
(sections 1-3). The initial infill exploration program has been co ncentrated in this area and has confirmed the continuity of t he
mineralization intersected in earlier, widely spaced holes, a nd it proves the continuity of the high-grade gold mineralization for at
least 150 metres along strike and 150 metres down dip; apparent widths vary from 3.5 metres to 46 metres.
Mineralization remains open along strike especially to the southwest and downdip to the northwest. Additional mineral potential is
envisaged in the multiple skarn zones identified at depth. A program of 11,000 metres of Infill and step-out drilling will be carried out
starting in February 2019.
The style of mineralization at El Limon Deep is similar to the mineralization in the other mineralized zones within the El Limon Guajes
deposit. It is characterized by an abundance of gold, which is strongly associated with bismuth and variable amounts of silver and
copper. Gold occurs in variably sulfidized, pyrrhotite-rich skarn, while silver and copper mineralization is primarily determined by the
degree of sulfidation of the host skarn. Mineralization is associ ated with retrograde alteration characterized by amphibole, ca lcite
Torex Gold Resources Inc. Page 3
Corporate Office: 130 King St. West, Suite 740, Toronto, ON M5X 2A2, Canada – Tel. (647) 260 1500 Fax (416) 304 4000
www.torexgold.com
and quartz, with lessor amounts of chlorite ± epidote. This alteration affects the pyroxene-garnet exoskarn and granodiorite-related
endoskarn. Locally, mineralization occurs in narrow lenses of massive sulfide.
QA/QC and Qualified Person
Torex maintains an industry-standard analytical QA/QC and data verification program to monitor laboratory performance and ensure
high quality assays. Results from this program confirm reliabilit y of the assay results. All sampling and analytical work for the infill
exploration program is performed by SGS de Mexico S.A. de C.V. (“SGS”) in Durango, and in SGS in Nuevo Balsas, 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 is currently overseen by Carlo Nasi, Chief Mine Geologist for Minera Media Luna, S.A. de C.V.
The scientific and technical data contained in this news release pertaining to the ELD exploration program have been reviewed and
approved by Lars Weiershäuser, PhD, PGeo. Dr. Weiershäuser is a member of the Association of Professional Geoscientists of
Ontario (APGO#1504), has experience relevant to the style of mi neralization under consideration and is an employee of Torex. Dr .
Weiershäuser has verified the data disclosed, including sampling, analytical, and test data underlying the drill results, and h e
consents to the inclusion in this release of said data in the form and context in which they appears.
Additional information on the ELD deposit, sampling and analyses, analytical labs, and methods used for data verification is available
in the Company’s most recent annual information form and the technical report entitled “Morelos Property, NI 43-101 Technical
Report, ELG Mine Complex, Life of Mine Plan and Media Luna Preliminary Economic Assessment, Guerrero State, Mexico “ with an
effective date of March 31, 2018 (filing date September 4, 2018) filed on SEDAR at www.sedar.com and the Company’s website at
www.torexgold.com.
About Torex
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development and operation of its 100% owned
Morelos Gold Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometers southwest
of Mexico City. The Company’s principal assets are the El Limón Guajes mining complex (the “ELG Mine Complex”), comprised of
the El Limón, Guajes and El Limón Sur open pits, the El Limón Guajes underground mine including zones referred to as Sub-Sill
and El Limón Deep, and the processing plant and related infrastructure, which is in the commercial production stage as of April 1,
2016, and the Media Luna deposit, which is an early stage development project, and for which the Company issued an updated
preliminary economic assessment in September 2018 (the “Technical Report”). The property remains 75% unexplored.
For further information, please contact:
TOREX GOLD RESOURCES INC.
Fred Stanford Gabriela Sanchez
President and CEO Vice President Investor Relations
Tel. (647) 260-1502 Tel. (647) 260-1503
Email: [email protected] E m a i l : [email protected]
CAUTIONARY NOTES
FORWARD LOOKING STATEMENTS
This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities
legislation. Notwithstanding the Company’s efforts, there can be no guarantee that the Company will not face unforeseen delays or disruptions.
Forward-looking information includes, without limitation, informat ion with respect the potential of the Morelos Property to con tinue to offer
incremental ore sources to complement the production from the open pits, and potentially from Media Luna after the pits are mined out, plans to
begin testing of the Muckahi Mining System (“Muckahi”) in the second quarter of 2019 and the planned scope of the testing program, the planned
Torex Gold Resources Inc. Page 4
Corporate Office: 130 King St. West, Suite 740, Toronto, ON M5X 2A2, Canada – Tel. (647) 260 1500 Fax (416) 304 4000
www.torexgold.com
continuation of the ELD step out drilling during the testing of Muckahi, plans to continue the infill drilling at Media Luna, u pgrade the confidence
level of the mineral resources and complete additional technica l studies, plans to produce more than 400,000 ounces of Au/year, seek to grow
the resources at the Morelos Property, upgrade the confidence class of underground resources, and develop innovative ways to reduce the cost
and environmental impact of mining, with methods that could be applicable across the industry, expectation that the ELD infill exploration drill
program will increase the confidence level in the grade and continuity of the mineralization in the central part of the currently known zone and the
expectation the results will enable the Company to estimate a mi neral resource for ELD below the deepest part of the El Limon P it, plans to
prepare a mine plan based on such mineral resources and the expectation the results will enable the Company to estimate a mineral reserve for
ELD, plans for an 11,000 metres of Infill and step-out drilling pr ogram to be carried out starting in February 2019, and the ex pectation that
mineralized zones within the within the El Limon Guajes deposit is characterized by an abundance of gold. Generally, forward-looking information
can be identified by the use of terminology such as “plans”, “e xpects”, “estimates”, “intends”, “anticipates”, “believes”, “potential”, “designed”,
“envisaged” or variations of such words, or statements that cert ain actions, events or results “m ay”, “could”, “would”, “might”, “will be taken”,
“occur”, “to continue” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that
may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied
by such forward-looking information, including, without limit ation, risks related to the risk factors associated with drilling programs, risk that
mineralization or mineral resources, as the case may be, may not be upgraded to mineral resources or a higher category of mineral resources or
reserves, as the case may be, and those risk factors identified in the Company’s annual information form and management’s discu ssion and
analysis. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of
its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant
and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify import ant factors
that could cause actual results to differ materially from thos e contained in forward-looking information, there may be other fa ctors that cause
results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such inform ation. Accordingly, readers should not place undue reliance on for ward-looking
information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
MEDIA LUNA PEA AND MUCKAHI
The Media Luna’s preliminary economic assessment (the “PEA”)(see Technical Report) is preliminary in nature and includes inferr ed mineral
resources that are considered too speculative geologically to hav e the economic considerations applied to them that would enabl e them to be
categorized as mineral reserves. The Media Luna PEA includes in formation on the Muckahi. The PEA economics for the Media Luna P roject in
the Technical Report are based on conventional mining methods. In addition, Muckahi, a Torex proprietary mining method, is intr oduced and
described in the Technical Report. The Technical Report uses the Media Luna Project as a platform for comparison to demonstrate the potential
benefits that could be possible if the Muckahi method is proven and ultimately applied to the Media Luna Project, or any other deposit that does
not employ caving methods. It is important to note that Muckahi is experimental in nature and has not been tested in an operati ng mine. Many
aspects of the systems are conceptual, and proof of concept has not been demonstrated.
From To
(m) (m) (m) g/t g/t %
LDUG-001 ELD 422179.61 1990305.88 1011.04 314 -0.60 102.00 13.85 21.08 7.2 1.2 2.6 0.1 Skarn
12.00 57.91 45.9 12.5 10.5 0.2 Skarn
Including 24.17 42.19 18.0 18.3 17.2 0.3 Skarn
LDUG-003 ELD 422248.30 1990367.00 1015.34 287 0.00 142.50 23.21 32.18 9.0 8.3 2.8 0.0 Skarn
41.18 58.72 17.5 7.5 8.7 0.2 Skarn
Including 53.83 57.71 3.9 11.5 5.1 0.1 Skarn
79.13 96.01 16.9 10.1 1.2 0.0 Skarn
Including 91.12 96.01 4.9 14.4 6.0 0.2 Skarn
105.00 110.50 5.5 15.1 14.6 0.3 Skarn
LDUG-006 ELD 422195.98 1990316.74 1010.89 129 -79.40 191.70 84.00 87.60 3.6 2.8 1.9 0.1 Skarn
LDUG-007 ELD 422256.51 1990371.46 1014.35 19 -54.90 95.35 32.44 41.00 8.6 7.9 5.2 0.1 Skarn
LDUG-008 ELD 422193.87 1990318.53 1011.40 314 -73.50 298.00 59.69 63.46 3.8 4.5 1.9 0.1 Skarn
LDUG-009 ELD 422256.67 1990370.98 1014.37 36 -61.20 96.20 52.29 59.81 7.5 12.8 5.6 0.1 Skarn
97.48 120.17 22.7 10.1 1.73 0.0 Skarn
Including 105.55 112.95 7.4 18.9 1.96 0.0 Skarn
LDUG-011 ELD 422257.52 1990370.10 1014.47 91 -75.90 81.00 37.38 45.70 8.3 18.8 4.6 0.1 Skarn
85.76 93.29 7.5 24.9 8.4 0.2 Skarn
Including 88.00 92.70 4.7 34.9 10.2 0.2 Skarn
LDUG-014 ELD 422250.91 1990361.45 1014.24 128 -48.70 77.10 30.50 35.10 4.6 5.0 55.5 2.1 Skarn
LDUG-015 ELD 422238.07 1990346.75 1012.83 126 -46.20 99.50 42.19 47.01 4.8 3.8 2.8 0.0 Skarn
LDUG-016 ELD 422227.30 1990334.40 1012.14 128 -50.40 124.50 54.91 61.00 6.1 3.4 0.6 0.0 Skarn
47.21 52.98 5.77 10.7 3.42 0.1 Skarn
70.31 80.00 9.69 15.7 6.69 0.2 Skarn
LDUG-018 ELD 422227.53 1990334.20 1012.91 128 -24.9 186.00 102.32 107.00 4.68 23.0 27.5 1.0 Skarn
77.50 88.67 11.17 12.8 2.6 0.1 Skarn
117.30 121.10 3.80 10.8 6.9 0.3 Skarn
40.13 48.77 8.64 6.5 5.6 0.1 Skarn
Including 45.73 49.43 3.70 9.9 6.4 0.1 Skarn
94.24 109.48 15.24 16.8 35.2 0.4 Skarn
Including 104.68 109.48 4.80 27.5 59.9 0.4 Skarn
59.13 62.63 3.50 4.8 2.2 0.1 Skarn
70.62 74.13 3.51 7.5 3.0 0.1 Skarn
85.00 99.52 14.52 6.7 5.1 0.1 Skarn
85.00 89.00 4.00 12.9 2.0 0.0 Skarn
110.37 114.48 4.11 16.4 11.0 0.1 Skarn
50.50 62.50 12.00 5.9 6.6 0.2 Skarn
Including 50.50 54.30 3.80 11.9 3.1 0.1 Skarn
240.76 245.58 4.82 4.7 4.5 0.2 Skarn
10.50 17.73 7.23 9.1 7.2 0.1 Skarn
23.88 31.48 7.60 9.8 8.0 0.1 Skarn
76.07 88.53 12.46 9.3 5.2 0.1 Skarn
Including 83.39 88.53 5.14 14.5 24.2 0.6 Skarn
19.50 24.38 4.88 18.0 1.0 0.0 Hornfels
LDUG-025
LDUG-013 ELD 422215.00 1990320.80
1011.00 310 -87.00 215.20
ELD 422236.82 1990347.78 1012.77 110 -84.3 145.50
1013.11
130 -25 129.00LDUG-019 ELD 422204.82 1990308.29
El Limon Deep Infill Diamond Drillholes Intersects
Drill-Hole Target Area UTM-E (m) UTM-N (m) Elevation
(m)
Azimut
h (°) Dip (°)
Total
Length
(m)
Intersection Core
Length Au Ag Cu Lithology
323 -0.50 96.00
LDUG-004 ELD 422254.97 1990372.05 1014.62 7 -76.60
LDUG-002 ELD 422248.98 1990367.97 1015.30
143.60
1990322.66 1012.25 127 -46.3 183.00LDUG-021 ELD
1011.14
0 -90.00 148.00
-26.00 114.30129
LDUG-005 ELD 422195.42 1990317.23 1010.43
LDUG-017
LDUG-010 ELD 422198.00 1990314.00
LDUG-023
LDUG-024 ELD 422234.714 1990349.73 1012.633 313.6
-68.9 139.50
LDUG-022 ELD 422235.03 1990349.32 1012.94 320 -85 201.00
ELD 422237.32 1990347.42 1012.78 124LDUG-020
422216.95
-85.3 249.00
-66.1 281.5
-0.5 162.20ELD 422252.14 1990371.32 1016.06 336
ELD 422213.53 1990325.38 1011.79 328
56.23 64.69 8.46 25.0 9.2 0.2 Skarn
97.27 103.42 6.15 14.8 3.9 0.1 Skarn
47.00 52.10 5.10 13.5 13.3 0.4 Skarn
64.21 74.16 9.95 8.6 12.4 0.2 Skarn
LDUG-028 ELD 422216.51 1990323.15 1011.65 122 -78.8 105.00 70.20 83.09 12.89 5.4 1.4 0.0 Skarn
3.40 8.73 5.33 6.9 1.7 0.0 Hornfels
32.00 44.27 12.27 8.2 10.3 0.4 Skarn
Including 34.00 39.09 5.09 17.3 17.9 0.6 Skarn
LDUG-030 ELD 422220.19 1990340.61 1012.16 130 -80.4 114.00 80.68 85.36 4.68 7.1 12.3 0.3 Skarn
0.00 6.00 6.00 5.6 3.2 0.0 Hornfels
32.00 38.27 6.27 8.5 20.6 0.8 Skarn
58.11 72.88 14.77 11.1 33.8 0.9 Skarn
Including 64.30 69.00 4.70 15.0 7.3 0.2 Skarn
87.00 93.53 6.53 7.4 19.2 0.7 Skarn
24.38 31.67 7.29 8.2 1.6 0.0 Hornfels/Skarn
62.17 67.20 5.03 25.6 3.0 0.1 Skarn
72.30 87.00 14.70 10.8 3.5 0.1 Skarn
Including 72.30 76.00 3.70 21.9 4.9 0.1 Skarn
58.73 66.81 8.08 8.0 9.6 0.3 Skarn
Including 63.00 66.81 3.81 11.5 11.9 0.4 Skarn
152.38 155.98 3.60 6.6 10.7 0.3 Skarn
LDUG-032 ELD 422220.11 1990340.69 1012.81 5 -89.9 198.00
LDUG-033 ELD 422247.76 1990364.84 1014.32 312 -76.2 173.70
LDUG-029 ELD 422251.08 1990362.06 1014.26 128 -57.9 104.50
LDUG-031 ELD 422250.75 1990362.36 1014.27 124 -74.4 113.40
LDUG-026 ELD 422214.58 1990325.69 1011.99 316 -69 201.00
LDUG-027 ELD 422258.08 1990371.38 1014.34 62 -43.6 107.00