Torex GOLD Extends Mineralization 150 Metres Below Current Reserves at ELD Underground
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 GOLD EXTENDS MINERALIZATION 150 METRES BELOW CURRENT
RESERVES AT ELD UNDERGROUND
TORONTO, Ontario, November 5, 2019 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) announces results
from the 2019 drill program at the El Limón Deep (ELD) deposit, at the Company’s El Limón Guajes complex in Mexico. The
2019 program has been successful in extending mineralization 150 metres down-dip from current reserves as well as along
strike to the south. Highlights from the latest round of drill results include 15.6 g/t Au over 38.0 metres in LDUG-039, 28.5 g/t
Au over 5.8 metres in drill-hole LDUG-049, 20.9 g/t Au over 12.0 metres in LDUG-056, and 15.7 g/t Au over 16.8 metres in
LDUG-036. Mineralization at ELD remains open in multiple directions.
Fred Stanford, President & CEO of Torex Gold, stated:
“These excellent results show the potential to extend the reserves down-dip and along strike to the south, as illustrated in Figures
1 and 2. The current reserves for ELD extend 150 metres down-dip. Extending the mineralization for another 150 metres down-
dip has the potential to materially extend the mine life of ELD. The mineralization is still open at depth, and this opportunity will
be drill tested in 2020. The current average reserve grade of ELD is 5.5 g/t. As noted in Table 1, many of the down -dip
intersections are considerably above that grade. The deposit appears to be steepening at depth, which bodes well for low cost
bulk mining techniques.
“We also tested for extensions along strike. The low-grade intersections shown in Figure 3 indicate that we found the northern
limit of the strike extension at depth. We are unlikely to mine that area. The deposit remains open along strike to the south. The
last three holes in Table 2 were targeting the Sub -Sill deposit, but also intersected the El Limón skarn above the sill. Figure 4
illustrates how that happened.”
Table 1: Key intersections from the recent ELD drill-hole program (intersections are not reported to true thickness)
Drill-Hole
Intersection
From
(m)
To
(m)
Core Length
(m)
Gold
(g/t)
Silver
(g/t)
Copper
(%)
LDUG-034 111.5 138.3 26.8 11.66 5.5 0.17
LDUG-034 143.3 149.8 6.5 12.27 1.4 0.03
LDUG-036 200.8 217.6 16.8 15.73 5.0 0.15
LDUG-037 171.5 175.9 4.4 10.97 2.3 0.12
LDUG-039 94.9 132.9 38.0 15.60 11.0 0.55
LDUG-045 106.0 119.0 13.0 14.70 1.4 0.04
LDUG-047 170.2 178.3 8.1 11.09 17.1 0.65
LDUG-049 171.9 177.6 5.8 28.58 20.3 0.76
LDUG-056 233.5 238.6 5.2 12.09 2.2 0.05
LDUG-056 252.0 264.0 12.0 20.91 2.8 0.00
1. Intersections are not reported as true thickness.
2. Core lengths subject to rounding.
3. Interval lengths for holes dipping between -45 to -90º have been selected to represent a minimum mining height of 3.5 metres.
4. Interval lengths for holes dipping between 0 and -45º have been selected to represent a minimum horizontal length of 3.5 metres.
5. Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.
A complete list of the most recent drill holes from the ELD drill program can be found in Table 2 of this press release.
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
Geology
ELD is classified as the mineralized skarn, which sits below the El Limón open pit and above the granodiorite sill. Sub -Sill is
classified as the mineralized skarn which lies beneath the granodiorite sill.
The ELD zone occurs in the northwest portion of the El Limón deposit, which is part of the large gold bearing skarn system of
the El Limón Guajes mining complex, located in the central part of the Guerrero Gold Belt in Southwest Mexico. The El Limón
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 as well as along the footwall contact of the Mezcala
Formation. ELD represents the down-dip extension of the skarn that hosts the gold mineralization at El Limón open pit, where
the skarn is developed immediately above a large granodiorite sill intruded along the contact of the Cuautla and the Mezcala
formations. The ELD deposit is located directly below the deepest part of the El Limón final pit and is above the El Limón “Sill”.
It lies approximately 300 metres north and at a higher elevation than Sub-Sill but has the same general orientation in strike and
dip.
The southeast portion of ELD mineralization is chara cterized by a single and continuous skarn package that strikes
approximately 10° to the north -northeast and dips between 30° and 35° to the northwest. To the northwest, the strike of the
skarn package changes to approximately 155° (south-southeast) and the dip steepens to approximately 60°. The change in the
geometry of the skarn package is interpreted to be related to the northeast striking and southeast dipping La Flaca Fault; parallel
structures are locally represented by post mineral dykes.
The currently known, best -developed skarn zone at ELD is in the central part of the drilled area immediately north of the La
Flaca fault and below the deepest part of the El Limón pit. The initial infill exploration program has been concentrated in t his
area and has confirmed the continuity of the mineralization intersected in earlier, widely spaced holes. Mineralization remains
open along strike especially to the southeast and down -dip to the southwest. Additional mineral potential is envisaged in the
multiple skarn zones identified at depth.
Intersections reported in this press release are not reported as true thickness. Interval lengths for holes dipping between -45º
to -90º have been selected to represent a minimum mining height of 3.5 metres. Interval lengths f or holes dipping between 0º
and -45º have been selected to represent a minimum horizontal length of 3.5 metres. The program also demonstrates the
continuity of the high-grade gold mineralization for at least 150 metres along strike and 150 down-dip; apparent widths vary from
3.5 metres to 46 metres.
The style of mineralization at ELD is similar to the mineralization in the other mineralized zones within the El Limón Guajes
deposit. It is characterized by gold, which is strongly associated with bismuth an d variable amounts of silver and copper. Gold
occurs in variably sulfidized, pyrrhotite-rich skarn, while silver and copper mineralization is primarily controlled by the degree of
sulfidation of the host skarn. Mineralization is associated with retrograde alteration characterized by the occurrence of
phlogopite, amphibole, chlorite, calcite and lesser amounts of quartz and epidote, and local magnetite.
QA/QC and Qualified Person
Torex maintains an industry-standard analytical quality assurance and quality control (QA/QC) and data verification program to
monitor laboratory performance and ensure high quality assays. Results from this program confirm reliability of the assay results.
All sampling and analytical work for the mine exploration program is perfor med by SGS de Mexico S.A. de C.V. (“SGS”) in
Durango, and by 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 mineralization under consideration , and is an
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
employee of Torex. Dr. Weiershäuser has verified the data disclosed, including sampling, analytical, and test data underlying
the drill results, and he consents to the inclusion in this release of said data in the form and context in which they appear.
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 Gold Resources Inc.
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 kilometres
southwest of Mexico City. The Company’s principal assets are the El Limón Guajes mining complex (“ELG” or 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 (“ELD”), 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
President and CEO
Direct: (647) 260-1502
Email: [email protected]
Dan Rollins
Vice President, Corporate Development & Investor Relations
Direct: (647) 260-1503
Email: [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 unfor eseen delays
or disruptions of its operations including without limitation, delays caused by blockades limiting access to the ELG Mine Complex and the
Media Luna Project or by blockades or trespassers impacting the Company’s ability to operate. Forward -looking information also incl udes,
but is not limited to, the expectation that the results show potential to extend the reserves down dip and along strike to the south, the expected
potential of materially extending the mine life of ELD, plans to drill test the mineralization at depth in 2020, the assessment that the deposit
appears to be steepening at depth and that it bodes well for low cost mining techniques, indications of the northern limit of the strike extension
at depth and expectation that the Company is unlikely to mine that area of the deposit, and the expected additional mineral potential in the
multiple skarn zones identified at depth. Generally, forward -looking information can be identified by the use of forward -looking terminology
such as "plans", "expects", "believes", “future” or variations of such words and phrases or state that certain actions, events or results “can”,
"may", "could", "would", "might", "be achieved", “appears” or “bodes well”. 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, without limitation, uncertai nty involving
skarns deposits and the analysis and interpretation of drilling results and those risk factors identified in the Technical Report and the
Company’s annual information form and management’s discussion and analysis. Forward-looking information are based on the assumptions
discussed in the Technical Report and such other 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 iden tify
important factors that could cause actual results to differ materially from those contained in the forward -looking information, there may be
other factors 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 fro m those anticipated in such information. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not undertake to update any forward-looking information, whether as a result of
new information or future events or otherwise, except as may be required by applicable securities laws.
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
Figure 1: Cross Section A – A’ Looking North Through ELD
2019 drill program was successful in extending known mineralization at depth, with drill -hole LDUG-056 (circled) intersecting mineralization
150 metres below current ELD reserves – average reserve grade of 5.50 g/t at a 3.7 g/t cut-off.
Torex Gold Resources Inc. Page 5
Corporate Office: 130 King St. West, Suite 740, Toronto, ON M5X 2A2, Canada – Tel. (647) 260-1500 Fax (416) 304-4000
www.torexgold.com
Figure 2: Cross Section B – B’ Looking North Through ELD
Drill holes LDUG-036 and LDUG-037 (circled) were successful in extending known mineralization down-dip as well as along strike to the
south of current reserves at ELD.
Torex Gold Resources Inc. Page 6
Corporate Office: 130 King St. West, Suite 740, Toronto, ON M5X 2A2, Canada – Tel. (647) 260-1500 Fax (416) 304-4000
www.torexgold.com
Figure 3: Cross Section C – C’ Looking North Through ELD
Drill holes targeting down-dip strike extensions to the north of reserves returned mixed results.
Torex Gold Resources Inc. Page 7
Corporate Office: 130 King St. West, Suite 740, Toronto, ON M5X 2A2, Canada – Tel. (647) 260-1500 Fax (416) 304-4000
www.torexgold.com
Figure 4: Longitudinal Section Across Total Deposit Area
ELD consists of mineralization below the El Limón open pit and above the granodiorite El Limón sill. The Sub-Sill deposit consists of
mineralization below the El Limón sill.
Torex Gold Resources Inc. Page 8
Corporate Office: 130 King St. West, Suite 740, Toronto, ON M5X 2A2, Canada – Tel. (647) 260-1500 Fax (416) 304-4000
www.torexgold.com
Table 2: ELD drill-hole results since the February 14, 2019 press release
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 reliabi lity of the data.
5. Gdi stands for granodiorite.
111.5 138.3 26.8 11.66 5.5 0.17 Skarn
including 124.6 136.1 11.5 16.96 4.6 0.11 Skarn
143.3 149.8 6.5 12.27 1.4 0.03 Skarn
LDUG-035 ELD 422,234.3 1,990,350.4 1,013.1 311 -57.0 282.0 139.7 143.9 4.2 6.67 8.5 0.27 Skarn
143.7 147.9 4.1 5.23 1.5 0.11 Skarn
159.2 166.4 7.2 5.78 14.1 0.74 Skarn
200.8 217.6 16.8 15.73 5.0 0.15 Skarn
including 208.0 217.6 9.6 20.55 4.8 0.12 Skarn
171.5 175.9 4.4 10.97 2.3 0.12 Skarn
189.4 194.9 5.5 6.40 2.6 0.18 Skarn
35.5 43.0 7.5 4.84 1.5 0.10 Gdi w/sulfide veinlets
94.9 132.9 38.0 15.60 11.0 0.55 Skarn
including 111.7 124.5 12.8 34.29 15.1 0.80 Skarn
LDUG-040 ELD 422,157.9 1,990,315.1 1,010.3 320 -74.0 159.0 35.6 40.0 4.4 1.36 0.5 0.02 Veinlets in Gdi
42.0 46.4 4.4 1.92 5.5 0.29 Skarn
145.7 150.0 4.3 1.42 0.9 0.02 Skarn
LDUG-042 ELD 422,161.1 1,990,312.2 1,010.3 126 -54.0 210.0 108.1 112.4 4.3 2.47 1.0 0.03 Skarn
LDUG-043 ELD 422,161.1 1,990,312.1 1,010.8 128 -35.0 180.0 84.2 90.3 6.1 0.61 2.9 0.09 Skarn
90.3 121.1 30.8 7.09 5.1 0.16 Skarn
including 103.4 108.5 5.1 12.37 3.0 0.05 Skarn
and including 115.5 121.1 5.7 9.34 16.5 0.61 Skarn
LDUG-045 ELD 422,161.4 1,990,312.4 1,011.1 127 -20.0 180.0 106.0 119.0 13.0 14.70 1.4 0.04 Skarn
LDUG-046 ELD 422,089.6 1,990,339.4 1,011.2 131 -16.0 261.0 204.9 217.5 12.6 1.54 0.5 0.01 Skarn
130.5 144.6 14.1 5.25 1.9 0.08 Skarn
170.2 178.3 8.1 11.09 17.1 0.65 Skarn
LDUG-048 ELD 422,089.7 1,990,339.3 1,011.0 131 -27.0 243.0 143.5 148.9 5.4 4.06 1.8 0.08 Skarn
118.9 135.2 16.3 6.54 2.4 0.16 Skarn
144.5 153.1 8.6 6.51 3.5 0.12 Skarn
171.9 177.6 5.8 28.58 20.3 0.76 Skarn
LDUG-050 ELD 422,089.6 1,990,339.5 1,010.0 131 -66.0 286.5 152.7 162.9 10.2 8.87 4.3 0.27 Skarn
LDUG-051 ELD 422,113.6 1,990,409.2 1,010.2 131 -57.0 196.5 119.8 124.1 4.3 2.19 1.0 0.01 Skarn
LDUG-052 ELD 422,089.2 1,990,339.8 1,010.0 131 -79.0 618.0 160.0 163.6 3.6 3.43 8.4 0.29 Skarn
LDUG-053 ELD 422,113.4 1,990,409.4 1,010.3 131 -75.0 378.0 198.0 205.7 7.7 1.18 4.1 0.18 Skarn
LDUG-054 ELD 422,113.2 1,990,409.7 1,010.2 0 -90.0 303.0 154.1 157.7 3.6 2.29 0.5 0.00 Skarn
LDUG-055 ELD 422,089.1 1,990,339.9 1,010.4 0 -90.0 279.0 164.0 168.2 4.2 3.75 0.5 0.04 Skarn
165.0 169.7 4.7 5.54 14.7 0.54 Skarn
176.7 180.6 3.9 5.62 11.3 0.54 Skarn
233.5 238.6 5.2 12.09 2.2 0.05 Skarn
252.0 264.0 12.0 20.91 2.8 0.00 Skarn
including 259.2 264.0 4.8 40.63 3.4 0.01 Skarn
SST-132 ELD 422,296.3 1,989,999.8 1,302.8 0 -90.0 741.0 264.8 268.3 3.5 1.73 3.8 0.09 Skarn
SST-138 ELD 422,297.2 1,989,998.5 1,302.6 270 -87.0 628.5 283.9 290.0 6.1 5.63 3.3 0.18 Skarn
SST-139 ELD 422,297.2 1,989,998.5 1,302.6 270 -83.0 626.5 302.9 307.9 5.0 4.92 7.7 0.56 Skarn
-52.0 246.0
From
(m)
To
(m)
LDUG-049 ELD 422,089.6 1,990,339.4 1,010.5 131
-74.0 222.0
LDUG-047 ELD 422,089.6 1,990,339.3 1,010.7 131 -40.0 576.0
LDUG-044 ELD 422,160.9 1,990,312.7 1,010.4 122
-90.0 264.0
LDUG-041 ELD 422,157.4 1,990,314.6 1,010.3 280 -82.0 213.0
LDUG-039 ELD 422,158.2 1,990,314.9 1,010.3 0
273.0
LDUG-037 ELD 422,118.6 1,990,213.0 1,023.2 199 -84.0 276.0
311 -80.0 211.0
LDUG-036 ELD 422,118.9 1,990,214.8 1,023.0 0 -90.0
LDUG-034 ELD 422,181.1 1,990,285.5 1,010.2
Drill-Hole Target Area UTM-E
(m)
UTM-N
(m)
Elevation
(m)
Azimuth
(°)
Dip
(°)
Total
Length
(m)
LithologyAu
(g/t)
Ag
(g/t)
Cu
(%)
Intersection
Core Length
(m)
162 -70.0 340.5LDUG-056 ELD 422,089.1 1,990,339.2 1,010.3