Torex Gold Reports Promising Drill Results from Media Luna West Results support declaration of an inaugural Inferred Resource with the annual update
Torex Gold Reports Promising Drill Results
from Media Luna West
Results support declaration of an inaugural Inferred Resource
with the annual update
(All amounts expressed in U.S. dollars unless otherwise stated)
Toronto, Ontario--(Newsfile Corp. - December 1, 2025) - Torex Gold Resources Inc. (the "Company" or
"Torex") (TSX: TXG) (OTCQX: TORXF) is pleased to provide results from the 2025 drilling program at
Media Luna West, which support the Company's strategy to target near-mine opportunities in the Media
Luna Cluster in order to further enhance and extend the production profile of the Morelos Complex.
Jody Kuzenko, President & CEO of Torex, stated:
"The results from this year's drilling program at Media Luna West defined a mineralized footprint of 400 x
300 metres ("m") situated in very close proximity to the main Media Luna deposit. Drilling continued to
return impressive, high-grade results, most notably 12.25 grams per tonne gold equivalent ("gpt AuEq")
over 11.0 m in drill hole ML25-1088D and 17.79 gpt AuEq over 12.9 m in ML25-1095D. Based on these
results and ongoing modelling work, we expect to declare an inaugural Inferred Resource with our annual
mineral reserves and resources update in March 2026. Future drilling at Media Luna West will be
focused on expanding the resource footprint towards the north along the main north-south corridor and to
the south towards the highly prospective San Miguel fault, as well as upgrading resources from the
Inferred to the Indicated category.
"These latest results build on the drilling success we have had within the Media Luna Cluster and
reinforce the quality of the mineralization we see on the south side of the property. We believe Media
Luna West could be a potential new mining front should the area be evaluated as economically viable,
which becomes more likely now that we can leverage the infrastructure constructed at Media Luna.
"The results from Media Luna West are part of the investment we made this year to expand the resource
footprint more broadly across the Morelos Property. We look forward to sharing the results from drilling
conducted at other targets across the Media Luna Cluster and Atzcala over the coming months as we
believe they will further showcase the true exploration potential at Morelos and our ability to sustain
production above 450,000 gold equivalent ounces at reserve metal prices well beyond 2030."
MEDIA LUNA WEST DRILLING & EXPLORATION PROGRAM
Drilling and exploration programs at the Media Luna Cluster support the Company's objective of
enhancing and extending the production profile of Morelos by expanding resources and increasing
reserves. Progress continues to be made across the Media Luna Cluster in the mission to refine the new
structural framework through the identification of multiple alteration events, various and distinct
mineralization styles, and main mineralization controls.
The deeper understanding of the structural controls across the Morelos Property has reoriented
exploration at Media Luna West to focus on the intersection of the north-south structural corridor with
west-northwest-striking faults linked to the San Miguel fault. The fault is thought to be the structure that
provided the mineralizing fluids to the north-south structural corridor at Media Luna West during the
mineralization events (Figure 1).
Drilling at Media Luna West in 2025 has been aimed at declaring an inaugural Inferred Resource with
the ultimate goal of potentially establishing a new mining front within the Media Luna Cluster should the
resources prove to be economically viable through future infill drilling as well as technical and
commercial evaluation. Drilling has primarily been focused on exploring the mineralized continuity of the
high-grade intercepts encountered in the previously drilled holes ML24-1043DB (13.40 gpt AuEq over
28.4 m) and ML23-986A (29.78 gpt AuEq over 14.1 m), and to define the mineralized footprint (Table 3).
A total of 10,744 m of drilling was conducted across 23 drill holes (including eight parent holes) during
2025. This release contains all drilling completed during 2025 and one drill hole from 2024's program
that was not previously reported, totaling 11,303 m over 24 drill holes.
Drill hole intercepts for Media Luna West are core lengths and not true widths, as true widths will be
determined once the geological modelling is completed. The gold equivalent grade calculations reported
for each intercept use the same metal prices ($1,650/oz gold ("Au"), $22/oz silver ("Ag"), and $3.75/lb
copper ("Cu")) as well as metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the current
mineral resource estimate for the Media Luna deposit (effective date of December 31, 2024) and have
been applied to the assay results for newly published drill holes as well as previously published drill
holes. The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0127) +
(Cu (%) * 1.6104). Further information on drill results and gpt AuEq calculations can be found in Table 2.
Previously reported drill holes are reported in Table 3.
References to future gold equivalent production is based on forecast Au, Ag, and Cu production based
on the metal price ratios implied by metal prices used to estimate mineral reserves ($1,500/oz Au,
$19/oz Ag, and $3.50/lb Cu).
Figure 1: Plan view of Media Luna Cluster showing Media Luna West drill intercepts, the resource
footprints for EPO and Media Luna, and the Media Luna East target area.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1863/276437_7121c8e7b4cdcaca_001full.jpg
North-south faults define structural blocks in which mineralization is found at different elevations
depending on whether it lies in the hanging wall or footwall of the structures (Figure 2). Drill holes ML25-
1080A and ML25-1088D testing for mineralization at the hanging wall of the reverse fault portray relevant
intercepts at elevations over 400 m above sea level ("m.a.s.l"), while drill hole ML24-1043DB, drilled at
the footwall, intercepted mineralization at elevations below 400 m.a.s.l. (Figure 3).
Results from drill holes ML25-1080A and ML25-1088D confirm that the local-scale mineralization
controls are the fringes of the diatreme breccias and the contact between the granodiorite stock and the
overlying limestones within the calc-silicate alteration envelope (Figure 3). Based on the current
observations, the mineralization sequence commenced with a copper-rich mineralization event hosted in
the calc-silicate alteration that developed along the contact of the granodiorite intrusive and the
limestones. Later reactivation of the north-south and north-west faults allowed for the intrusion of
phreatomagmatic breccias, providing ground preparation for a late gold-rich fluid that preferentially
mineralized the fringes of the breccias and enriched the previous copper-bearing mineralization with
gold. The latter explains the gold-rich intercepts at the fringes of the breccias, and the gold-copper
mineralization more commonly found within the calc-silicate alteration.
A mineralized footprint of 400 x 300 m has now been defined. The system remains open to the north
along the north-south mineralized corridor and to the south as surface mapping shows continuity of the
breccia bodies towards the San Miguel fault.
The advanced exploration program for Media Luna West in 2025 was successfully completed with
compelling results that could support the delivery of an inaugural Inferred Resource with the annual
mineral reserve and resource update in March 2026. Once declared, Media Luna West is expected to
advance to the next stage of the exploration pipeline through a resource categorization program that will
commence in 2026 with a target of upgrading Inferred Resources to the Indicated Resources category.
Table 1: Highlights from the 2025 drilling program at Media Luna West
Drill Hole
From
(m)
To
(m)
Core Length
(m)
Au
(gpt)
Ag
(gpt)
Cu
(%)
AuEq
(gpt)
ML25-1080A
652.3
702.0
49.7
2.47
0.9
0.01
2.50
724.0
744.4
20.4
7.42
6.2
0.20
7.81
incl.
730.0
734.0
4.0
20.22
9.0
0.12
20.53
751.9
761.9
10.0
4.23
3.5
0.12
4.47
ML25-1083D
718.7
722.9
4.2
6.22
2.8
0.01
6.27
752.6
757.8
5.1
2.43
35.9
0.97
4.45
incl.
753.9
755.1
1.2
6.68
95.7
2.43
11.80
770.0
777.3
7.3
1.31
9.2
0.52
2.28
ML25-1088D
647.0
658.0
11.0
11.70
10.3
0.26
12.25
incl.
652.6
656.6
4.0
26.33
11.3
0.24
26.85
ML25-1095D
703.6
716.5
12.9
17.25
8.7
0.27
17.79
incl.
705.7
710.4
4.7
36.35
14.3
0.27
36.97
763.5
773.1
9.6
0.87
37.4
1.46
3.69
Notes to Table:
1)
Intercepts are reported as core length (not true width/thickness). True width/thickness will be determined once the geological modelling is
completed.
2)
Core recovery is shown in Table 2.
3)
The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6104) and use the same metal prices
($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2024 mineral
resource estimate for Media Luna.
4)
All assay results are uncapped. Core lengths subject to rounding.
MEDIA LUNA WEST GEOLOGY
The Media Luna West target is part of the Media Luna Cluster, which also includes Media Luna, Media
Luna East, EPO, and Todos Santos. They are hosted within the Mesozoic carbonate-rich Morelos
Platform, overlayed by Cuautla and Mezcala formations and have been intruded by Paleocene stocks,
sills, and dikes of granodioritic to tonalitic composition.
The north-south thick-skin deep-seated faults control the architecture of the mineralized zones with sub-
parallel second-order faults generating favourable traps for the different mineralizing fluids during the
multiple stages of deformation.
Cu-Ag and later Au mineralization is hosted within the intense extension fractures in the footwalls and
hanging walls of the faults related to the emplacement of the approximately north-south-striking dikes and
breccias. Mineralization is better developed along the contact of Morelos formation limestones and
Media Luna granodiorite. The margins of altered dikes and sills of the calc-silicate envelope also act as
a secondary control of mineralization.
The mineral assemblage is characterized by pyroxene, garnet, and magnetite. Metal deposition
occurred during hydrated minerals alteration and is associated with a mineral assemblage comprising of
amphibole, phlogopite, chlorite, and calcite ± quartz ± epidote as well as variable amounts of magnetite
and sulfides, primarily pyrrhotite. The style of mineralization at both Media Luna West and Media Luna
East is characterized by Au with locally high Ag and Cu grades. Given that Au precipitates due to the
buffer exerted by the early stage of calc-silicate alteration and sulfide mineralization, it occurs as free Au
and is generally dissociated from the earlier Cu mineralization event that is mainly represented by
chalcopyrite.
QA/QC
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 the reliability of the assay results.
The exploration program and analytical QA/QC program for Media Luna Cluster drilling is currently
overseen by José Antonio San Vicente Díaz, Chief Exploration Geologist for Minera Media Luna, S.A.
de C.V. All samples reported have been checked against Company and Lab standards and blanks. No
core duplicate samples are taken.
HQ-size core is sawn in half with half the core retained in the core box and the other half bagged and
tagged for shipment to the sample preparation facility. Sample preparation is carried out by Bureau
Veritas ("BV"), an accredited laboratory, at its facilities in Durango, Mexico and consists of crushing a 1
kg sample to >70% passing 2 mm followed by pulverization of 500 g to >85% passing 75 μm. Au is
analyzed at the BV facilities in Hermosillo, Mexico following internal analytical protocols (FA430) and
comprises a 30 g fire assay with an atomic absorption finish. Samples yielding results >10 gpt Au are
re-assayed by fire assay with gravimetric finish (FA530). Cu and Ag analyses are completed at the BV
facilities in Vancouver, Canada as part of a multi-element geochemical analysis by an aqua regia
digestion and/or four acid digestion with detection by ICPES/MS using BV internal analytical protocol
AQ270/AQ370. Overlimits for the multi-element package are analyzed by internal protocol AQ374.
External pulp check assays for QA/QC purposes are performed at ALS Chemex, de Mexico S.A. de
C.V., an accredited laboratory. The pulp check samples are analyzed for Au, Ag, and Cu. Overall
comparability between Bureau Veritas and ALS Chemex is good to excellent with high correlation.
Additional information on sampling and analyses, analytical labs, and methods used for data verification
is available in the Company's technical report entitled the "Morelos Property, NI 43-101 Technical
Report, ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study, Guerrero State,
Mexico", dated effective March 16, 2022 filed on March 31, 2022 (the "2022 Technical Report") and in
the annual information form ("AIF") dated March 21, 2025, each filed on SEDAR+ at
www.sedarplus.ca
and the Company's website at
www.torexgold.com
.
QUALIFIED PERSON
Scientific and technical information contained in this news release has been reviewed and approved by
Rochelle Collins, P.Geo. (PGO #1412), Principal, Mineral Resource Geologist with Torex Gold
Resources Inc. and a "qualified person" ("QP") as defined by NI 43-101. Ms. Collins has verified the
data disclosed herein, including sampling, analytical, and test data underlying the drill results.
Verification included visually reviewing the drill holes in three dimensions, comparing the assay results to
the original assay certificates, reviewing the drilling database, and reviewing core photography
consistent with standard practice. Ms. Collins consents to the inclusion in this release of said information
in the form and context in which it appears.
ABOUT TOREX GOLD RESOURCES INC.
Torex Gold Resources Inc. is a Canadian mining company engaged in the exploration, development,
and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, which is
currently Mexico's largest single gold producer. The Company also owns the advanced stage Los Reyes
gold-silver project in Sinaloa, Mexico and recently acquired a portfolio of early-stage exploration
properties, including the Batopilas and Guigui projects in Chihuahua, Mexico, and the Gryphon and
Medicine Springs projects in Nevada, USA.
The Company's key strategic objectives are to: deliver Media Luna to full production and build EPO;
optimize Morelos production and costs; grow reserves and resources; pursue disciplined growth and
capital allocation; retain and attract best industry talent; and be an industry leader in responsible mining.
In addition to realizing the full potential of the Morelos Property, the Company continues to seek
opportunities to acquire assets that enable diversification and deliver value to shareholders.
FOR FURTHER INFORMATION, PLEASE CONTACT:
TOREX GOLD RESOURCES INC.
Jody Kuzenko
President and CEO
Direct: (647) 725-9982
Dan Rollins
Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 260-1503
CAUTIONARY NOTES ON FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" and "forward-looking information" (collectively,
"Forward-Looking Information") within the meaning of applicable Canadian securities legislation.
Generally, Forward-Looking Information can be identified by the use of forward-looking terminology such
as "objective", "target", "continue", "potential", "focus", "demonstrate", "belief" or variations of such
words and phrases or statements that certain actions, events or results "will", "would", "could" or "is
expected to" occur. Forward-Looking Information also includes, but is not limited to, statements that
drilling results disclosed herein: support the Company's strategy to target near-mine opportunities in the
Media Luna Cluster and the Company's objective of enhancing and extending the production profile of
Morelos by expanding resources and increasing reserves; support the declaration of an inaugural
Inferred Resource in March 2026 with an ultimate goal of potentially establishing a new mining front
within the Media Luna Cluster should the resources prove to be economically viable; showcase the true
exploration potential of Morelos and the ability to sustain production above 450,000 gold equivalent
ounces well beyond 2030; and the expectation that a resource categorization program will commence in
2026 with a target of upgrading Inferred Resources to the Indicated Resources category. Forward-
Looking Information also include the Company's key strategic objectives to: deliver Media Luna to full
production and build EPO; optimize Morelos production and costs; grow reserves and resources; pursue
disciplined growth and capital allocation; retain and attract best industry talent; and be an industry leader
in responsible mining. 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, risks and uncertainties associated with: the ability to upgrade
mineral resources to categories of mineral resources with greater confidence levels or to mineral
reserves; risks associated with mineral reserve and mineral resource estimation; and those risk factors
identified in the 2022 Technical Report, the AIF, and the Company's management's discussion and
analysis for the three and nine months ended September 30, 2025 (the "MD&A") or other unknown but
potentially significant impacts. Forward-Looking Information is based on the assumptions discussed in
the 2022 Technical Report, AIF, and MD&A, 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 identify 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 from 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. The 2022 Technical Report, AIF
and MD&A are filed on SEDAR+ at
www.sedarplus.ca
and the Company's website at
www.torexgold.com
.
Figure 2: Plan view of Media Luna West showing high-grade drilling intercepts over different structural
blocks at distinct elevations. Mineralization remains open to the north along the main north-south corridor
and to the south towards the San Miguel fault.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1863/276437_7121c8e7b4cdcaca_002full.jpg
Figure 3: Media Luna West section view showing high-grade intercepts of over 30 m of vertical continuity
within the favourable alteration zone and notably at the fringes of a diatreme breccia as main
mineralization controls.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1863/276437_7121c8e7b4cdcaca_003full.jpg
Table 2: Media Luna West drill results
Intercept
Drill
Hole
Program
UTM-E
(m)
UTM-N (m)
Elevation
(m)
Azimuth
(°)
Dip
(°)
Final
Depth
(m)
From
(m)
To
(m)
Core
Length
(m)
Au
(gpt)
Ag
(gpt)
Cu
(%)
AuEq
(gpt)
Core
Recovery
(%)
ML24-
1051D
Adv. Expl.
421015.7
1984856.4
1093.1
786
677.5
681.0
3.5
2.17
11.6
0.44
3.01
100.0%
696.0
698.0
2.0
3.13
10.9
0.22
3.63
100.0%
ML25-
1059
Adv. Expl.
421097.7
1984931.3
1134.0
270
-75
407
Parent hole
ML25-
1062D
Adv. Expl.
421097.7
1984931.3
1134.0
1013
956.4
958.5
2.1
0.22
38.4
1.78
3.57
100.0%
ML25-
1066D
Adv. Expl.
421097.7
1984931.3
1134.0
980
No significant values
ML25-
1068
Adv. Expl.
421150.0
1984902.5
1119.2
260
-80
600
Parent hole
ML25-
1068A
Adv. Expl.
421150.0
1984902.5
1119.2
867
692.0
694.0
2.0
4.47
0.7
0.00
4.48
100.0%
ML25-
1069
Adv. Expl.
421168.2
1985019.8
1183.7
270
-77
506
Parent hole
ML25-
1072D
Adv. Expl.
421168.2
1985019.8
1183.7
909
718.0
722.0
4.0
1.90
3.5
0.21
2.29
100.0%
728.0
731.0
3.0
10.72
4.2
0.22
11.12
100.0%
758.0
762.9
4.9
3.33
4.4
0.07
3.51
100.0%
770.0
772.0
2.0
7.02
4.0
0.18
7.35
100.0%
ML25-
1073
Adv. Expl.
421113.2
1985076.8
1190.9
259
-80
356
Parent hole
ML25-
1073A
Adv. Expl.
421113.2
1985076.8
1190.9
941
815.6
821.4
5.9
3.78
2.2
0.09
3.95
100.0%
ML25-
1074D
Adv. Expl.
421168.2
1985019.8
1183.7
936
No significant values
ML25-
1080
Adv. Expl.
421157.8
1984959.8
1152.0
272
-81
356
Parent hole
ML25-
1080A
Adv. Expl.
421157.8
1984959.8
1152.0
866
652.3
702.0
49.7
2.47
0.9
0.01
2.50
86.3%
724.0
744.4
20.4
7.42
6.2
0.20
7.81
100.0%
incl.
730.0
734.0
4.0
20.22
9.0
0.12
20.53
100.0%
751.9
761.9
10.0
4.23
3.5
0.12
4.47
100.0%
ML25-
1083D
Adv. Expl.
421113.2
1985076.8
1190.9
860
718.7
722.9
4.2
6.22
2.8
0.01
6.27
100.0%
752.6
757.8
5.1
2.43
35.9
0.97
4.45
100.0%
incl.
753.9
755.1
1.2
6.68
95.7
2.43
11.80
100.0%
770.0
777.3
7.3
1.31
9.2
0.52
2.28
100.0%
Notes to Table
1)
Intercepts are core lengths and do not represent true thickness of mineralized zones. True width/thickness will be determined once the geological
modelling is completed.
2)
Core lengths subject to rounding.
3)
Coordinates are WGS 1984 UTM Zone 14N
4)
Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.
5)
The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6104) and use the same metal prices
($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2024 mineral
resource estimate for Media Luna.
6)
All assay results are uncapped.
Table 2 (continued): Media Luna West drill results
Intercept
Drill
Hole
Program
UTM-E
(m)
UTM-N (m)
Elevation
(m)
Azimuth
(°)
Dip
(°)
Final
Depth
(m)
From
(m)
To
(m)
Core
Length
(m)
Au
(gpt)
Ag
(gpt)
Cu
(%)
AuEq
(gpt)
Core
Recovery
(%)
ML25-
1084
Adv. Expl.
421034.2
1985188.4
1192.9
262
-82
452
Parent hole
ML25-
1084A
Adv. Expl.
421034.2
1985188.4
1192.9
881
No significant values
ML25-
1086
Adv. Expl.
421112.8
1985080.1
1191.0
93
-79
800
684.0
710.0
26.0
1.58
35.9
1.51
4.47
100.0%
incl.
692.3
697.6
5.3
5.93
60.4
2.55
10.81
100.0%
ML25-
1088D
Adv. Expl.
421157.8
1984959.8
1152.0
758
647.0
658.0
11.0
11.70
10.3
0.26
12.25
100.0%
incl.
652.6
656.6
4.0
26.33
11.3
0.24
26.85
100.0%
ML25-
1091
Adv. Expl.
421113.2
1985078.5
1191.0
360
-84
446
Parent hole
ML25-
1094D
Adv. Expl.
421034.2
1985188.4
1192.9
882
838.2
840.4
2.2
0.80
29.9
1.09
2.93
100.0%
ML25-
1095D
Adv. Expl.
421113.2
1985078.5
1191.0
839
703.6
716.5
12.9
17.25
8.7
0.27
17.79
100.0%
incl.
705.7
710.4
4.7
36.35
14.3
0.27
36.97
100.0%
763.5
773.1
9.6
0.87
37.4
1.46
3.69
100.0%
ML25-
1102D
Adv. Expl.
421113.2
1985078.5
1191.0
887
774.6
782.2
7.6
0.21
29.0
1.16
2.45
100.0%
ML25-
1106
Adv. Expl.
421037.1
1985186.9
1192.9
119
-78
392
Parent hole
ML25-
1112D
Adv. Expl.
421037.1
1985186.9
1192.9
935
882.0
883.7
1.7
0.80
42.4
0.88
2.76
100.0%
Notes to Table
1)
Intercepts are core lengths and do not represent true thickness of mineralized zones. True width/thickness will be determined once the geological
modelling is completed.
2)
Core lengths subject to rounding.
3)
Coordinates are WGS 1984 UTM Zone 14N
4)
Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.
5)
The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6104) and use the same metal prices
($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2024 mineral
resource estimate for Media Luna.