TOREX GOLD REPORTS RESULTS FROM DRILLING AT MEDIA LUNA Program successful in upgrading Indicated Resources to the Measured category and adding Inferred Resources along the boundaries of the deposit
For Immediate Release
TOREX GOLD REPORTS RESULTS FROM DRILLING AT MEDIA LUNA
Program successful in upgrading Indicated Resources to the Measured category and adding
Inferred Resources along the boundaries of the deposit
(All amounts expressed in U.S. Dollars unless otherwise stated)
TORONTO, Ontario, March 8, 2023 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) is
pleased to report results from its 2022 drilling program at Media Luna. The program was focused on upgrading
Indicated Resources to the Measured category and targeting spatial gaps in prior drilling to expand Inferred
Mineral Resources.
Jody Kuzenko, President & CEO stated:
“We are pleased with the results of the 2022 drill program at Media Luna . Infill drilling ha s reinforced our
confidence in the quality of the resource model and provided valuable information which will be incorporated
into future mine planning activities. Additionally, dril ling targeting spatial gaps along the existing southern and
northern boundaries of the deposit was successful in delivering the required drill density to bring incremental
mineralization into the Inferred Resource category.
“Infill drilling within three higher-grade zones of the Me dia Luna deposit returned as say results with similarly
impressive grades and widths as prio r drilling. Based on the additional dr illing, we expect to convert a high
percentage of Indicated Resources within these areas to the Measured category when year-end Mineral
Reserve and Resource estimates are released later th is month. Drilling targeting these higher-grade zones
returned some notable grades over favourable core lengths (not true widths), including 46.0 grams per tonne
gold equivalent (“gpt AuEq”) over 28.4 metres (“m”), 17.1 gpt AuEq over 58.1 m, 21.4 gpt AuEq over 26.4 m,
8.6 gpt AuEq over 34.7 m, and 9.6 gpt AuEq over 26.1 m.
“Infill drilling targeting spatial gaps to ensure the drill density required to classify mineralization as Inferred
Resources was also successful, with several holes returning intersects with favourable lengths including 8.0 gpt
AuEq over 25.4 m, 3.8 gpt AuEq over 48.0 m, 3.0 gpt over 26.8 m, and 2.6 gpt over 18.9 m.
“We are also pleased to announce the appointment of Raul Guerra as Vice President, Exploration. Raul will be
responsible for supporting the Compan y’s exploration and drilling efforts across the Morelos Property as well
as analyzing potential business opportunities related to exploration stage assets. Mr. Guerra has over 30 years
of industry experience, including 13 years with Barrick where he served as Vice President Exploration, Latin
America for 7 years. Prior to joining Torex, Raul was Vice President Exploration for Austral Gold.”
Table 1: Highlights from the 2022 drilling programs at Media Luna
Drill Hole1 Drilling Type From
(m)
To
(m)
Core
Length1
(m)
Au
(gpt)
Ag
(gpt)
Cu
(%)
AuEq2
(gpt)
ML22-823D Infill – Measured 452.63 481.03 28.40 40.48 86.64 2.76 46.05
ML22-804D Infill – Measured 453.01 511.09 58.08 10.79 100.84 3.09 17.08
ML22-768D Infill – Measured 415.00 441.39 26.39 13.98 111.78 3.69 21.39
ML22-762A Infill – Measured 420.34 442.77 22.43 13.27 17.27 0.46 14.23
ML22-835D Infill – Measured 453.19 487.94 34.75 6.72 29.38 0.92 8.58
ML22-767D Infill – Measured 501.68 527.83 26.15 4.57 79.70 2.50 9.63
ML22-913 Infill – Inferred 335.66 361.09 25.43 4.75 29.50 1.76 8.00
ML22-910 Infill – Inferred 301.00 349.05 48.05 1.06 54.39 1.25 3.78
ML22-877A Infill – Inferred 266.00 292.77 26.77 1.53 25.12 0.73 3.03
ML22-915 Infill – Inferred 354.16 373.01 18.85 1.94 5.79 0.34 2.56
Notes to Table:
1) Intersections are reported as core lengths (not true widths/thickness).
2) The gold equivalent grade calculation used is as follows: AuEq (gpt) = Au (g/t) + Ag (gpt) * 0.011889+ Cu (%) * 1.648326 acc ount for the same metal
prices ($1,550/oz gold (“Au”), $20/oz silver (“Ag”) and $3.50/lb copper (“Cu”)) and metallurgical recoveries (85% Au, 79% Ag and 91% Cu) used in the
Mineral Resource estimate for the Media Luna deposit.
Assay results from the 2022 infill drilling program targeting Measured Resources can be found in Table 2 and
results from the 2022 infill drilling program targeting Inferred Resources can be found in Table 3. Highlights from
both drill programs can be found in Figure 1.
Page 2 Torex Gold Resources Inc.
The gold equivalent grade calculation accounts for the same metal prices ($1,550/oz gold, $20/oz silver and
$3.50/lb copper) and metallurgical recoveries (85% gold, 79% silver and 91% copper) used in the current
Mineral Resource estimate for the Media Luna deposit, set out in the March 2022 Technical Report.
2022 MEDIA LUNA DRILLING PROGRAM
During 2022, approximately 27,400 metres were drilled at Media Luna, for which 100% of assays had been
received by the end of January. Drill results from the 30,100 metres drilled at EPO in 2022 are expected to be
released shortly.
Drilling at Media Luna in 2022 was focused on both upgrading and expanding Mineral Resources. Infill drilling
was primarily targeted on upgrading Indicated Resources to the Measured category within three higher-grade
zones of the deposit. Expansion drilling was primarily targeted on filling in spatial gaps from previous drill
programs, with the intent to expand Inferred Mineral Resources along the northern and southern boundaries of
the property.
In addition to drilling conducted in 2022, multiple holes completed as part of the 2021 infill program will be
incorporated into the year-end 2022 Mineral Resource estimate at Media Luna. These holes were not included
in the year-end 2021 Mineral Resource estimate as assay results were received after the cut-off date for
completion of the March 2022 Technical Report. The drill holes from the 2021 program were focused on
upgrading Inferred Mineral Resources to the Indicated category within the middle of the Media Luna deposit.
Figure 1: 2022 Media Luna drilling program successful in upgrading Mineral Resources to the Measured
category and expanding Inferred Resources along boundaries of the deposit
Page 3 Torex Gold Resources Inc.
In total, the Company invested over $19 million in drilling within the Media Luna Cluster in 2022. A similar level
of drilling is anticipated in 2023, with the 2023 program focused on upgrading Inferred Resources at EPO and
expanding the overall mineralized footprint of the Media Luna Cluster, specifically the western flank anchored
by the EPO deposit to the north and Media Luna West target to the south.
Infill Drilling Program
Approximately 17,500 metres of drilling in 2022 was directed towards upgrading Indicated Resources within
three higher-grade zones of the deposit to the Measured category. Based on the results of the drilling program,
which has reduced the drill spacing to 15 m by 15 m (from 30 m by 30 m), the Company anticipates a high
conversion rate from the Indicated Mineral Resource category to the Measured category.
Information gathered from the tighter space drilling will support future mine planning activities, given the drill
program has provided incremental information to inform drill spacing for grade control and definition drilling.
Results from the 2022 infill drilling program targeting Measured Mineral Resources are outlined in Table 2.
Expansion Drilling Program
Approximately 11,500 metres of drilling in 2022 was directed towards expanding Inferred Mineral Resources
along the northern and southern boundaries of the Media Luna deposit. Based on the results of the drilling
conducted in 2022, a modest increase in Inferred Resources is expected within these areas. The 2022 program
targeted spatial gaps in prior drilling to achieve minimum drill spacing of 70 m, which is the drill spacing required
to support the classification of mineralization within the Inferred Resource category.
Results from the 2022 infill drilling program targeting Inferred Mineral Resources are outlined in Table 3.
MEDIA LUNA REGIONAL GEOLOGY
The Media Luna deposit is hosted within the Mesozo ic carbonate-rich Morelos Platform, which has been
intruded by Paleocene stocks, sills, and dykes of granodioritic to tonalitic composition. Skarn-hosted gold-silver-
copper mineralization is developed within the sedimentary rocks along the contacts of intrusive rocks as well as
within altered dykes of the skarn envelope. The main portion of this mineralized package dips to the southwest
at approximately 30°; in the lowest part of the known mineralization, the dip steepens to approximately 60°,
while the northernmost portion of the deposit dips to the north, resulting in a broad antiformal geometry of the
deposit.
Mineralization at Media Luna is hosted in skarn that developed at the contact of the intrusive granodiorite and
overlying sedimentary rocks. The skarn is characterized by a mineral assemblage of pyroxene, garnet, and
magnetite. Metal deposition and sulfidation occurred during retrograde alteration and is associated with a
mineral assemblage comprising amphibole, phlogopite, chlorite, and calcite ± quartz ± epidote as well as
variable amounts of magnetite and sulfides, primarily pyrr hotite. Additional mineralization is associated with
skarn developed within and along dykes and sills above the main granodiorite intrusion.
Additional information on the Media Luna deposit, the Media Luna Feasibility Study and the analytical and
sampling process 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 “Technical Report”) on SEDAR at
www.sedar.com and the Company’s website at www.torexgold.com.
QUALITY ASSURANCE / QUALITY CONTROL
At the Company’s Morelos Property (see description below), all the Media Luna project drill core is logged and
sampled at the core facility within the project camp under the supervision of Nicolas Landon, Chief Exploration
Geologist for the Media Luna Project. A geologist marks the individual samples for analysis and sample
intervals, sample numbers, standards and blanks are entered into the database. The core is cut in half
lengthwise using an electric core saw equipped with a diamond tipped blade. One half of the core is placed into
a plastic sample bag and sealed with zip ties in preparation for shipment. The other half of the core is returned
to the core box and retained for future reference in the Company core shack with the assay pulps and coarse
rejects. The core samples are picked up at the project camp and delivered to Bureau Veritas (“BV”) to conduct
all the analytical work.
Page 4 Torex Gold Resources Inc.
Sample preparation is carried out by BV at its facilities in Durango, Mexico and consists of crushing a 1 kg
sample to >70% passing 2 mm followed by pulverisation of 500 g to >85% passing 75 μm. Gold is analyzed
at the BV facilities in Hermosillo, Mexico following internal analytical protocols (FA430) and comprises a 30g
fire assay with an atomic absorption finish. Samples yielding results >10 g/t Au are re-assayed by fire assay
with gravimetric finish (FA530-Au). Copper and silver analyses are completed at the BV facilities in
Vancouver, Canada as part of a multi-element geochemical analysis by an aqua regia digestion with detection
by ICP-ES/MS using BV internal analytical protocol AQ270. Overlimits for the multi-element package are
analyzed by internal protocol AQ374.
Torex has a sampling and analytical Quality Assurance/Quality Control (“QA/QC”) program in place that has
been approved by BV and is overseen by Nicolas Landon, Chief Exploration Geologist for the Media Luna
Project. The program includes 5% each of Certified Reference Materials and Blanks; blind duplicates are not
included, but Torex evaluates the results of internal BV laboratory duplicates. Torex uses an independent
laboratory to check selected assay samples and reference materials and has retained a consultant to audit the
QA/QC data for every drill campaign at Media Luna. The QA/QC procedure is described in more detail in the
Technical Report filed on SEDAR.
QUALIFIED PERSONS
The scientific and technical data contained in this news release has been reviewed and approved by Carolina
Milla, P.Eng. Ms. Milla is a member of the Association of Professional Engineers and Geoscientists of Alberta
(Member ID #168350), has experience relevant to the style of mineralization under consideration, is a qualified
person under NI-43-101, and is an employee of Tore x. Ms. Milla has verified th e data disclose d, including
sampling, analytical, and test data underlying the drill results; veri fication included visually reviewing the
drillholes 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. Milla consents to the inclusion
in this release of said data in the form and context in which they appear.
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 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 asset is the Morelos
Complex, which includes the El Limón Guajes (“ELG”) Mine Complex, the Media Luna Project, a processing
plant, and related infrastructure. Commercial production from the Morelos Complex commenced on April 1,
2016 and an updated Technical Report for the Morelos Complex was released in March 2022. Torex’s key
strategic objectives are to optimize and extend production from the ELG Mine Complex, de-risk and advance
Media Luna to commercial production, build on ESG excellence, and to grow through ongoing exploration
across the entire Morelos Property.
FOR FURTHER INFORMATION, PLEASE CONTACT:
TOREX GOLD RESOURCES INC.
Jody Kuzenko Dan Rollins
President and CEO Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 725-9982 Direct: (647) 260-1503
[email protected] [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. Forward‐looking information also includes, but is not limited to, statements about: regarding three
higher grade zones of the Media Luna deposit, the expected conversion of a high percentage of Indicated Resources within these areas
to the Measured category when year‐end Mineral Reserve and Resource estimates are released later this month; a similar level of
drilling within the Media Luna Cluster is anticipated in 2023, with the 2023 program focused on upgrading Inferred resources at EPO
and expanding the overall mineralized footprint of the Media Luna Cluster; regarding the areas along the northern and southern
boundaries of the Media Luna deposit, the expected modest increase in Inferred Resources within these areas; and the Company’s key
Page 5 Torex Gold Resources Inc.
strategic objectives to extend and optimize production from the ELG Mining Complex, de‐risk and advance Media Luna to commercial
production, build on ESG excellence, and to grow through ongoing exploration across the entire Morelos Property. Generally, forward‐
looking information can be identified by the use of forward‐looking terminology such as “strategy”, “target”, “focus”, “continue”,
“expect”, “potential” or variations of such words and phrases or statements that certain actions, events or results “will”, or “is expected
to" occur. 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 categories of mineral resources with greater confidence levels or to mineral reserves; risks associated with
mineral reserve and mineral resource estimation; uncertainty involving skarns deposits; and those risk factors identified in the
Technical Report and the Company’s annual information form and management’s discussion and analysis or other unknown but
potentially significant impacts. Forward‐looking information is 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 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.
Page 6 Torex Gold Resources Inc.
Table 2: Results from 2022 infill drilling at Media Luna targeting to upgrade Indicated Mineral Resources to the Measured category
Final Intersection
Drill-Hole Area UTM-E UTM-N Elevation Hole Mother Azimuth Dip Depth From To Length1 Au Ag Cu AuEq2 Lithology
(m) (m) (m) Type Hole (m) (m) (m) (m) (gpt) (gpt) (%) (gpt)
ML22-760 MLL 422,498.33 1,984,514.35 1,224.43 CD 345.69 -75.44 497.40 422.40 443.00 20.60 5.51 50.98 1.29 8.01 No si gnificant values
ML22-761 MLU 422,647.99 1,985,019.04 1,463.99 CD 78.45 -70.69 116.40 Mother hole Finished
ML22-761A MLU 422,647.99 1,985,019.04 1,463.99 CD ML22-761 386.55 Mother hole Finished
ML22-762 MLU 423,315.84 1,985,097.54 1,585.26 CD 321.23 -74.68 105.60 Mother hole Finished
ML22-762A MLU 423,315.84 1,985,097.54 1,585.26 CD ML22-762 454.50 378.14 378.74 0.60 3.69 61.80 4.68 12.14 Skarn Com posite 1
420.34 442.77 22.43 13.27 17.27 0.46 14.23 Skarn Composite 2
ML22-767D MLU 422,647.99 1,985,019.04 1,463.99 DD ML22-761A 554.40 466.87 468.45 1.58 13.67 10.00 0.16 14.05 Skarn Com posite 1
483.88 485.46 1.58 3.88 40.70 1.06 6.12 Skarn Com posite 2
501.68 527.83 26.15 4.57 79.70 2.50 9.63 Skarn Com posite 3
ML22-768D MLU 423,315.84 1,985,097.54 1,585.26 DD ML22-762A 452.45 371.90 377.43 5.53 1.78 9.79 0.57 2.83 Skarn Com posite 1
408.01 409.65 1.64 1.88 17.22 0.36 2.68 Skarn Composite 2
415.00 441.39 26.39 13.98 111.78 3.69 21.39 Skarn Com posite 3
ML22-770D MLU 423,315.84 1,985,097.54 1,585.26 DD ML22-762A 473.45 387.16 389.65 2.49 12.56 571.34 16.36 46.31 Skarn Composite 1
422.31 423.80 1.49 9.76 347.03 11.06 32.11 Skarn Composite 2
429.06 441.79 12.73 10.71 21.51 0.49 11.77 Skarn Composite 3
446.92 455.88 8.96 2.32 3.65 0.11 2.54 Skarn Composite 4
ML22-771D MLU 422,647.99 1,985,019.04 1,463.99 DD ML22-761A 539.15 No significant values
ML22-772 MLL 422,543.72 1,984,585.20 1,255.01 CD 10.06 82.46 278.35 Mother hole Finished
ML22-772A MLL 422,543.72 1,984,585.20 1,255.01 CD ML22-772 380.25 Mother hole Finished
ML22-774D MLU 423,315.84 1,985,097.54 1,585.26 DD ML22-762A 444.95 378.08 381.90 3.82 0.30 6.91 1.16 2.29 Skarn Com posite 1
426.10 430.05 3.95 0.82 20.94 0.57 2.01 Skarn Com posite 2
ML22-775D MLU 422,647.99 1,985,019.04 1,463.99 DD ML22-761A 554.40 503.00 513.50 10.50 1.98 35.66 1.13 4.26 Skarn Com posite 1
ML22-776D MLU 423,315.84 1,985,097.54 1,585.26 DD ML22-762A 461.45 376.89 377.95 1.06 3.68 60.42 2.89 9.17 Skarn Composite 1
ML22-777D MLL 422,543.72 1,984,585.20 1,255.01 DD ML22-772A 404.75 Abandoned
ML22-777DA MLL 422,543.72 1,984,585.20 1,255.01 DD ML22-777D 560.50 494.71 517.24 22.53 0.63 62.80 1.53 3.90 Skarn Composite 1
528.00 531.32 3.32 1.44 77.55 1.99 5.71 Skarn Composite 2
ML22-779D MLU 423,315.84 1,985,097.54 1,585.26 DD ML22-762A 452.45 386.64 388.62 1.98 3.82 158.00 5.80 15.27 Skarn Composite 1
403.09 405.65 2.56 21.03 95.85 4.20 29.08 Skarn Composite 2
410.87 433.00 22.13 3.16 50.00 2.43 7.76 Skarn Composite 3
ML22-780D MLU 422,647.99 1,985,019.04 1,463.99 DD ML22-761A 560.50 478.68 479.55 0.87 5.17 5.30 0.16 5.48 Breccia with P y in matrix
505.90 518.48 12.58 1.90 31.77 0.88 3.73 Skarn Com posite 1
ML22-782D MLU 423,315.84 1,985,097.54 1,585.26 DD ML22-762A 470.05 370.92 371.71 0.79 4.08 5.70 0.73 5.34 Skarn Composite 1
428.00 429.00 1.00 4.74 9.40 0.14 5.08 Skarn Composite 2
434.96 438.58 3.62 45.80 179.01 4.91 56.02 Skarn Composite 3
457.18 459.41 2.23 16.85 2.31 0.01 16.89 Qz veinlets in granodiorite
ML22-783D MLL 422,543.72 1,984,585.20 1,255.01 DD ML22-772A 559.40 494.92 527.35 32.43 0.63 41.53 1.04 2.84 Skarn Com posite 1
ML22-784D MLU 422,647.99 1,985,019.04 1,463.99 DD ML22-761A 560.50 500.07 524.15 24.08 1.94 33.94 1.01 4.02 Skarn Com posite 1
ML22-785D MLU 423,315.84 1,985,097.54 1,585.26 DD ML22-762A 440.45 371.00 374.46 3.46 2.02 31.98 2.20 6.03 Skarn Com posite 1
ML22-786D MLL 422,543.72 1,984,585.20 1,255.01 DD ML22-772A 553.40 451.13 453.20 2.07 0.08 66.14 2.81 5.50 Skarn Composite 1
461.70 491.26 29.56 34.07 101.53 3.24 40.62 Skarn Composite 2
498.55 500.40 1.85 1.20 164.06 5.12 11.59 Skarn Composite 3
506.28 509.00 2.72 0.55 71.35 1.70 4.20 Skarn Composite 4
522.00 524.53 2.53 0.35 62.50 1.45 3.49 Skarn Composite 5
529.50 541.00 11.50 0.43 76.49 1.81 4.33 Skarn Composite 6
ML22-789D MLU 423,315.84 1,985,097.54 1,585.26 DD ML22-762A 488.45 381.56 385.58 4.02 3.68 11.36 0.46 4.57 Skarn Composite 1
402.86 416.14 13.28 7.51 36.64 1.83 10.97 Skarn Com posite 2
439.07 441.03 1.96 34.82 109.33 3.45 41.81 Skarn Com posite 3
ML22-790D MLU 422,647.99 1,985,019.04 1,463.99 DD ML22-761A 499.50 465.36 470.97 5.61 1.02 13.87 0.61 2.19 Skarn Composite 1
477.73 494.99 17.26 3.46 48.20 1.65 6.75 Skarn Composite 2
ML22-791D MLL 422,543.72 1,984,585.20 1,255.01 DD ML22-772A 557.50 468.53 478.53 10.00 6.14 8.23 0.30 6.73 Skarn Composite 1
485.28 528.84 43.56 9.58 98.73 2.36 14.65 Skarn Composite 2
ML22-793D MLU 423,315.84 1,985,097.54 1,585.26 DD ML22-762A 455.45 399.84 443.31 43.47 7.86 41.79 2.20 11.98 Skarn Composite 1
ML22-794D MLU 422,647.99 1,985,019.04 1,463.99 DD ML22-761A 557.65 511.48 525.12 13.64 3.56 54.31 1.53 6.73 Skarn Com posite 1
ML22-795D MLL 422,543.72 1,984,585.20 1,255.01 DD ML22-772A 574.55 481.18 483.38 2.20 2.89 4.47 0.07 3.06 Skarn Com posite 1
488.65 516.43 27.78 36.62 47.81 0.99 38.83 Skarn Com posite 2
Page 7 Torex Gold Resources Inc.
Table 2: Results from 2022 infill drilling at Media Luna targeting to upgrade Indicated Mineral Resources to the Measured category (continued)
Final Intersection
Drill-Hole Area UTM-E UTM-N Elevation Hole Mother Azimuth Dip Depth From To Length1 Au Ag Cu AuEq2 Lithology
(m) (m) (m) Type Hole (m) (m) (m) (m) (gpt) (gpt) (%) (gpt)
ML22-796D MLU 423,315.84 1,985,097.54 1,585.26 DD ML22-762A 257.75 Abandoned
ML22-797D MLU 423,315.84 1,985,097.54 1,585.26 DD ML22-762A 461.45 408.51 409.51 1.00 15.00 2.30 0.01 15.04 Skarn Com posite 1
427.71 442.14 14.43 7.84 78.40 2.86 13.49 Skarn Com posite 2
449.00 457.00 8.00 1.22 8.98 0.45 2.06 Skarn Com posite 3
ML22-798D MLU 422,647.99 1,985,019.04 1,463.99 DD ML22-761A 573.00 510.11 526.00 15.89 2.12 27.38 0.87 3.89 Skarn Com posite 1
ML22-800D MLL 422,543.72 1,984,585.20 1,255.01 DD ML22-772A 551.45 498.66 528.06 29.40 0.70 68.08 1.73 4.36 Skarn Com posite 1
ML22-802D MLU 423,315.84 1,985,097.54 1,585.26 DD ML22-762A 443.45 362.47 365.80 3.33 4.50 3.03 0.29 5.02 Skarn Com posite 1
388.72 389.44 0.72 11.90 2.40 0.01 11.95 Skarn Com posite 1
ML22-804D MLL 422,543.72 1,984,585.20 1,255.01 DD ML22-772A 557.40 422.09 424.45 2.36 6.27 31.21 0.72 7.83 Skarn Com posite 1
453.01 511.09 58.08 10.79 100.84 3.09 17.08 Skarn Composite 2
ML22-805D MLU 423,315.84 1,985,097.54 1,585.26 DD ML22-762A 395.45 347.19 352.64 5.45 1.06 15.03 1.04 2.96 Skarn Com posite 1
359.00 360.25 1.25 3.60 82.07 5.09 12.97 Skarn Com posite 2
ML22-806D MLU 422,647.99 1,985,019.04 1,463.99 DD ML22-761A 539.15 507.02 514.35 7.33 2.44 51.07 1.55 5.61 Skarn Com posite 1
ML22-808 MLU 423,316.69 1,985,098.21 1,585.52 CD 315.66 63.83 105.60 Mother hole Finished
ML22-808A MLU 423,316.69 1,985,098.21 1,585.52 CD ML22-808 434.75 368.03 375.94 7.91 2.58 9.56 0.88 4.14 Skarn Composite 1
384.69 385.48 0.79 9.06 18.50 1.04 10.99 Skarn Com posite 2
ML22-810D MLU 422,647.99 1,985,019.04 1,463.99 DD ML22-761A 508.60 459.50 478.73 19.23 4.63 35.43 1.16 6.96 Skarn Com posite 1
ML22-812D MLL 422,543.72 1,984,585.20 1,255.01 DD ML22-772A 530.45 449.66 458.88 9.22 17.36 33.84 0.92 19.28 Skarn Com posite 1
466.24 475.84 9.60 4.94 135.18 3.84 12.88 Skarn Com posite 2
ML22-813D MLU 422,647.99 1,985,019.04 1,463.99 DD ML22-761A 521.30 452.18 453.01 0.83 5.10 11.30 0.22 5.60 Skarn Composite 1
465.40 494.00 28.60 3.35 93.43 2.34 8.31 Skarn Com posite 2
ML22-814D MLU 423,316.69 1,985,098.21 1,585.52 DD ML22-808A 428.25 390.24 391.76 1.52 5.40 11.62 1.02 7.22 Skarn Com posite 1
411.46 414.81 3.35 7.13 1.60 0.00 7.16 Qz veinlets in granodiorite
ML22-816D MLL 422,543.72 1,984,585.20 1,255.01 DD ML22-772A 545.45 410.51 413.15 2.64 0.56 56.07 1.34 3.43 Skarn Com posite 1
475.88 476.86 0.98 7.08 1.20 0.04 7.16 Skarn Com posite 2
484.00 509.07 25.07 1.71 60.51 1.53 4.95 Skarn Com posite 3
524.87 537.65 12.78 2.46 100.04 2.56 7.87 Skarn Com posite 4
ML22-817D MLU 422,647.99 1,985,019.04 1,463.99 DD ML22-761A 508.65 478.47 479.47 1.00 30.10 25.60 0.65 31.48 Skarn Com posite 1
ML22-818D MLU 423,316.69 1,985,098.21 1,585.52 DD ML22-808A 465.05 369.49 371.14 1.65 6.18 18.33 1.32 8.57 Skarn Composite 1
379.78 381.88 2.10 6.93 33.77 2.00 10.63 Skarn Com posite 2
437.64 446.05 8.41 3.41 2.94 0.03 3.49 Skarn Com posite 3
ML22-819D MLL 422,543.72 1,984,585.20 1,255.01 DD ML22-772A 542.45 407.44 410.88 3.44 1.86 61.04 1.42 4.92 Skarn Com posite 1
502.24 510.95 8.71 1.24 20.37 0.51 2.33 Skarn Com posite 2
521.37 523.30 1.93 0.52 34.73 1.04 2.64 Skarn Composite 3
ML22-821D MLU 423,316.69 1,985,098.21 1,585.52 DD ML22-808A 417.55 352.44 355.75 3.31 0.87 10.91 0.96 2.59 Skarn Com posite 1
360.14 360.95 0.81 4.76 34.10 1.54 7.70 Skarn Com posite 2
371.59 372.12 0.53 26.90 163.60 4.82 36.79 Skarn Com posite 3
ML22-822 MLU 422,647.77 1,985,020.06 1,464.36 CD 60.19 -68.93 370.55 Pilot
ML22-823D MLL 422,543.72 1,984,585.20 1,255.01 DD ML22-772A 545.45 452.63 481.03 28.40 40.48 86.64 2.76 46.05 Skarn Composite 1
521.51 529.00 7.49 0.78 33.11 0.87 2.61 Skarn Com posite 2
ML22-825D MLU 423,316.69 1,985,098.21 1,585.52 DD ML22-808A 482.20 377.76 385.52 7.76 2.05 8.15 0.84 3.54 Skarn Com posite 1
428.02 429.43 1.41 6.82 28.83 0.11 7.34 Qz veinlets in granodiorite
444.43 457.00 12.57 4.44 3.98 0.10 4.65 Qz veinlets in granodiorite
ML22-826D MLU 422,647.77 1,985,020.06 1,464.36 DD ML22-822 505.60 447.53 476.77 29.24 1.82 22.86 0.75 3.33 Skarn Com posite 1
ML22-827 MLL 422,545.11 1,984,585.16 1,254.25 CD 54.77 -83.28 389.10 Mother hole Finished
ML22-827A MLL 422,545.11 1,984,585.16 1,254.25 CD ML22-827 383.20 No significant values/Abandoned
ML22-828D MLU 422,647.77 1,985,020.06 1,464.36 DD ML22-822 508.60 458.21 477.24 19.03 5.07 44.50 1.81 8.58 Skarn Com posite 1
ML22-829D MLU 423,316.69 1,985,098.21 1,585.52 DD ML22-808A 401.65 No significant values
ML22-832D MLU 422,647.77 1,985,020.06 1,464.36 DD ML22-822 545.35 470.00 505.95 35.95 1.88 32.40 1.08 4.04 Skarn Com posite 1
ML22-833D MLU 423,316.69 1,985,098.21 1,585.52 DD ML22-808A 425.20 391.00 394.00 3.00 2.44 24.42 1.62 5.40 Skarn Com posite 1
404.03 405.03 1.00 3.91 2.20 0.04 4.00 Skarn Com posite 2
409.58 413.49 3.91 2.23 3.91 0.06 2.37 Skarn Com posite 3
ML22-835D MLU 422,647.77 1,985,020.06 1,464.36 DD ML22-822 548.25 453.19 487.94 34.75 6.72 29.38 0.92 8.58 Skarn Composite 1
ML22-836D MLU 423,316.69 1,985,098.21 1,585.52 DD ML22-808A 470.25 397.49 401.24 3.75 4.36 18.32 1.80 7.54 Skarn Com posite 1
414.85 418.85 4.00 4.37 0.88 0.01 4.39 Skarn Com posite 2
427.72 429.72 2.00 7.14 1.20 0.01 7.16 Qz veinlets in granodiorite
Page 8 Torex Gold Resources Inc.
Table 2: Results from 2022 infill drilling at Media Luna targeting to upgrade Indicated Mineral Resources to the Measured category (continued)
Notes to Table
1. Intersections are reported as core lengths (not true widths/thickness).
2. The gold equivalent grade calculation used is as follows: AuEq (g/t) = Au (g/t) + Ag (g/t) * 0.011889+ Cu (%) * 1.648326 acc ount for the same metal prices ($1,550/oz gold, $20/oz silver and $3.50/lb copper) and metallurgical
recoveries (85% gold, 79% silver and 91% copper) used in the Mineral Resource estimate for the Media Luna deposit.
Final Intersection
Drill-Hole Area UTM-E UTM-N Elevation Hole Mother Azimuth Dip Depth From To Length1 Au Ag Cu AuEq2 Lithology
(m) (m) (m) Type Hole (m) (m) (m) (m) (gpt) (gpt) (%) (gpt)
ML22-837D MLL 422,545.11 1,984,585.16 1,254.25 DD ML22-827 575.50 485.71 514.90 29.19 4.96 70.78 2.09 9.24 Skarn Composite 1
ML22-838D MLU 423,316.69 1,985,098.21 1,585.52 DD ML22-808A 462.35 No significant values
ML22-839D MLU 422,647.77 1,985,020.06 1,464.36 DD ML22-822 505.65 454.00 462.28 8.28 1.46 18.60 0.66 2.77 Skarn Com posite 1
468.00 477.10 9.10 6.05 42.66 1.80 9.52 Skarn Com posite 2
ML22-840D MLL 422,545.11 1,984,585.16 1,254.25 DD ML22-827 531.75 493.00 517.07 24.07 7.41 41.38 1.01 9.57 Skarn Com posite 1
ML22-842D MLU 423,316.69 1,985,098.21 1,585.52 DD ML22-808A 470.30 377.63 380.56 2.93 2.92 51.82 2.91 8.32 Skarn Composite 1
420.58 421.16 0.58 9.86 1.60 0.00 9.88 Skarn Com posite 2
428.76 436.22 7.46 15.05 108.43 4.81 24.27 Skarn Com posite 3
450.88 459.11 8.23 1.84 6.01 0.51 2.76 Qz veinlets in granodiorite
ML22-844D MLU 422,647.77 1,985,020.06 1,464.36 DD ML22-822 572.75 436.00 436.73 0.73 7.84 0.25 0.00 7.85 Marble with P y+ Ca in bands.
462.97 466.00 3.03 5.34 26.94 0.70 6.81 Skarn Composite 1
477.00 477.58 0.58 18.00 2.30 0.03 18.08 Skarn Com posite 2
493.00 512.53 19.53 2.22 40.04 1.49 5.14 Skarn Com posite 3
ML22-845D MLL 422,545.11 1,984,585.16 1,254.25 DD ML22-827 632.50 484.42 485.59 1.17 10.78 1.06 0.01 10.81 Skarn Com posite 1
494.25 496.19 1.94 1.78 38.29 1.28 4.34 Skarn Com posite 2
499.92 510.82 10.90 1.04 67.98 2.07 5.25 Skarn Composite 3
522.34 528.39 6.05 0.91 103.36 2.64 6.50 Skarn Com posite 4
ML22-846D MLU 423,316.69 1,985,098.21 1,585.52 DD ML22-808A 405.45 No significant values
ML22-847D MLU 422,647.77 1,985,020.06 1,464.36 DD ML22-822 496.50 459.58 466.32 6.74 7.10 23.85 0.77 8.65 Skarn Com posite 1
ML22-848D MLL 422,545.11 1,984,585.16 1,254.25 DD ML22-827 557.40 479.55 486.99 7.44 2.92 0.86 0.07 3.06 Skarn Com posite 1
493.41 496.41 3.00 1.38 51.80 1.39 4.29 Skarn Composite 2
507.10 515.36 8.26 1.21 33.73 1.03 3.31 Skarn Com posite 3
ML22-850D MLU 423,316.69 1,985,098.21 1,585.52 DD ML22-808A 414.60 396.13 402.09 5.96 2.50 1.29 0.02 2.55 Skarn Com posite 1
ML22-852D MLU 422,647.77 1,985,020.06 1,464.36 DD ML22-822 488.85 411.12 417.00 5.88 4.09 55.46 1.24 6.79 Skarn Com posite 1
439.35 445.05 5.70 2.16 41.31 1.14 4.53 Skarn Com posite 2
455.74 461.57 5.83 1.04 16.39 0.60 2.22 Skarn Com posite 3 with dike intersections
468.08 473.16 5.08 9.67 12.03 0.89 11.28 Skarn Com posite 4
ML22-853D MLL 422,545.11 1,984,585.16 1,254.25 DD ML22-827 539.40 495.00 522.57 27.57 1.77 39.13 1.00 3.89 Skarn Com posite 1
ML22-855D MLU 422,647.77 1,985,020.06 1,464.36 DD ML22-822 502.60 416.83 424.68 7.85 1.41 18.93 0.43 2.34 Skarn Com posite 1
441.27 445.54 4.27 1.26 19.25 0.45 2.22 Skarn Com posite 2
459.70 463.00 3.30 1.69 28.31 0.96 3.62 Skarn Com posite 3
468.40 469.93 1.53 7.14 15.58 0.71 8.49 Skarn Com posite 4
475.81 477.50 1.69 10.30 423.10 13.37 37.37 Skarn Com posite 5
ML22-856D MLL 422,545.11 1,984,585.16 1,254.25 DD ML22-827 531.75 502.00 509.49 7.49 2.55 19.20 0.56 3.70 Skarn Com posite 1
ML22-858D MLU 422,647.77 1,985,020.06 1,464.36 DD ML22-822 502.80 444.74 449.10 4.36 1.29 13.68 0.49 2.26 Skarn Com posite 1
465.56 476.25 10.69 4.28 25.63 1.26 6.66 Skarn Com posite 2
ML22-859D MLL 422,545.11 1,984,585.16 1,254.25 DD ML22-827 542.40 494.44 509.00 14.56 2.28 5.68 0.19 2.66 Skarn Com posite 1
ML22-863D MLL 422,545.11 1,984,585.16 1,254.25 DD ML22-827 542.40 490.65 504.02 13.37 5.76 10.36 0.34 6.44 Skarn Com posite 1
ML22-868D MLL 422,545.11 1,984,585.16 1,254.25 DD ML22-827 546.90 507.00 517.44 10.44 0.51 28.28 0.80 2.15 Skarn Com posite 1
ML22-871D MLL 422,545.11 1,984,585.16 1,254.25 DD ML22-827 534.90 514.86 518.16 3.30 0.58 59.16 1.57 3.88 Skarn Com posite 1
ML22-875D MLL 422,545.11 1,984,585.16 1,254.25 DD ML22-827 590.40 510.19 512.74 2.55 2.69 1.59 0.08 2.85 Skarn Com posite 1
ML22-879D MLL 422,545.11 1,984,585.16 1,254.25 DD ML22-827 577.15 480.44 507.75 27.31 6.50 40.97 1.22 9.00 Skarn Com posite 1
515.43 518.43 3.00 0.37 60.50 1.67 3.85 Skarn Com posite 2