Torex Intercepts High-Grade GOLD Mineralization Under El Limon “Sill”
Corporate Office: 130 King St. West, Suite 1502, Toronto, ON M5X 2A2, Canada – Tel. (647) 260 1500 Fax (416) 304-4000
www.torexgold.com
TOREX INTERCEPTS HIGH-GRADE GOLD MINERALIZATION
UNDER EL LIMON “SILL”
TORONTO, Ontario, January 5, 2017 – Torex Gold Resources Inc. (t he “Company” or “Torex”) (TSX:TXG) is pleased to announce the
results of the first portion of its drilling program under the ‘E l Limon Sill’. Highlighted intercepts from the El Limon Sill exploration
program include 317.8 g/t Au over 3.4m in borehole SST-01, 230.7 g/t Au over 2.4m in borehole SST-19, 19.6 g/t Au over 9.6m in
borehole ST-25, 22.6 g/t Au over 13.3m in borehole SST-27 and 83.3 g/t Au over 4.3m in borehole SST-34.
Fred Stanford, President & CEO of Torex stated: “Today’s high grade, under the sill, exploration results provide an exceptional start to
the new year, and an equally exceptional opportunity to add signif icant resources in close proximity to existing operations. 3 .4 meters
of 10 ounces per tonne tends to bring a smile and an imperative to move quickly. The under the sill area can be accessed by a 600
meter ramp from the El Limon Access Road. This ramp has been collared and is already advanced more than 110 meters toward the
target area. These results and the success rate of our exploration programs confirm our belief in the potential for mining in t his area for
generations to come. The results also open the possibility of finding additional ‘sill type’ targets in areas close to the proc essing
plant. Further exploration of deeper targets will be conducted from the bottom of the ramp, once it is completed later this ye ar.” He
added; “An updated resource estimate for the ‘under the sill’ area is expected in Q2/17.”
Highlights from the exploration drilling under the El Limon Sill
BH ID Interval (m) Interval
Length (m) Au (g/t) Ag (g/t) Cu (%) Lithology From To
SST-01 84.49 86.80 2.3 20.1 8.6 0.1 Skarn
141.72 145.08 3.4 317.8 51.0 1.6 Skarn
190.58 194.40 3.8 7.4 4.7 0.1 Skarn
SST-19 263.55 266.00 2.4 230.7 7.2 0.0 Skarn
276.60 279.00 2.4 84.1 22.6 1.0 Skarn
SST-25 98.00 107.60 9.6 19.6 4.1 0.3 Skarn
158.12 160.00 1.9 42.8 6.0 0.0 Skarn
SST-27 42.86 44.91 2.1 125.8 12.0 0.0 Skarn
81.59 94.88 13.3 22.6 37.1 3.1 Skarn
SST-34 54.68 58.95 4.3 83.3 18.1 1.1 Skarn
95.27 100.83 5.6 25.5 36.7 3.7 Skarn
N o t e :
True thickness of the mineralized zone is unknown and is reported as drill hole length
Please refer to Table 1 for a complete list and expanded description of the borehole intercepts reported in this press release. Refer to
Figure 1 for general location and Figures 2-4 for geology and borehole locations.
The Company’s diamond drilling program is focused on the exploration of a high-grade mineralized area located between the El Li mon
and El Limon Sur ore deposits and under the El Limon Sill. Four exploration holes drilled in 2011 intercepted a new skarn zone with
high-grade gold mineralization developed underneath the intrusive that underlies the El Limon ore deposit. 34 holes totaling 7, 727
meters covering an area of 350 meters by 150 meters were completed between September and December 2016 to explore the
continuity and the mineral potential of this system. The assays of 23 holes have been reported to date with positive results, c onfirming
the continuity of the skarn zone and the high grade mineralizatio n. The current information from the drill program indicates th at the
system remains open down-dip to the West and North and up-dip to the East. Southernm ost drill hole results are pending. The
mineralized areas are located between 30 and 270 meters below the surface.
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
The El Limon Sill area occurs in the Mesozoic carbonate-rich Morelos Platform, which has been intruded by Paleocene granodiorit e
stocks, sills and dikes. Skarn-hosted gold mineralization is developed along the contacts of the intrusive rocks and the enclosing
carbonate-rich sedimentary rocks. Structurally , the El Limon Sill target area as well as El Limon and El Limon Sur ore deposits are
hosted in a graben bounded by La Flaca fault to the west and the Antena fault to the east, and both are considered to be potent ial
feeders for the mineralization. At the El Limon Sill area, several skarn zones were identified along the contacts of the carbon ate rich
sediments and marbles of the Cuautla and Morelos formations and si lls fingering out from the main granodiorite stock. Sediment ary
rocks and their contact with the granodiorite sills, dip southwest at approximately 30º. Extensive skarn alteration and metal d eposition
exhibit the same dip. Individual high grade ore zones have been identified in the different skarn horizons and also within the same
skarn zone. Individual ore zones vary in strike length from approximately 50 meters up to 200 meters. Apparent widths vary from 2
meters to 27 meters.
Mineralization at the El Limon Sill area is primarily gold, asso ciated with variable contents of silver and copper. Mineralizat ion is hosted
in pyroxene-garnet marble related exoskarn, in granodiorite related endoskarn and locally, in narrow lenses of massive sulfides , that
have been affected by a late stage retrograde alteration, charac terized by amphiboles, chlorite, calcite ± quartz ± epidote. Go ld occurs
in low and high sulfidized skarns, while silver and copper mineral ization is primarily determined by the degree of sulfidation of the host
skarn.
QA/QC and Qualified Person
At the Morelos Gold Project, all of the El Limon Sill target analytical work is performed by SGS de Mexico S.A. de C.V. ("SGS") in
Durango, Mexico and at SGS Mineral Services in Vancouver, British Columbia, Canada and ALS Chemex de Mexico S.A. de C.V.
Sample preparation is done at SGS sample preparation laboratory in Durango, Mexico. The gold analyses (fire assay with an atomi c
absorption or gravimetric finish) are completed at SGS analytical laboratory in Durango, Mexico and multi-element geochemical
analyses are Copper Sequential Leaching are completed at their analytical facilities in Vancouver, British Columbia, Canada. Ch eck
assays samples are analyzed at ALS Chemex Vancouver, BC, Canada. SGS and ALS Chemex are independent of the Company.
The Company has a Quality Assurance/Quality Control (“QA/QC”) program in place that includes 5% of each of the certified refere nce
materials, blanks and field duplicates. 10% of pulp samples are analyzed at a second laboratory as part of the QA/QC program to
ensure the batch to batch relative bias remains constant and t hat absolute accuracy at anomalous to near cut-off grades is meas ured
and acceptable. The QA/QC program as designed has been approved by Bureau Veritas and is currently overseen by Carlo Nasi,
Chief Mine Geologist for the Morelos Gold Project.
The scientific and technical data contained in this news release pertaining to the Morelos Project has been reviewed and approv ed by
Mr. Mark P. Hertel as a Qualified Person under NI 43-101. Mr. Hertel is a Registered Member of the Society for Mining, Metallurgy &
Exploration, has experience relevant to the style of mineralization under consideration and is an independent consultant. Mr. Hertel has
verified the data disclosed, including sampling, analytical, an d 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 it appears.
Additional information on the El Limon deposit and analytical labs is available in the Company’s most recent annual information form
filed on SEDAR at www.sedar.com and the Company’s website at www.torexgold.com.
Torex is an emerging intermediate gold producer based in Canada, engaged in the exploration, development and operation of its 1 00%
owned Morelos Gold Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometers
southwest of Mexico City. Within this property, Torex has the El Limón Guajes Mine, which announced commercial production in Ma rch
of 2016 and the Media Luna Project, which is in an advanced stage of exploration, and for which the Company issued a preliminar y
economic assessment (PEA) in 2015. 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]
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
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This press release contains “forward-looking statements” and “for ward-looking information” within the meaning of applicable Can adian securities
legislation. Forward-looking information includes, but is not li mited to, information with respect to the drill program under t he El Limon Sill and the
results of the drill program contained herein, the expectation that the exploration results will lead to a significant increase in the mineral resource
estimate of the Company, future exploration and development plans of the Company, the potential for mining the area under the El Limon Sill, finding
additional “sill” type deposits in the proximate area of the proc essing plant, and the timing of an updated mineral resource es timate. Generally,
forward-looking information can be identified by the use of forwar d-looking terminology such as “p lans”, “expects”, “estimates”, “intends”,
“anticipates” or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or
“will be taken”, “occur”, or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties a nd other factors that
may cause the actual results, level of activity, performance or achievements of the Company to be materially different from tho se expressed or
implied by such forward-looking information, including, without limitation, the risk associated with the variability of skarn d eposits, the risk that actual
results of current exploration and development acti vities will not achieve expectations and other risk factors identified in the Company’s annual
information form and management’s discussion and analysis. Forwar d-looking information is based on the reasonable assumptions, estimates,
analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as
well as other factors that management believes to be relevant an d reasonable in the circumstances at the date that such stateme nts are made, but
which may prove to be incorrect. Although the Company believes that the assumptions and expectations reflected in such forward- looking
information are reasonable, undue reliance should not be placed on fo rward-looking information because the Company can give no assurance that
such expectations will prove to be correct. There can be no assur ance that such information will prove to be accurate, as actu al results and future
events could differ materially from those anticipated in such information. The Company does not undertake to update any forward -looking
information, except in accordance with applicable securities laws.
From To
(m) (m) (m) g/t g/t %
84.49 86.80 2.3 20.1 8.6 0.1 Skarn
141.72 145.08 3.4 317.8 51.0 1.6 Skarn
190.58 194.40 3.8 7.4 4.7 0.1 Skarn
70.52 77.00 6.5 7.2 1.1 0.0 Skarn
101.65 105.08 3.4 12.1 47.6 5.5 Skarn
SST-03 Sub-Sill 422384.58 1989765.92 1138.39 99 -61 181.60 48.18 51.00 2.8 6.8 2.9 0.1 Skarn
SST-04 Sub-Sill 422384.67 1989884.13 1199.45 100 -82 329.50 320.76 322.95 2.2 1.4 19.0 0.7 Skarn
SST-05 Sub-Sill 422384.00 1989766.00 1138.00 279 -80 191.40 104.40 107.79 3.4 23.9 16.5 0.5 Skarn
186.77 190.31 3.5 8.7 1.0 0.0 Skarn
205.20 213.83 8.6 8.0 8.2 0.3 Skarn
129.52 134.72 5.2 14.8 2.7 0.0 Skarn
168.24 176.29 8.1 16.0 16.0 0.6 Skarn
67.53 73.93 6.4 7.0 8.8 0.2 Skarn
83.71 91.75 8.0 12.5 3.6 0.1 Skarn
263.55 266.00 2.4 230.7 7.2 0.0 Skarn
276.60 279.00 2.4 84.1 22.6 1.0 Skarn
SST-21 Sub-Sill 422425.03 1989864.50 1173.38 0 -90 230.60 39.56 41.12 1.6 1.3 3.0 0.1 Skarn
SST-22 Sub-Sill 422288.94 1989808.47 1204.86 90 -80 220.70 194.00 196.40 2.4 10.9 2.0 0.0 Skarn
SST-23 Sub-Sill 422284.75 1989808.71 1205.15 195 -85 309.30
SST-24 Sub-Sill 422337.85 1989794.80 1183.48 0 -90 336.10 155.14 158.30 3.2 3.9 3.5 0.0 Skarn
SST-25 Sub-Sill 422405.84 1989795.91 1142.97 0 -90 161.60 98.00 107.60 9.6 19.6 4.1 0.3 Skarn
SST-26 Sub-Sill 422336.05 1989794.12 1183.57 95 -76 191.50 158.12 160.00 1.9 42.8 6.0 0.0 Skarn
42.86 44.91 2.1 125.8 12.0 0.0 Skarn
81.59 94.88 13.3 22.6 37.1 3.1 Skarn
SST-28 Sub-Sill 422458.66 1989852.00 1152.83 100 -70 180.00 90.76 95.61 4.8 8.6 17.2 0.6 Skarn
104.53 111.56 7.0 14.9 45.6 1.5 Skarn
127.55 128.56 1.0 103.2 123.0 3.4 Skarn
136.50 139.82 3.3 17.3 23.4 0.9 Skarn
167.06 176.56 9.5 9.6 35.4 1.4 Skarn
SST-30 Sub-Sill 422504.40 1989887.29 1160.39 90 -70 239.50 144.31 153.05 8.7 13.6 24.8 0.7 Skarn
SST-32 Sub-Sill 422549.72 1989889.79 1163.20 130 -70 251.70 137.46 138.92 1.5 50.4 23.7 0.3 Skarn
261.40 263.29 1.9 8.9 7.2 0.4 Skarn
292.07 293.86 1.8 11.2 8.2 0.4 Skarn
54.68 58.95 4.3 83.3 18.1 1.1 Skarn
95.27 100.83 5.6 25.5 36.7 3.7 Skarn
SST-35 Sub-Sill 422558.82 1989851.56 1161.69 0 -90 161.70 95.60 97.40 1.8 6.2 2.7 0.1 Skarn
Notes:
True thickness of the mineralized zone is unknown and is reported as drill hole length
The gold values used to calculate the intercept compoasite are uncapped
-45 134.4SST-34 Sub-Sill 422448.85 1989828.97 1150.32 90
-90.00 254.70
SST-33 Sub-Sill 422286.63 1989760.58 1169.19 110 -70 367.00
SST-29 Sub-Sill 422503.37 1989885.74 1160.24 0.00
SST-27 Sub-Sill 422450.019 1989828.49 1150.34 90.00 -68.00 206.60
-90 326.5
No Intercepts
SST-19 Sub-Sill 422361.10 1989864.09 1205.91 0
-76 240.8
SST-14 Sub-Sill 422448.44 1989828.48 1150.04 0 -90 158.5
SST-13 Sub-Sill 422361.73 1989834.12 1192.23 90
-55 236.5
SST-12 Sub-Sill 422326.72 1989842.02 1213.76 96 -82 283
SST-02 Sub-Sill 422424.19 1989818.21 1146.32 118
315.00 -87.00 254.60
Dip (°) Total
Length (m)
SST-01 Sub-Sill 422457.99 1989852.07 1152.97
TABLE 1
Azimuth
(°)Drill-Hole Target
Area UTM-E (m) UTM-N (m) Elevation
(m)
Cu Lithology
Intersection Core
Length Au Ag
1
FIGURE 1
2
FIGURE 2
3
FIGURE 3
4
FIGURE 4