Torex Reports Continued Exploration Success IN the Sub-Sill Zone
Corporate Office: 130 King St. West, Suite 740, Toronto, ON M5X 2A2, Canada – Tel. (647) 260 1500 Fax (416) 304 4000
www.torexgold.com
TOREX REPORTS CONTINUED EXPLORATION SUCCESS IN THE SUB-SILL ZONE
TORONTO, Ontario, November 20, 2018 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG)
announces the results from 57 holes, from its in-fill and step-out drilling programs in the Sub-Sill Zone of its El Limón
Guajes (ELG) Underground Mine in Southwest Mexico. Highlighted intercepts from this program include 30.2g/t Au
over 8.1 m in borehole SST-101, 48.9g/t Au over 3.6 m in borehole SST-118 and 34.4g/t Au over 4.6m in borehole
SSUG-059. The deposit remains open in several directions.
Fred Stanford, President and CEO of Torex stated:
“Today’s results confirm the potential to expand resources in the Sub-Sill Zone. The drilling program continues to
discover new skarn zones and the deposit remains open in both down-dip and down-plunge directions. Down-dip is
expected to be the higher priority for near term programs with a purpose of adding to reserves.
The 57 holes reported today represent all Sub-Sill results received up to September 5, 2018. The results come from
four drill programs, each with a different purpose. First is near reserve in-fill drilling with a purpose of upgrading inferred
resources to the indicated category for near term inclusion in reserves. Second is in-fill drilling in nearby resource
areas with a purpose of upgrading known mineralization to the inferred category. Third is step-outs from known
mineralization. Fourth is large step-outs from known mi neralization with a purpose of testing the extent of the
mineralizing system. Results from all these programs are included in this set of 57 holes.
Diamond drilling is currently underway in the El Limon Deep (ELD) area as well. Results are expected before year
end.”
Highlights of drilling results at the Sub-Sill
BH ID Interval (m) Total
Length (m) Au (g/t) Ag (g/t) Cu (%) Lithology From To
SST-101 106.56 114.70 8.1 30.2 37.9 4.3 Skarn
SST-118 60.38 64.00 3.6 48.9 5.6 0.1 Skarn
SSUG-059 162.00 166.60 4.6 34.4 13.0 0.9 Skarn
SST-100 95.91 109.76 13.9 10.9 30.8 1.6 Skarn
SST-125 14.00 25.00 11.00 10.6 4.0 0.1 Skarn
SST-109 173.46 180.21 6.8 14.8 33.6 1.5 Skarn
Notes to drilling results table:
1. Intersections are not reported as true thickness
2. Interval lengths for holes dipping between -45 to -90º have been selected to represent a minimum
mining height of 3.5 meters
3. Interval lengths for holes dipping between 0 and -45º have been selected to represent a minimum horizontal length of
3.5 meters
Please refer to Table 1 for a complete list and expanded description of the borehole intercepts reported in this press
release. Refer to Sections 1-3 for general borehole locations and assay results.
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
The Sub-Sill deposit occurs at the south end of the El Limon deposit 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. Gold mineralization at El Limon open pit is hosted in skarn developed immediately above a
large granodiorite sill. At the Sub-Sill area, multiple ska rn zones have been recognized underneath the El Limon Sill,
developed along the contacts between marbles of the More los formation and multiple granodiorite sills that are
interpreted as late stage porphyritic intrusions that emanate from the main body of granodiorite. The best developed
skarn zones at the Sub-Sill area, strike NE-SW and dip between 35° and 45° to the northwest. They host multiple
horizons with high grade gold mineralization that vary in strike length from approximately 50 meters up to 200 meters,
with apparent widths varying from 2 meters to 36 meters. The trend of the overall skarn body in the Sub-Sill area is N-
S to NE-SW and appears to connect to previously recogniz ed skarn and gold mineralization at the Limon Sur deposit
200 meters to the SW.
Mineralization at the Sub-Sill deposit is primarily gold, strongly associated with bismuth and variable contents of silver
and copper. Gold occurs in variably sulfidized pyrrhotite enriched skarn, while silver and copper mineralization is
primarily determined by the degree of sulfidation of th e host skarn. Mineralization is associated with retrograde
alteration characterized by amphibole, calcite and quartz, with lessor amounts of chlorite ± epidote, affecting pyroxene-
garnet exoskarn and granodiorite-related endoskarn. Locally mineralization occurs in narrow lenses of massive
sulfides.
QA/QC and Qualified Person
Torex maintains an industry-standard QA/QC program to monitor laboratory performance and ensure high quality
assays. The sampling and analytical work for the two step-out drill programs is performed by SGS de Mexico
S.A. de C.V. (“ SGS”) in Durango, Mexico and the sampling and anal ytical work for the two in-filling drill
programs is SGS in Nuevo Balsas, Mexico. ICP analysis for the two step-out drill programs is performed by
SGS Mineral Services in Vancouver, Canada. External check assays for QA/QC purposes are performed at
ALC Chemex de Mexico S.A. de C.V.
The scientific and technical data contained in this news release pertaining to the Sub-Sill exploration program has been
reviewed and approved by Mr. Mark Hertel. 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, 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 it appears.
Additional information on the Sub-Sill 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 da te of March 31, 2018 (filing date September 4, 2018) filed
on SEDAR at www.sedar.com and the Company’s website at www.torexgold.com.
About Torex
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development and operation of
its 100% owned Morelos Gold Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located
180 kilometers southwest of Mexico City. The Company’s principal assets are the El Limón Guajes mining complex
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
(the “ELG Mine Complex”), comprised of the El Limón, Guajes and El Limó n Sur open pits, the El Limón Guajes
underground mine including zones referred to as Sub-Sill and El Limón Deep, and the processing plant and related
infrastructure, which is in the commercial production stage as of April 1, 2016, and the Media Luna deposit, which is
an early stage development project, and for which the Company issued an updated preliminary economic assessment
in September 2018. The property remains 75% unexplored.
For further information, please contact:
TOREX GOLD RESOURCES INC.
Fred Stanford Gabriela Sanchez
President and CEO Vice President Investor Relations
Tel. (647) 260-1502 Tel. (647) 260-1503
Email: [email protected] E m a i l : [email protected]
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This press release contains “forward-looking statements” and “f orward-looking information” within the meaning of applicable
Canadian securities legislation. Notwithstanding the Company’s efforts, there can be no guarantee that the Company will not face
unforeseen delays or disruptions. Forward-looking information includes, without li mitation, information with respect the poten tial
increase in the size of the Sub-Sill deposit, expectation that the deposit remains open both down-dip and down-plunge directions,
potential for the down dip extension of the deposit to add to miner al reserves of the Company, achieving the purpose of each of
the four drill programs, including the upgrading of inferred mineral resources to indicated mineral resources category and upgrading
known mineralization to the inferred mineral resource category for near term inclusion in mineral reserves, and the expectation
that results from the ELD drill program will be available by year end. Generally, forward-looking information can be identified by
the use of terminology such as “purpose”, “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such
words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will be taken”, “occur” or “be achieved”.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s
actual results, level of activity, performance or achievements to be materially different from those expressed or implied by su ch
forward-looking information, including, without limitation, risks related to the risk factors associated with drilling programs, risk that
mineralization or mineral resources, as the case may be, may not be upgraded to mineral resources or a higher category of mineral
resources or reserves, as the case may be, and those risk factors identified in the Company’s annual information form and
management’s discussion and analysis. Forward-looking information is based on the reasonable assumptions, estimates, analysis
and opinions of management made in light of its experienc e and perception of trends, current conditions and expected
developments, and other factors that management believes are re levant 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 forward-looking informati on, 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 cou ld
differ materially from those anticipated in such informati on. Accordingly, readers should not place undue reliance on forward-
looking 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 %
SST-82 Sub Sill 422332.02 1989723.98 1128.61 0.0 -90.0 381.00 136.71 140.21 3.5 1.6 8.1 0.4 Skarn
SST-84A Sub Sill 422292.73 1989689.74 1121.12 0.0 -90.0 326.80 154.00 157.50 3.5 2.1 7.3 0.5 Skarn
SST-90 Sub Sill 422572.66 1989864.88 1164.64 0.0 -90.0 156.0 GDI
SST-92 Sub Sill 422101.08 1989789.25 1090.92 0.0 -90.0 355.00 163.82 167.32 3.5 1.4 0.5 0.0 Skarn
SST-93 Sub Sill 422288.76 1989970.40 1284.70 0.0 -90.0 611.5 416.00 419.50 3.5 2.5 4.6 0.2 Skarn
SST-94 Sub Sill 422101.37 1989789.93 1090.75 90.0 -66.0 252.70 168.46 172.26 3.8 7.4 6.5 0.4 Skarn
SST-95 Sub Sill 422141.54 1989725.32 1097.37 0.0 -90.0 363.00 189.52 193.02 3.5 4.8 2.4 0.1 Skarn
SST-96 Sub Sill 422255.61 1989619.86 1112.85 90.0 -83.0 269.50 173.68 177.18 3.5 6.2 17.4 0.8 Skarn
SST-97 Sub Sill 422265.39 1989725.83 1148.18 0.0 -90.0 287.35 167.75 171.25 3.5 0.4 13.9 0.6 Skarn
530.00 534.50 4.5 13.9 5.3 0.1 Skarn
607.00 612.00 5.0 6.7 7.4 0.1 Skarn
SST-99 Sub Sill 422399.42 1989777.59 1141.13 90.0 -64.0 152.5 103.87 108.07 4.2 5.3 12.7 1.1 Skarn
SST-100 Sub-Sill 422398.89 1989777.66 1141.10 90.0 -66.0 136.9 95.91 109.76 13.9 10.9 30.8 1.6 Skarn
SST-101 Sub-Sill 422399.70 1989777.60 1141.19 90.0 -45.0 158.5 106.56 114.70 8.1 30.2 37.9 4.3 Skarn
SST-102 Sub-Sill 422385.94 1989760.11 1138.13 90.0 -58.0 200.5 48.86 52.96 4.1 8.2 1.7 0.1 Skarn
SST-103 Sub-Sill 422365.30 1989742.40 1134.67 90.0 -63.0 287.3 67.27 73.12 5.9 6.0 1.3 0.0 Skarn
SST-104 Sub-Sill 422364.77 1989742.49 1134.59 90.0 -81.0 239.5 119.26 123.00 3.5 1.4 5,1 0.1 Skarn
SST-105 Sub-Sill 422275.60 1989845.65 1225.27 270.0 -73.0 464.60 421.32 425.86 4.5 6.1 2.6 0.1 Skarn
SST-106 Sub Sill 422366.26 1989742.37 1134.71 90.0 -47.0 191.5 69.18 78.60 9.4 7.4 0.9 0.0 Skarn
SST-107 Sub-Sill 422624.13 1989847.41 1167.15 0.0 -90.0 70.2 53.75 57.25 3.5 0.2 16.4 0.2 Skarn
SST-108 Sub-Sill 422589.00 1989847.50 1165.00 0.0 -90.0 136.0 69.82 73.32 3.5 0.0 4.0 0.1 Skarn
SST-109 Sub-Sill 422589.50 1989900.00 1174.00 0.0 -90.0 263.5 173.46 180.21 6.8 14.8 33.6 1.5 Skarn
SST-110 Sub-Sill 422332.02 1989723.98 1128.61 90.0 -60.0 246.7 107.49 111.49 4.0 1.8 0.5 84.3 Skarn
13.57 18.28 4.7 19.7 2.5 0.0 Skarn
135.73 139.85 4.1 8.6 10.8 0.3 Skarn
SST-112 Sub-Sill 422200.00 1989620.00 1123.00 0.0 -90.0 251.00 73.23 76.86 3.6 8.8 3.3 0.1 Skarn
SST-113 Sub-Sill 422662.91 1989935.07 1223.72 0.0 -90.0 287.6 17.60 21.10 3.5 1.8 2.3 0.0 Skarn
SST-114 Sub-Sill 422791.77 1989935.11 1275.26 0.0 -90.0 131.7 FP - GDI
SST-115 Sub Sill 422583.54 1989810.74 1145.73 0.0 -90.0 113.9 71.16 76.47 5.3 11.3 13.5 1.2 Skarn
SST-116 Sub-Sill 422553.86 1989815.68 1143.13 0.0 -90.0 120.0 53.97 57.47 3.5 0.7 1.5 0.0 Skarn
SST-117 Sub Sill 422457.00 1989795.00 1133.00 90.0 -61.0 130.0 53.87 62.91 9.0 8.2 11.5 1.0 Skarn
SST-118 Sub Sill 422547.97 1989799.87 1184.34 0.0 -90.0 158.6 60.38 64.00 3.6 48.9 5.6 0.1 Skarn
SST-122 Sub Sill 422273.75 1989620.52 1107.76 200.0 -70.0 796.50 728.80 733.92 5.1 0.9 19.0 0.9 Skarn
SST-123 Sub-Sill 422291.71 1989967.09 1284.44 270.0 -81.0 572.5 296.57 300.07 3.5 5.3 6.4 0.5 Skarn
SST-124 Sub-Sill 422552.12 1989883.25 1163.64 90.0 -70.0 260.2 175.56 180.00 4.4 1.5 5.0 0.1 Skarn
SST-125 Sub Sill 422505.24 1989899.34 1162.37 90.0 -75.0 206.2 14.00 25.00 11.0 10.6 4.0 0.1 Skarn
SST-126 Sub-Sill 422589.00 1989901.39 1173.73 90.0 -78.0 219.4 14.10 17.70 3.6 3.4 4.6 0.1 Skarn
SST-127 Sub-Sill 422515.09 1989918.93 1173.50 90.0 -70.0 250.4 31.78 36.33 4.6 8.5 8.7 0.2 Skarn
SST-128 Sub Sill 421999.46 1989829.01 1074.97 90.0 -70.0 283.40 214.84 218.54 3.7 2.8 15.6 1.3 Skarn
SSUG-039 # Sub Sill 422333.54 1989965.37 1011.78 142.4 -37.8 174.0 156.45 160.03 3.6 0.3 1.2 0.0 Skarn
SSUG-044 # Sub Sill 422333.71 1989966.13 1011.16 118.0 -37.0 195.0 164.88 168.58 3.7 0.3 2.3 0.0 Skarn
SSUG-046 Sub Sill 422333.60 1989966.20 1010.93 118.0 -46.0 195.0 161.74 166.54 4.8 0.1 2.9 0.1 Skarn
SSUG-049 Sub Sill 422333.11 1989965.62 1011.13 119.0 -53.0 190.0 166.92 171.90 5.0 0.7 1.7 0.0 Skarn
SSUG-051 # Sub Sill 422333.61 1989966.10 1011.04 126.1 -39.9 166.5 149.39 156.75 7.4 0.0 1.9 0.1 Skarn
SSUG-052 Sub Sill 422284.35 1989921.80 1014.32 137.0 -58.0 132.0 58.95 70.80 11.9 0.4 1.0 0.0 Skarn
SSUG-053 Sub Sill 422284.18 1989922.13 1014.45 138.2 -73.5 129.0 111.20 114.83 3.6 10.0 1.2 0.0 Skarn
SSUG-054 # Sub Sill 422333.98 1989966.17 1011.17 125.4 -43.2 192.0 178.52 184.19 5.7 7.4 32.3 1.3 Skarn
SSUG-055 Sub Sill 422284.47 1989921.81 1014.65 136.3 -46.2 153.0 60.82 64.51 3.7 6.0 3.5 0.1 Skarn
SSUG-056 Sub Sill 422274.77 1989913.25 1013.85 133.6 -65.7 147.0 62.12 67.37 5.3 9.6 2.1 0.1 Skarn
SSUG-057 Sub Sill 422333.73 1989966.23 1010.84 126.0 -49.7 196.5 175.62 180.42 4.8 2.0 2.3 0.1 Skarn
SSUG-058 Sub Sill 422274.67 1989913.44 1013.76 135.3 -79.2 159.0 68.79 76.16 7.4 1.0 0.7 0.0 Skarn
SSUG-059 Sub Sill 422333.84 1989966.73 1010.75 133.0 -62.3 205.5 162.00 166.60 4.6 34.4 13.0 0.9 Skarn
SSUG-060 Sub Sill 422274.08 1989912.90 1013.77 164.4 -69.9 150.0 84.45 88.15 3.7 3.6 7.8 0.2 Skarn
SSUG-062 Sub Sill 422296.27 1989932.08 1014.86 140.8 -45.6 159.0 102.31 109.38 7.1 7.6 0.5 0.0 Skarn
SSUG-063 Sub Sill 422333.84 1989966.71 1010.76 133.3 -46.3 232.5 183.89 189.10 5.2 10.2 24.1 1.0 Skarn
SSUG-064 Sub Sill 422296.27 1989932.07 1014.66 135.6 -50.3 168.0 56.49 62.22 5.7 4.3 3.8 0.0 Skarn
SSUG-065 Sub Sill 422323.33 1989957.03 1012.51 132.1 -45.3 222.4 126.00 130.04 4.0 8.2 1.5 0.0 Skarn
SSUG-066 Sub Sill 422296.19 1989932.05 1014.50 139.5 -56.1 138.0 65.00 69.30 4.3 5.5 1.7 0.0 Skarn
SSUG-068 Sub Sill 422323.53 1989956.53 1012.57 134.0 -50.0 256.6 138.45 146.41 8.0 9.6 5.1 0.4 Skarn
The gold values used to calculate the intercept composite are uncapped
Interval lengths have been selected to represent a minimum mining height of 3.5 meters
# Indicates horizontal or less than 45° holes in which intervals are selected to represent a minimum mining lenght of 3.5 meters
Lithology
1319.55
No Intercepts. Granodiorite (GDI) intercepted in target zone
Diamond Drillholes Intersects
Drill-Hole Target Area UTM-E (m) UTM-N (m) Elevation
(m)
Azimuth
(°) Dip (°)
Total
Length
(m)
Intersection
Core Length
Au Ag
1162.45
Cu
No Intercepts. Porphyry and Granodiorite intercepted in target zone
0.00 -90.00 828.66
90.00 -79.00 235.00
SST-98 Sub Sill 422288.49 1990041.54
SST-111 Sub Sill 422503.85 1989900.44