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Torex Gold Resources Inc.
Summary
| Project: | Morelos | |
|---|---|---|
| Deposit: | Media Luna | |
| Location: | Mexico | |
| Commodities: | Gold-Silver-Copper | |
| Date: | 1/14/2020 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 14-1-2020: Torex Gold Resources Inc. announces a Resource Estimation report for its Media Luna deposit at the Morelos project. Updated mineral resource estimate at Media Luna. TORONTO, Ontario, January 13, 2020 – Torex Gold Resources Inc. (the “Company”) | |
| Resources: | (Resource): 12.6Mt @ 5.55g/t AuEq. (Ind.) and 33.5Mt @ 4.23g/t AuEq. (Inf.) | |
| CP/QP: | [Resources]: Lars Weiershauser (Internal) | |
| ABSTRACT: | TORONTO, Ontario, January 13, 2020 – Torex Gold Resources Inc. (the “Company”) (TSX: TXG) announces an updated resource estimate for the Media Luna project, which includes an Indicated resource of 2.24 million gold equivalent ounces at a gold equivalent grade of 5.55 g/t and an Inferred resource of 4.56 million gold equivalent ounces at a gold equivalent grade of 4.23 g/t. Of the gold equivalent metal inventory (comprising the Indicated and Inferred resource categories), 58% of the contained metal value is attributable to gold, 34% to copper, and 8% to silver. A breakdown of the December 2019 resource estimate by gold, silver, and copper can be found in Table 1 of this press release. Fred Stanford, President and CEO of Torex Gold, stated: “The purpose of the planned 175 hole infill drill program was to upgrade approximately 13 million tonnes (25%) of the Inferred resource to the Indicated resource category. The program was successful, 166 holes were drilled, 12.6 million tonnes were upgraded, and there was a modest increase in gold equivalent grade. “The learnings from the infill program, and other analyses, have led to an updated geological model, which has been applied to the area of the Inferred resource as well. This update has resulted in an increase of 5 million tonnes in the Inferred resource area, which has been offset by a loss of 8 million tonnes due to the use of a more conservative approach to smoothing the boundaries of the resource area. A drill program of 25 holes would be required to qualify these tonnes for consideration in a future resource estimate. We are in the planning stage of an additional infill drill program with a purpose of increasing the tonnes in the Indicated confidence class, so as to increase the mine life in the upcoming feasibility study. We will also consider whether it is worth drilling the 25 perimeter holes now or wait until later. | |
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