Results from Torex Gold Resources (TSX:TXG) 2023 Drill Program at Media Luna West Suggest Extended Reserve Life and Enhanced Future Production

Torex Gold Resources (TSX:TXG) has announced the results of its 2023 exploration drilling program at Media Luna West, a project aimed at assessing the potential of the Media Luna Cluster and exploring opportunities near the Morelos Complex. The exploration is intended to enhance future production and extend the reserve life beyond 2033.

Jody Kuzenko, President & CEO of Torex, commented in a press release: “We are highly encouraged by the results of our 2023 exploration drilling program at Media Luna West, which continue to enhance our confidence in the mineralized potential of the ever-expanding Media Luna Cluster. While exploration at Media Luna West is still at an early-stage relative to the nearby Media Luna and EPO deposits, the latest results, when combined with historical results and a new structural model, highlight the potential for Media Luna West to become a future source of feed for the Morelos Complex. Follow-up drilling at Media Luna West is planned for 2024 as we advance this zone to the next exploration stage.”

Located near the Media Luna and EPO deposits, Media Luna West is an early-stage exploration target in proximity to existing and planned infrastructure, including the Guajes Tunnel. The 2023 drilling program included several holes that yielded mineralized intercepts. Notably, hole ML23-986A showed significant results with 29.76 grams per tonne gold equivalent (gpt AuEq) over 14.10 meters, including high concentrations of gold, silver, and copper.

This drilling site is located north of the historic MLW-02 drill hole and west of the MLW-04 drill hole, both of which had previously returned promising intercepts. The 2023 drilling program consisted of seven holes (excluding three mother holes), covering a total distance of 9,722 meters. The goal was to build upon historical drilling data from Media Luna West, utilizing insights from recent comprehensive drilling at the EPO deposit.

All seven drill holes provided assay results, with two holes intersecting mineralization at the periphery of the main feeder system. The pattern of these intercepts suggests a north-south extension of over 600 meters, comparable in size to the EPO deposit, indicating a potentially similar mineral potential for Media Luna West. The exploration potential in this area remains open to the north.

Media Luna West is situated within the Morelos Platform, a Mesozoic carbonate-rich region overlaid by Cuautla and Mezcala formations. The area has been influenced by Paleocene intrusions of granodioritic to tonalitic composition. The potential deposit is structured by the north-south trending Cuajiote thick skin fault, along with other sub-parallel secondary faults.

The site exhibits skarn-hosted copper and gold-silver mineralization, developed in areas of intense fracturing and influenced by the intrusion of dykes. The mineralization is also affected by the interaction between Morelos limestone and Media Luna granodiorite. The skarn mineral assemblage at Media Luna West includes pyroxene, garnet, magnetite, and a retrograde alteration phase characterized by amphibole, phlogopite, chlorite, and calcite, among others.

The style of mineralization is marked by gold with occasional high silver and copper grades. The gold precipitation is associated with the early stages of calc-silicate alteration and sulfide mineralization, often dissociated from the copper event mainly related to chalcopyrite.

Highlights from the results are as follows:

Table 1: Highlights from the 2023 exploration drilling program at Media Luna West

Drill Hole From
(m)
To
(m)
Core Length1
(m)
Au
(gpt)
Ag
(gpt)
Cu
(%)
AuEq2
(gpt)
ML23-965 686.15 693.00 6.85 1.63 12.7 0.48 2.55
727.35 730.31 2.96 4.42 0.9 0.04 4.50
ML23-970A 559.00 564.00 5.00 2.81 26.8 0.31 3.62
ML23-986A 784.53 798.63 14.10 27.50 27.9 1.20 29.76
Notes to Table:
1) Intercepts are reported as core length (not true width/thickness). Core lengths reflect drilling core recovery.
2) The gold equivalent grade calculation used is as follows: AuEq (gpt) = Au (gpt) + Ag (gpt) * 0.0114 + Cu (%) * 1.6212 and use the same metal prices ($1,550/oz Au, $20/oz Ag, and $3.50/lb Cu) and metallurgical recoveries (85% Au, 75% Ag, and 89% Cu) used in the Mineral Resource estimate for EPO.

The following table summarizes the most notable historical holes in Media Luna West which were reported within several press releases published in 2012 and 2013.

Table 2: Historical results from exploration drilling carried out at Media Luna West in 2012 and 2013

Drill Hole From
(m)
To
(m)
Core Length1
(m)
Au
(gpt)
Ag
(gpt)
Cu
(%)
AuEq2
(gpt)
MLW-02 676.26 713.56 37.30 4.08 2.1 0.00 4.11
752.09 761.14 9.05 10.31 2.2 0.04 10.41
MLW-03A 808.62 812.69 4.07 7.74 6.7 0.27 8.26
MLW-04 721.68 742.00 20.32 4.61 32.4 1.40 7.26
MLW-05 834.43 836.70 2.27 58.47 9.5 0.19 58.89
MLW-09 340.09 343.09 3.00 0.01 362.0 0.04 4.20
MLW-18 724.59 728.29 3.70 6.95 2.6 0.05 7.06
MLW-22 568.76 573.14 4.38 1.20 104.9 4.87 10.29
SS-06 676.66 691.30 14.64 7.88 11.0 0.48 8.77
Notes to Table:
1) Intercepts are reported as core length (not true width/thickness). Core lengths reflect drilling core recovery.
2) The gold equivalent grade calculation used is as follows: AuEq (gpt) = Au (gpt) + Ag (gpt) * 0.0114 + Cu (%) * 1.6212 and use the same metal prices ($1,550/oz Au, $20/oz Ag, and $3.50/lb Cu) and metallurgical recoveries (85% Au, 75% Ag, and 89% Cu) used in the Mineral Resource estimate for EPO.

Table 3: Results from the 2023 exploration drilling program at Media Luna West

Final Intercept
Drill Hole UTM-E UTM-N Elevation Hole Mother Azimuth Dip Depth From To Core Length Au Ag Cu AuEq Lithology
(m) (m) (m) Type Hole (°) (°) (m) (m) (m) (m) (gpt) (gpt) (%) (gpt)
ML23-953 421001.42 1984593.62 987.24 CD 32.1 -56.9 637.10 477.02 477.76 0.74 4.35 8.4 0.02 4.47 Skarn composite 1
CD 560.68 561.51 0.83 0.19 45.7 0.02 2.94 Skarn composite 2
CD 563.97 565.00 1.03 0.07 82.1 1.80 3.92 Skarn composite 3
ML23-965 420994.49 1984591.06 987.49 CD 356.7 -56.9 822.70 686.15 693.00 6.85 1.63 12.7 0.48 2.55 Dyke
CD 712.06 715.95 3.89 2.04 0.8 0.02 2.09 Skarn composite 1
CD 727.35 730.31 2.96 4.42 0.9 0.04 4.50 Skarn composite 2
CD 747.47 748.00 0.53 9.40 4.0 0.00 9.45 Skarn composite 3
ML23-970 421495.19 1984836.82 1155.20 CD 313.6 -65.9 407.70 Mother hole
ML23-970A 421495.19 1984836.82 1155.20 CD ML23-970 609.75 559.00 564.00 5.00 2.81 26.8 0.31 3.62 Skarn composite 1
ML23-974 421494.55 1984836.40 1155.11 CD 305.3 -63.0 646.30 No significant values
ML23-979 421113.24 1985079.67 1190.69 CD 317.1 -89.0 470.35 Mother hole
ML23-979A 421113.24 1985079.67 1190.69 CD ML23-979 554.50 No significant values/ Finished
ML23-979B 421113.24 1985079.67 1190.69 CD ML23-979 796.55 No significant values
ML23-986 421112.83 1985080.14 1190.67 CD 320.6 -88.4 165.50 Mother hole
ML23-986A 421112.83 1985080.14 1190.67 CD ML23-986 869.65 784.53 798.63 14.10 27.50 27.9 1.20 29.76 Skarn composite 1
Notes to Table
1) Intercepts are core lengths and do not represent true thickness of mineralized zones.
2) Core lengths subject to rounding.
3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.
4) Gold equivalent (“AuEq”) grades use the same metal prices ($1,550/oz gold (“Au”), $20/oz silver (“Ag”) and $3.50/lb copper (“Cu”)) and metallurgical recoveries (85% Au, 75% Ag and 89% Cu) used in the Mineral Resource estimate for the EPO deposit (AuEq (gpt) = Au (g/t) + Ag (gpt) * 0.0114 + Cu (%) * 1.6212).

Table 4: Results from historical drilling at Media Luna West carried out in 2012 and 2013

Final Intercept
Drill Hole UTM-E UTM-N Elevation Hole Mother Azimuth Dip Depth From To Core Length Au Ag Cu AuEq Lithology
(m) (m) (m) Type Hole (°) (°) (m) (m) (m) (m) (gpt) (gpt) (%) (gpt)
MLW-01 421168.22 1985017.68 1183.46 CD 130.0 -75.0 857.60 No significant values
MLW-02 421168.81 1985018.20 1183.44 CD 220.0 -75.0 838.15 676.26 713.56 37.30 4.08 2.1 0.00 4.11 Skarn composite 1
CD 721.52 732.92 11.40 2.98 0.7 0.00 2.99 Skarn composite 2
CD 752.09 761.14 9.05 10.31 2.2 0.04 10.41 Skarn composite 3
MLW-03 421033.42 1985188.70 1192.67 CD 220.0 -75.0 809.00 No significant values
MLW-03A 421033.25 1985192.12 1192.73 CD 220.0 -75.0 926.65 802.09 803.20 1.11 21.79 16.7 0.24 22.37 Skarn composite 1
CD 808.62 812.69 4.07 7.74 6.7 0.27 8.26 Skarn composite 2
CD 869.00 870.21 1.21 0.92 92.7 2.73 6.40 Skarn composite 3
MLW-04 421035.07 1985190.41 1192.74 CD 120.0 -70.0 841.20 498.00 501.00 3.00 0.01 245.0 0.03 2.84 Limestone
CD 721.68 742.00 20.32 4.61 32.4 1.40 7.26 Skarn composite 1
MLW-05 421034.46 1985191.99 1192.74 CD 0.0 -90.0 930.20 834.43 836.70 2.27 58.47 9.5 0.19 58.89 Skarn composite 1
CD 853.31 854.61 1.30 0.18 45.0 1.71 3.47 Skarn composite 2
MLW-06 421367.04 1985127.02 1188.13 CD 40.0 -76.0 543.00 No significant values
MLW-09 421246.98 1985352.88 1340.43 CD 0.0 -90.0 899.40 340.09 343.09 3.00 0.01 362.0 0.04 4.20 Limestone
MLW-11 421421.10 1984992.84 1186.07 CD 220.0 -70.0 691.50 27.82 28.93 1.11 0.08 893.0 0.19 10.55 Limestone
MLW-14 421422.02 1984997.76 1186.16 CD 0.0 -90.0 614.00 No significant values
MLW-17 420870.81 1984641.45 985.56 CD 0.0 -90.0 860.00 No significant values
MLW-18 421017.13 1984523.61 1017.60 CD 0.0 -90.0 797.70 724.59 728.29 3.70 6.95 2.6 0.05 7.06 Skarn composite 1
CD 746.97 751.85 4.88 0.09 48.1 1.32 2.77 Limestone
CD 754.68 756.38 1.70 0.12 109.2 2.82 5.94 Limestone
MLW-20 421257.37 1984335.97 948.83 CD 0.0 -90.0 734.70 No significant values
MLW-22 421336.95 1984637.96 1090.53 CD 0.0 -90.0 611.40 568.76 573.14 4.38 1.20 104.9 4.87 10.29 Skarn composite 1
SS-06 421167.92 1985017.02 1183.31 CD 0.0 -90.0 837.30 676.66 691.30 14.64 7.88 11.0 0.48 8.77 Skarn composite 2
Notes to Table
1) Intercepts are core lengths and do not represent true thickness of mineralized zones.
2) Core lengths subject to rounding.
3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.
4) Gold equivalent (“AuEq”) grades use the same metal prices ($1,550/oz gold (“Au”), $20/oz silver (“Ag”) and $3.50/lb copper (“Cu”)) and metallurgical recoveries (85% Au, 75% Ag and 89% Cu) used in the Mineral Resource estimate for the EPO deposit (AuEq (gpt) = Au (g/t) + Ag (gpt) * 0.0114 + Cu (%) * 1.6212).
5) Drill results (excluding those with no significant values) were previously published by Torex Gold in news released filed by the Company on SEDAR (www.sedar.com). The following outlines the press release and date of the original press releases for the corresponding holes:
a) October 19, 2012 – Torex makes another ‘South of the River’ discovery – includes drill holes MLW-04 and SS-06
b) December 14, 2012 – Torex drills highest grade gold mineralization to date at Media Luna – includes drill holes MLW-02 and MLW-09
c) February 20, 2013 – Torex continues to intersect high grade gold over significant thickness at Media Luna and Media Luna West – includes drill hole MLW-05
d) September 23, 2013 – Torex continues to extend strike length at Media Luna and Media Luna West – includes drill holes MLW-03A, MLW-11, MLW-18 and MLW-22

 

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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