Torex hits excellent Grade at Morelos!
Torex drills 3.0 m of 24.8 g/t Au at Morelos
Ticker Symbol: C:TXG
Torex drills 3.0 m of 24.8 g/t Au at Morelos
Torex Gold Resources Inc (C:TXG)
Shares Issued 345,084,127
Last Close 1/17/2011 $1.49
Monday January 17 2011 – News Release
Mr. Fred Stanford reports
TOREX CONTINUES TO INTERSECT HIGH GRADE GOLD AND EXTENDS GUAJES EAST
The continuing drill program at Torex Gold Resources Inc.’s Morelos gold project in Mexico continues to return positive results, including the extension of the high-grade-gold-mineralized area at the western end of the Guajes East deposit and the expansion of the Guajes East deposit to the west. Step out drilling to the west of the deposit intersected high grade gold mineralization outside the known resource area and extended the deposit some 100 m (e.g. T10-049C – 4.5 g/t Au over 48.8 m, including 16.9 g/t over 8.6 m, T10-079C – 20.0 g/t Au over 12.0 m, and 2.8 g/t Au over 11.1 m, and 5.63 g/t Au over 7.4 m). In addition, in-fill drilling also encountered high grade gold values over significant interval lengths (e.g. T10 -100C – 6.0 g/t Au over 38.1 m, including 24.8 g/t Au over 3.0 m, T10-74C – 4.9 g/t Au over 64.8 m and 5.0 g/t Au over 17.6 m and expands the previously known high grade gold mineralized area within the Guajes East deposit. .All three deposits north of the Balsas River remain open in several directions and the ongoing detailed drill program is designed to grow the global resource and add significant new ounces with step out boreholes and to upgrade the known resource with in fill boreholes.
Fred Stanford, President and CEO of Torex stated “We continue to be highly encouraged by the positive initial results of our ongoing 100,000 m drilling program. A portion of the drilling is designed to expand the known deposits and determine the possible connection of the deposits near surface and at depth and a portion is designed to explore new exploration areas south of the Balsas River.” Mr. Stanford added, “The confirmation of the particularly high grade gold mineralized area within the Guajes East Deposit and the expansion of the deposit further to the west by at least 100m has potential to significantly enhance the overall mining economics of the Morelos gold deposits. We will continue testing this deposit to the west, south and south east and feel confident that further drilling will add more gold ounces to the property’s global resources north of the Balsas River, and will provide positive results in the new exploration areas south of the river.”
Highlights for drilling to the west of the Guajes East deposit:
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Interval (m)
————- Interval Au
DH ID Area From To Length(m) (g/t) Lithology
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Skarn, Endoskarn,
T10-049C Guajes East 61.30 108.18 44.88 4.526 Porphyry
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Including 92.06 100.68 8.62 16.918 Skarn, Endoskarn
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T10-079C Guajes East 51.15 63.15 12.00 20.018 Skarn
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And 85.34 96.44 11.10 2.841 Granodiorite, Skarn
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And 109.94 117.33 7.39 5.584 Skarn, Endoskarn
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T10-105C Guajes East 55.40 68.56 13.16 4.005 Skarn, Endoskarn
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Including 55.40 61.98 6.58 9.479 Skarn, Endoskarn
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T10-106C Guajes East 53.10 60.96 7.86 15.737 Marble, Skarn
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And 73.15 95.00 21.85 1.310 Breccia
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Including 73.15 76.00 2.85 5.983 Breccia
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Highlights for infill drilling within the Guajes East deposit:
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Interval (m)
————- Interval Au
DH ID Area From To Length(m) (g/t) Lithology
—————————————————————————-
T10-058C Guajes East 33.30 65.40 32.10 2.404 Skarn, Porphyry
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Including 33.30 43.13 9.83 5.150 Skarn
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T10-070C Guajes East 40.00 50.92 10.92 9.512 Hornfels, Skarn
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And 75.60 83.80 8.20 8.097 Endoskarn, Skarn
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Including 79.30 81.30 3.00 21.742 Skarn
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Alluv., Breccia,
T10-074C Guajes East 0.00 28.30 28.30 3.220 Marble, Porph.
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Including 0.00 17.45 17.45 5.041 Alluvium, Breccia
—————————————————————————-
Skarn, Endoskarn,
And 44.60 109.40 64.80 4.935 Breccia
—————————————————————————-
Including 44.60 57.66 13.06 12.821 Skarn, Endoskarn
—————————————————————————-
And Skarn, Endoskarn,
Including 67.80 97.40 29.60 5.024 Breccia
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And
Including 76.60 81.10 4.50 23.170 Breccia
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T10-083C Guajes East 4.00 12.19 8.19 1.355 Sandstone, Endoskarn
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Including 5.50 7.60 2.10 4.450 Sandstone, Endoskarn
—————————————————————————-
Breccia, Skarn,
T10-099C Guajes East 55.20 77.40 22.20 7.857 Porph. Marble
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Including 57.91 62.38 4.47 37.873 Skarn
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Skarn, Gran.,
T10-100C Guajes East 39.91 78.05 38.14 5.992 Breccia, Endoskarn
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Including 42.91 45.91 3.00 11.205 Skarn
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Including 64.01 67.01 3.00 24.801 Granodiorite
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Granodiorite, Skarn,
T10-102C Guajes East 7.50 17.95 10.45 8.226 Breccia
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Granodiorite,
And 61.80 76.90 15.10 2.247 Breccia
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Granodiorite,
Including 68.00 74.90 6.90 4.134 Breccia
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The majority of the mineralization greater than 3 grams / tonne in the boreholes reported in this press release is associated with skarn and endoskarn alteration spatially related to the granodiorite intrusion. However, there are also significant mineralized intervals associated with a porphyry that is not the dominant granodioritic intrusive. The holes that encountered significant mineralization in this porphyry or endoskarn formed from the porphyry (e.g., T10-049C, T10-057C & T10-103C) were step-out or extension boreholes and indicate the potential to expand the known mineralization to the west. Additional follow-up drilling is being planned to test the potential for further extensions related to this porphyry to the west and to the granodioritic intrusive to the south and east.
Quality Assurance/Quality Control
At the Morelos Gold Project, all of the analytical work is performed by SGS de Mexico S.A. de C.V. (“SGS”) in Mexico. Sample preparation is done at a dedicated sample preparation laboratory operated by SGS at the project site in Nuevo Balsas, Guerrero, Mexico. The Au analyses (fire assay with an atomic absorption or gravimetric finish) and multi-element geochemical analyses are completed by SGS at their analytical facilities in Durango, Durango, Mexico. Torex has a Quality Assurance/Quality Control (“QA/QC”) program in place that includes 5% each of the Certified Reference Materials, blanks, field duplicates and preparation duplicates. The QA/QC program as designed has been approved by AMEC E&C Services, Inc. and is overseen by Dr. Jeffrey W. Brooks, Chief Geologist for Torex.
The Company follows strict QA/QC protocol measures in keeping with industry standards and regulatory reporting requirements. Mr. Jerry E. Snider, B.Sc. Mining Engineering, MBA, Project Manager of Torex, is the Qualified Person who has reviewed this news release, and is responsible for the technical information reported herein, including verification of the data disclosed, the sampling, analytical and test data underlying the technical information.
Further information regarding the Morelos Gold Project is contained in the Technical Report effective October 6, 2009 and entitled “Gleichen Resources Ltd., Morelos Gold Project, Guerrero, Mexico, NI 43-101 Technical Report”.
We seek Safe Harbor.
� 2011 Canjex Publishing Ltd.
