New potential mining front discovered below El Limón Sur open pit; incremental open pit feed identified

TORONTO, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) is pleased to report positive assay results from step-out and infill drilling at El Limón Sur, which is targeting underground mineralization below the existing open pit as well as incremental open pit mill feed. The latest drill results support the Company’s strategic priority of optimizing and extending production and cash flow from the El Limón Guajes (“ELG”) Mine Complex.

Jody Kuzenko, President & CEO of Torex, stated:

“Drilling below the El Limón Sur open pit has validated the mineralized potential of this steeply dipping zone, named El Limón Sur Deep. This potential new underground mining front is in addition to the potential mining front identified earlier this year at Sub-Sill South. Drilling at El Limón Sur Deep returned multiple impressive intersects, including 163.5 grams per tonne gold (“g/t” Au) over a core length of 4.5 metres (“m”) and 166.9 g/t Au over 3.8 m, both within a broader intersect of 87.6 g/t Au over 16.0 m; 107.6 g/t Au over 3.0 m within a broader intersect of 25.3 g/t Au over 22.8 m (including 122 g/t silver and 3.45% copper); 15.2 g/t Au over 9.9 m; and 8.1 g/t Au over 18.7 m.

“We expect to announce expanded resources from both El Limón Sur Deep and Sub-Sill South when year-end 2022 mineral reserves and resources are published in March. Infill drilling planned for 2023 will be aimed at bringing these underground mineral resources into reserves. Both El Limón Sur Deep and Sub-Sill South are expected to extend the mine life of ELG Underground and support our objective of increasing underground mining rates to 2,000 tonnes per day in 2024.

“In addition, drilling has identified additional mineralization within the upper portion of the El Limón Sur open pit. Based on the results of this drilling and initial mine planning activities, we expect to extend the life of the El Limón Sur open pit by about 6 months and bring approximately 25,000 ounces of gold into the mine plan.

“We are extremely encouraged with the results from the various drill programs underway across the Morelos Complex and are optimistic about future programs bringing similar success. Based on the results to date, and underlying potential of the property, we expect to steadily improve the current production profile and the associated economics outlined in the 2022 Technical Report.”

Table 1: Key highlights from recent drilling at El Limón Sur

Detailed assay results from the most recent drilling at El Limón Sur targeting underground mineralization can be found in Table 2. Drilling targeting open pit mineralization can be found in Table 3.

NEAR MINE AND REGIONAL DRILL PROGRAM – EL LIMÓN SUR

In 2022, the Company planned to drill 28,500 m of near-mine and regional drilling, including approximately 15,000 m around and below the producing El Limón Sur open pit. In total, Torex budgeted US$9 million towards near mine and regional drilling in 2022, which represents a significant portion of the total budget of US$39 million (including US$5 million of definition and grade control drilling).

Step-out and infill drilling at El Limón Sur was carried out to evaluate the potential of new zones in the El Limón Sur open pit as well as to follow up on prior drilling targeting underground mineralization below the open pit. As at the end of October, assay results for 6,915 m of drilling (60 holes) at El Limón Sur had been received.

Follow-up drilling below the El Limón Sur open pit has been successful, with multiple intersects of impressive gold, silver and copper assays over favourable core widths (see Figures 2 and 3). While additional drilling and mine planning is required to bring mineralization at El Limón Sur Deep into reserves at year-end 2023, the Company is confident El Limón Sur Deep will become a future mining front within the ELG Underground, adding to existing production fronts at Sub-Sill and ELD, as well as the previously identified Sub-Sill South zone (see press release dated September 15, 2022).

Drilling targeting an expansion of open pit mineralization at El Limón Sur returned numerous positive intersects and validated the economics of a small pushback (see Figure 2). This pushback is expected to extend the life of the El Limón Sur open pit by approximately 6 months and add approximately 25,000 ounces of incremental gold to the mine plan. Stripping of the pushback is expected to commence imminently and will result in an additional 2.7 million tonnes of waste mined relative to the 2022 Technical Report.

EL LIMÓN SUR GEOLOGY

The El Limón Sur deposit is a distinct portion of the larger ELG mineralized skarn system and is in the southern end of the El Limón trend which also includes ELD and Sub-Sill South.

The ELG Mine Complex, located in the central part of the Guerrero Gold Belt in Southwest Mexico, is hosted 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 as well as along the footwall contact of the Mezcala Formation. Structurally, El Limón Sur zone is hosted in a graben bounded by La Flaca fault to the west and the Antena fault to the east, and both are potential feeders for the mineralization.

The El Limón Sur skarn occurs approximately 1 km south of the main El Limón skarn deposit and crops out on a steep ridge extending down the mountain towards the Balsas River. The El Limón Sur area is underlain by a similar stratigraphic succession as the southeastern portion of the El Limón deposit. In general, marbles and hornfels sedimentary rocks are in contact with the El Limón granodiorite intrusive and pre/syn mineralization feldspar porphyry dykes. Pyroxene-garnet skarn occurs along the contact between hornfels or marble and granodiorite. There are two main areas of near-surface gold mineralization at El Limón Sur that are separated by a zone of mostly barren granodiorite.

The northernmost mineralized area is developed in the contact between hornfels and granodiorite, trending north-northwest for about 100 m and dips 50º to the southwest with widths ranging from 15 m to 40 m. The mineralization is characterized by retrograde altered exoskarn containing sulfides and local argillic alteration. The southern mineralized area is smaller in extent but wider and dominated by endoskarn along with hydrothermal breccias hosted in the granodiorite and locally in contact with marbles and granodiorite. The hydrothermal breccias are developed within skarn and often display thin laminations and size-graded layering. In both areas, the skarn and the mineralization are controlled by a northeast trending structure hosting an feldspar porphyry dyke with endoskarn alteration along its margins. Best skarn development is located at the intersection of northeast and west-northwest structural trends. The mineralized zones are strongly oxidized in the near surface.

The-high grade skarn of El Limón Sur Deep is developed underlying the northernmost mineralized area of El Limón Sur, known as the Limón Sur Upper pit, which will be part of the small Limón Sur pushback. At El Limón Sur Deep, mineralization is hosted in a skarn zone formed at the top and along the flanks of a steeply dipping body of marble, surrounded by granodiorite and underlying the El Limón Sur Upper pit mineralization. The skarn strikes approximately 10° northwest and dips vertical in the eastern flank of the marbles and 70° to 75° west in the western flank, following the contact of the marble and the intrusive. The skarn zone is well developed in the upper part of the marble block, where it reaches horizontal widths locally over 70 meters, Along the vertical flanks of the marbles block, widths are smaller and up to 25-30 meters. The geometry of the El Limón Sur Deep skarn is very similar to the geometry of the Sub-Sil South and is much better understood now with the new drilling opening a large exploration potential along its extensions at depth and along strike.

The style of mineralization at El Limón Sur Deep is like Sub-Sill and ELD, and is characterized by gold, with locally high silver and copper grades. Gold occurs in variably sulfidized, pyrrhotite-rich skarn, while silver and copper mineralization is controlled primarily by the degree of sulfidation of the host skarn. Mineralization is mainly associated with retrograde alteration characterized by the occurrence of phlogopite, amphibole, chlorite, calcite and lesser amounts of quartz and epidote, and local magnetite.

QA/QC AND QUALIFIED PERSON

Torex maintains an industry-standard analytical quality assurance and quality control (QA/QC) and data verification program to monitor laboratory performance and ensure high quality assays. Results from this program confirm reliability of the assay results. All sampling and analytical work for the mine exploration program is performed by SGS de Mexico S.A. de C.V. (“SGS”) in Durango, and by SGS at Minera Media Luna site facilities in Mexico. Gold analyses comprise fire assays with atomic absorption or gravimetric finish. External check assays for QA/QC purposes are performed at ALS Chemex de Mexico S.A. de C.V.

The analytical QA/QC program is currently overseen by Carlo Nasi, Chief Mine Geologist for Minera Media Luna, S.A. de C.V.

Scientific and technical information contained in this news release about mining, including without limitation, the mine life, mine plan, mining rates and additional production, has been reviewed and approved by Johannes Bekkers, P.Eng. Ontario (no. 90556465), Vice President, Mine Technical Services of Torex and qualified person under NI-43-101. Mr. Bekkers consents to the inclusion in this release of said information in the form and context in which it appears.

All other scientific and technical data contained in this news release has been reviewed and approved by Carolina Milla, P.Eng. Ms. Milla is a member of the Association of Professional Engineers and Geoscientists of Alberta (Member ID #168350), has experience relevant to the style of mineralization under consideration, is a qualified person under NI-43-101, and is an employee of Torex. Ms. Milla has verified the data disclosed, including sampling, analytical, and test data underlying the drill results; verification included visually reviewing the drillholes in three dimensions, comparing the assay results to the original assay certificates, reviewing the drilling database, and reviewing core photography consistent with standard practice. Ms. Milla consents to the inclusion in this release of said data in the form and context in which they appear.

Additional information on the El Limón Sur deposit, sampling and analyses, analytical labs, and methods used for data verification is available in the Company’s technical report entitled the “Morelos Property, NI 43-101 Technical Report, ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study, Guerrero State, Mexico”, dated effective March 16, 2022 filed on March 31, 2022 (the “2022 Technical Report”) on SEDAR at www.sedar.com and the Company’s website at www.torexgold.com.

ABOUT TOREX GOLD RESOURCES INC.

Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City. The Company’s principal asset is the Morelos Complex, which includes the El Limón Guajes (“ELG”) Mine Complex, the Media Luna Project, a processing plant and related infrastructure. Commercial production from the Morelos Complex commenced on April 1, 2016 and an updated Technical Report for the Morelos Complex was released in March 2022. Torex’s key strategic objectives are to extend and optimize production from the ELG Mining Complex, de-risk and advance Media Luna to commercial production, build on ESG excellence, and to grow through ongoing exploration across the entire Morelos Property.

FOR FURTHER INFORMATION, PLEASE CONTACT:

CAUTIONARY NOTES ON FORWARD LOOKING STATEMENTS
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information also includes, but is not limited to, statements about: the Company’s strategic priority of optimizing and extending production and cash flow from the ELG Mine Complex; the validation of the steeply dipping zone, named El Limón Sur Deep and it being a potential new underground mining front; the potential mining front identified earlier this year at Sub-Sill South; the expected expansion of resources from both El Limón Sur Deep and Sub-Sill South when the year-end 2022 mineral reserves and resources are published in March 2023; the aim of the infill drilling planned for 2023 to bring underground mineral resources into reserves; the expectation that both El Limón Sur Deep and Sub-Sill South will extend the mine life of ELG Underground and support the objective of increasing underground mining rates to 2,000 tonnes per day in 2024; the expected extension of the life of the El Limón Sur open pit; the purpose and the expected scope, timeframe and budget for the drilling programs; and the Company’s key strategic objectives to extend and optimize production from the ELG Mining Complex, de-risk and advance Media Luna to commercial production, build on ESG excellence, and to grow through ongoing exploration across the entire Morelos Property. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “strategy”, “budget”, “potential”, “ongoing” or variations of such words and phrases or statements that certain actions, events or results “will”, or “is expected to" occur. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including, without limitation, those risk factors identified in the 2022 Technical Report and the Company’s annual information form (“AIF”) and management’s discussion and analysis (“MD&A”) or other unknown but potentially significant impacts. Forward-looking information is based on the assumptions discussed in the 2022 Technical Report, the AIF and the MD&A and such other reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant 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 the forward-looking information, 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 could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.

Figure 2: Infill and step-out drilling at El Limón Sur (Section A-A’):
https://www.globenewswire.com/NewsRoom/AttachmentNg/988f33ee-cfc5-47e4-8ebf-63ee3af6fd76

Figure 3: Infill and step-out drilling at El Limón Sur (Section B-B’):
https://www.globenewswire.com/NewsRoom/AttachmentNg/ad84a986-19d7-4410-8f40-0cefc4362044

Table 2: Drill results from infill and step-out drilling targeting underground mineralization at El Limón Sur (continued in following infographic):
https://www.globenewswire.com/NewsRoom/AttachmentNg/ae952ce0-c084-49f9-afe7-85701129abc4

Table 2: Drill results from infill and step-out drilling targeting underground mineralization at El Limón Sur (continued from previous infographic):
https://www.globenewswire.com/NewsRoom/AttachmentNg/7f8927d5-bf19-4871-a109-09ec19f449f3

Table 3: Drill results from infill and step-out drilling targeting open pit mineralization at El Limón Sur:
https://www.globenewswire.com/NewsRoom/AttachmentNg/32369b10-3ff0-436d-8233-045dfcce8a89

Figure 2

Infill and step-out drilling at El Limón Sur (Section A-A’)

Figure 3

Infill and step-out drilling at El Limón Sur (Section B-B’)

Table 2

Drill results from infill and step-out drilling targeting underground mineralization at El Limón Sur (continued in following infographic)

Table 2: Drill results from infill and step-out drilling targeting underground mineralization at El Limón Sur (continued from previous infographic)

Notes to Table: 1) Intersections do not represent true thickness of mineralized zones; 2) Core lengths subject to rounding; 3) Interval lengths for holes dipping between -45 to -90º have been selected to represent a minimum mining height of 3.5 m; 4) Interval lengths for holes dipping between 0 and -45º have been selected to represent a minimum horizontal length of 3.5 m; 5) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.

Table 3: Drill results from infill and step-out drilling targeting open pit mineralization at El Limón Sur

Notes to Table: 1) Intersections do not represent true thickness of mineralized zones; 2) Core lengths subject to rounding; 3) Interval lengths for holes dipping between -45 to -90º have been selected to represent a minimum mining height of 3.5 m; 4) Interval lengths for holes dipping between 0 and -45º have been selected to represent a minimum horizontal length of 3.5 m; 5) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.

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