Positive Drill Results From The 2020 Exploration Program At ELG Underground

TORONTO - Torex Gold Resources Inc. reported drill results from the ongoing 2020 exploration program at the Company’s El Limon-Guajes (ELG) underground mine, which includes the Sub-Sill deposit and the El Limon Deep (ELD) deposit. Infill drilling at Sub-Sill returned positive results, with drilling intersecting similar grades and widths as within previous drill holes. Step-out drilling successfully extended known mineralization at Sub-Sill below the previous deepest hole, while continuing to extend the strike length of ELD. Skarn mineralization at both Sub-Sill and ELD remains open at depth.

Highlights from the latest round of drill results include 30.7 grams of gold per tonne (g/t Au) over 9.1 meters (m) in SST-162; 13.1 g/t Au over 28.5 m in SST-180; 23.9 g/t Au over 12.2 m and 14.9 g/t Au over 18.9 m in SST-169; 17.0 g/t Au over 15.4 m in SST-177; 21.6 g/t Au over 11.8 m in SST-189; and 16.0 g/t over Au 13.2 m in LDUG-071.

Jody Kuzenko, President & CEO, said, “We are pleased with the updated results from the 2020 underground exploration program at ELG, which reinforces confidence in our ability to extend the life of both Sub-Sill and ELD beyond current reserves. Drill results from Sub-Sill continue to impress, with step-out drilling extending known mineralization at depth a further 70 m, to a total of 300 m below current reserves. Infill drilling around previously drilled holes returned intersections with similar grades and widths. Our near-term mine planning focus at ELG is centered around maintaining a consistent production profile year over year, including during the transition period between ELG and Media Luna. These results are yet another step in demonstrating this potential as we target ongoing production of at least 20,000 ounces of gold per quarter from the ELG underground.”

Exploration will remain a key focus over the next few years as Torex looks to extend the current production profile of ELG through 2023 into 2024, and potentially beyond. Resource development and delineation drilling at Sub-Sill and ELD will be critical in achieving this objective, as it will allow Torex to develop mine plans for the deeper portions of both deposits, and begin developing these ore bodies in order to ensure consistent production of at least 20,000 ounces of gold per quarter from the ELG underground, in line with the +80,000 ounces produced from the underground in 2019. As an important part of this objective, and supported by positive indications of down-dip continuity of the skarn mineralization, the Company plans to invest additional funds into brownfields and near-mine exploration in 2021 and 2022.

Testing of depth extensions to both Sub-Sill and ELD is expected to pick up in late 2021 with the completion of Portal (#3) and related development. While the key benefit of Portal (#3) is expected to be up to a 50% reduction in underground haul distances, Portal (#3) will also allow for more effective targeting of deeper portions of both systems.