Gold mid-tiers’ Q3 2024 fundamentals
All-time-high gold prices combined with relatively-contained costs catapulted unit earnings to another epic record.
Torex Gold Resources Inc. (TSX:TXG) continues to encounter high grade gold mineralization in step-out drilling to the east of the southern end of its El Limon deposit. The extension of the deposit by some 280 meters to the east could more than triple the known width of the deposit at that southern end, which continues to be open further to the east.
The three most easterly boreholes drilled to date all have significant mineralized intervals at encouraging grades. One of them, TMP-1060, delivered results of 2.70g/t over 44.28m including4.79g/t over 10.76m. Further to the north and closer to the known deposit, step-out borehole TMP-1036 delivered results of 12.33g/t over 5.65m and an additional 4.06g/t over 7.55m.
Elsewhere in the El Limon deposit, in-fill drilling continues to increase confidence in the current resource estimate. Results include 10.97 g/t over 33.2m and an additional 1.27g/t over 10.3m from borehole TMP-1019. Borehole TMP-1013 delivered results that included 5.77g/t over 47.6m and an additional 8.09g/t over 13.4m.
To date, Torex has drilled a total of 99 boreholes (15,446 metres) at the El Limon deposit. The 23 boreholes (3,500 meters) being reported today were completed prior to the temporary suspension of drilling announced March 24, 2011. Assays results for an additional 15 boreholes (1,475 metres) are pending and will be announced upon receipt.
Fred Stanford, President & CEO of Torex stated: “Today’s results support our confidence in attaining our goal of defining a global resource of 5 million ounces of gold north of the Balsas River. The potential to significantly increase the width of the El Limon pit at the southern end of the deposit could not only add significant ounces of gold but could also enhance the productivity and profitability of potential mining operations.”
“We are looking forward to the resumption of drilling activities in June to further define and expand the known deposits and to continue the search for new deposits. By the time we get back up to full drill performance, the delay will be about three months which will push our next resource estimate out until Q4/11. In the meantime, our staff have returned to the project site and are resuming activities as planned.”
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Torex Gold Resources Inc. is a Canadian mining company engaged in the exploration and development of precious metal resources with a focus on gold. It owns 100% of the Morelos Gold Project, an advanced stage gold exploration property, located 180km southwest of Mexico City in the highly prospective Morelos Gold Belt. The project covers an area of 29,000ha of which more than 75% remains unexplored.
