This news release has been amended from the original version which was issued on the date indicated in order to delete previously disclosed combined metal equivalent estimates because relative metal recovery percentages between copper and gold could not be properly estimated at the time.
Vancouver, Canada – December 13, 2022 – Torq Resources Inc. (TSX-V: TORQ, OTCQX: TRBMF) (“Torq” or the “Company”) is pleased to announce that it has initiated surface exploration at its Santa Cecilia gold – copper project located in the world-class Maricunga belt in northern Chile, approximately 100 kilometres (km) east of the city of Copiapo (Figure 1). The surface exploration program is focused on defining drill targets with the aim of initiating the first drill program at Santa Cecilia in Q1 2023.
Additionally, the Company is drawing a further C$500,000 from its C$3 million credit facility. The Company will issue 769,231 two-year common share purchase warrants to the lender, exercisable at a price of C$0.65 per common share, as per the amended credit facility agreement (see July 11, 2022 news release), subject to TSX Venture approval. There is C$500,000 that remains available to be drawn under the credit facility.
A Message from Shawn Wallace, CEO:
“The initiation of work at our flagship Santa Cecilia project represents a major milestone for the Company as it brings us one step closer to our highly anticipated inaugural drill program at the project. With Gold Field’s C$15M investment, and additional financing mechanisms in place with longstanding shareholders, the Company is on solid footing heading into 2023, and we are looking forward to an exciting and prosperous year for all stakeholders.”
A Message from Michael Henrichsen, Chief Geological Officer:
“It is with great anticipation that we start surface work at the Santa Cecilia project, as it provides a rare opportunity to drill untested porphyry systems in a world-class belt. The application of modern exploration techniques with the benefit of the understanding of other porphyry discoveries in the district will put the Company in an excellent position for a potential discovery. We look forward to generating our first drill targets in the coming months as the we develop these crucial data sets.”
Torq’s exploration program at Santa Cecilia will consist of geologic mapping, short wave infrared alteration mapping and a geochemical soil sampling program. The goal of this exploration program is to define drill targets for potential high-grade porphyry phases within the 10 km hydrothermal alteration system at the project. The first phase of drilling will use existing drill pads from historical drilling that was conducted in 1988 - 1990 by a major mining company, which will allow the Company to explore undrilled porphyry centers at both the Cerro del Medio and Pircas target areas (Figure 2). Historical drilling primarily focused on the oxide gold system at the Cerro del Medio target, where two deeper holes were also drilled targeting copper porphyry mineralization, including an intercept of 925.7 metres (m) of 0.21 g/t gold, 0.27% copper and 82 ppm molybdenum (Figure 3). Upon completion of this first phase of exploration, the Company will submit an application to governmental authorities for a drill permit that will allow Torq to drill from the 39 drill platforms. It is expected that the drill permit will be received approximately 30-60 days from the submission date, which would allow the Company to drill at Santa Cecilia in Q1.
Figure 1: Illustrates the location of the Santa Cecilia project in the southern region of the world-class Maricunga belt, which includes world-class multi-million-ounce deposits such as Salares Norte, La Coipa, Cerro Maricunga, Marte, Lobo, La Pepa, El Volcan, Caspiche and Cerro Casale.
Figure 2: Illustrates the four porphyry centres on the Santa Cecilia property.
Figure 3: Illustrates the primary target at Santa Cecilia, where one of two deep holes were drilled in 2012 to target porphyry mineralization beneath the epithermal mineralization encountered in the previous operator’s drilling. Importantly, gold-copper porphyry mineralization corresponds to an area of 2 km x 2 km x 1 km of low resistivity values defined in both induced polarization and magneto-telluric geophysical surveys with mineralization open at depth and laterally.
Michael Henrichsen P.Geo, Torq’s Chief Geological Officer, is the qualified person as defined by NI 43-101 (Standards of Mineral Disclosure) who assumes responsibility for the technical contents of this press release.
ON BEHALF OF THE BOARD,
About Torq Resources
Torq is a Vancouver-based copper and gold exploration company with a portfolio of premium holdings in Chile. The Company is establishing itself as a leader of new exploration in prominent mining belts, guided by responsible, respectful and sustainable practices. The Company was built by a management team with prior success in monetizing exploration assets and its specialized technical team is recognized for their extensive experience working with major mining companies, supported by robust safety standards and technical proficiency. The technical team includes Chile-based geologists with invaluable local expertise and a noteworthy track record for major discovery in the country. Torq is committed to operating at the highest standards of applicable environmental, social and governance practices in the pursuit of a landmark discovery. For more information, visit www.torqresources.com.
Forward Looking Information
This release includes certain statements that may be deemed “forward-looking statements”. Forward-looking information is information in this release that relates to planning, permitting and executing exploration programs. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively) from any future results, performance or achievements expressed or implied by some of the principal forward-looking statements. See Torq’s Annual Information Form filed November 21, 2022 at ww.sedar.com for disclosure of the risks and uncertainties faced in this business.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.