Pursuing Multiple Discoveries
Torq’s maiden 4,075 metre (m) reverse – circulation (RC) drill program at the Margarita project resulted in the discovery of a new copper and gold sulphide system, the Falla 13 discovery. Drill hole 22MAR-013R intersected 90 m of 0.94% copper and 0.84 g/t gold at a depth of 50 m – 140 m. This discovery successfully identified the copper and gold sulphide source mineralization to the abundant copper oxide mineralization observed on the southern margin of the project, validating the Company’s exploration thesis, and represents the potential for a significant new IOCG discovery in the Cretaceous Coastal Cordillera belt in northern Chile.
See May 2, 2022 news release for a summary of the results from the drill program.
Torq’s follow-up drill program drilled an extension to the original discovery, 190 m north, intercepting 98 m of 0.94 g/t gold and 0.68 % copper.
See Sept. 13, 2022 news release for details on the extension to the discovery at Margarita.
The remainder of the drill holes from the phase II 4,000 m drill program helped to define an 800 m mineralized system at the project, and included 64 m of 0.63 g/t Au and 0.63% Cu in 22MAR-017R, 130 m of 0.36 g/t Au and 0.28% Cu (including 30 m of 1.02 g/t Au and 0.57% Cu) in 22MAR-023R, and 62 m of 0.51 g/t Au and 0.38% Cu (including 16 m of 1.6 g/t Au and 0.98% Cu), in 22MAR-024R.
See Nov. 28, 2022 news release for the complete results from the phase II drill program.
Torq’s phase III drill program resulted in two additional discoveries, including 42 m of 1.1 g/t gold and 0.48% copper on a new structure near the original Falla 13 discovery and 132 m of 0.48% copper in oxide mineralization at the Cototuda target. In addition, 62 m of 0.49% copper and 134 m of 0.29% copper was intersectedat the historically drilled Margarita structural corridor.
See Oct. 18, 2023 news release for the results from the first seven holes of the phase III drill program, which, in total, consisted of 14 drill holes over 3,862 m. The results from the remaining seven drill holes from the phase III drill program, while intersecting some zones of anomalous mineralization, did not materially add to the known information about the project.
Geophysics & Geochemical Results
Extensive leaching of copper within the top 20 – 30 m from surface was observed in the drill results from the Falla 13 discovery, leading the Company to conduct a multi-element soil geochemistry survey across the project area, primarily to identify gold anomalies as a proxy for copper-gold mineralization. The results of this survey have identified targets adjacent to the Falla 13 discovery area that demonstrate its potential for growth as well as five new target areas that have not yet been drill tested.
See April 5, 2023 news release for details on the results of the soil geochemical survey.
A magnetic survey over the Margarita project shows a circular magnetic low surrounded by magnetic highs beneath the hydrothermal alteration system. The magnetic highs are associated with less altered, andesitic to rhyodacitic rock units that may correspond to dome structures, which are considered to be part of the mineralizing intrusive hydrothermal system that characterizes the property. The lower magnetic responses correspond to strongly altered units that include various porphyritic and breccia bodies as well as andesitic dykes and provide a clear large-scale 1.5 km by 1.5 km geophysical target within the property boundaries.
An IP survey at the Margarita project consisted of a total of 49-line km with lines spaced every 250 m. The results of the program have demonstrated two north-northwest trending chargeability anomalies that are approximately 3 km by 500 m in dimension at a threshold of 30 millivolts, which is consistent with the presence of sulphide minerals. Importantly, these chargeability anomalies spatially overlap with resistivity lows that are consistent with hydrothermal alteration and form the basis of geophysical targeting at the project.
Historical Copper Oxide Drilling
Out of the 39 drill holes with known assay results available that define the copper oxide mineralization, 13 are within the land package of the Margarita - Cototuda agreements, totaling approximately 1,500 m. The historical drill holes are located in the southwestern corner of the property in a zone of strong hydrothermal alteration. Copper oxide mineralization with reported grades of 0.2 – 0.6% copper were encountered to 210 m vertical depth with drilled widths ranging between 30 – 120 m. Importantly, none of these drill holes encountered primary copper sulphide mineralization.