High-Grade Structures and Veins – Vetas Condor Target:

The Vetas Condor high-grade gold – silver epithermal mineralization is encountered on the western flanks of the Cerro del Medio target area where east-west trending quartz – alunite structures are exposed over a 1 km by 350 m area. The previous operator completed a total of 1,100 m of horizontal exploration tunnels that were oriented sub-parallel to parallel to the quartz-alunite ledges. Evidently, crosscuts oriented perpendicular to the structures were not completed and therefore true width of the high-grade mineralization was not determined.

The initial 200 m of the tunnel are oriented sub-parallel at a 20-degree angle to the mapped quartz – alunite structures. Highlighted intercepts from this section of the tunnel, while not true width, demonstrate the high-grade potential of the structures, and include 2.38 g/t gold and 101 g/t silver over 32 m and 0.66 g/t gold and 13.5 g/t silver over 134 m. In addition, approximately 436 m into the tunnel, a high-grade vein sampled 58 g/t gold and 27 g/t silver over 2 m. Table 2 below summarizes the significant intercepts in the exploration tunnel.

Table 2: Vetas Condor Target - Tunnel Assay Results from Previous Operator (1988 – 1990)

Torq’s technical team believes that the high-grade mineralization encountered in the tunnel has not been adequately tested. There have only been three shallow drill holes testing the veins encountered in the first 200 m of the exploration tunnel, which included 6.82 g/t gold and 16.8 g/t silver over 20 m at a depth starting at 110 m (true width unknown). Table 3 below summarizes drill results from the three drill holes that tested below the tunnel. Torq plans to aggressively explore for high-grade gold – silver mineralization along the 1 km long corridor defined by quartz - alunite structures.

Table 3: Vetas Condor Target - Drill Results from Previous Operator (1988 – 1990)

Underlying Porphyry Mineralization – Cerro Del Medio Target:

A two-hole drill program to test for porphyry mineralization beneath the epithermal mineralization encountered in the previous operator’s drilling was conducted from January 2012 to May 2012. The two holes were drilled from the northern side of the topographic high, defining the Cerro del Medio target area, and both intersected hundreds of metres of gold – copper – molybdenum porphyry-style mineralization. Drill hole CDM 03 intersected 925.7 m of 0.21 g/t gold, 0.27% copper and 82 ppm molybdenum, beneath the drilled gold mineralization from surface of 1.38 g/t gold over 24 m (drill hole SP-SC-24) by the previous operator in 1989. This demonstrates the potential for mineralization over one vertical kilometre from surface that remains open at depth and laterally. Table 4 below lists the intercepts from both drill holes.

Table 4: Cerro Del Medio Target - Underlying Porphyry Drill Results (January 2012 - May 2012)

Subsequent to the successful drill program testing for porphyry mineralization, ground-based Quantec Orion-3D induced polarization (IP) and magneto-telluric surveys were conducted in November - December of 2012 to characterize the geophysical signature of the underlying porphyry mineralization. The encountered porphyry mineralization was characterized by very low resistivity values, measuring between 3 – 6 ohm m, moderate chargeability values of less than 30 mrad and zones of very low magnetic susceptibility. Critically, the survey shows an area of 2 km x 2 km x 1 km of low resistivity values, which further demonstrates the potential to greatly expand the porphyry mineralization encountered. Torq plans to further explore the porphyry system by targeting structural corridors and potential feeder structures defined through the geophysical surveys.

High Priority Target Areas – Las Pircas – Pircas Norte:

To the east of the Cerro del Medio area, where the majority of the historical exploration work has been conducted, are the Las Pircas and Pircas Norte target areas. These targets are located approximately 2 – 3 km from the Caspiche deposit and are defined by areas of strong epithermal silicification alteration, which Torq’s technical team believes have significant potential for the discovery of underlying porphyry mineralization. This is supported by the low resistivity and moderate chargeability geophysical signatures, which start at depths as shallow as 250 m beneath the surface, as defined in the 2012 ground-based Quantec IP and magneto-telluric surveys. Both targets are characterized by resistivity lows of between 3 – 10 ohm m and moderate chargeability values of 30 – 40 mrad, which are consistent with the geophysical responses associated with porphyry mineralization under the Cerro del Medio target area. Together, these anomalies are approximately 1 km by 500 m, as defined by the resistivity data, but remain open at depth. Historical soils show a gold – silver – copper – molybdenum anomaly over the target areas coincident with the geophysical anomalies. The Las Pircas target area has only five shallow historical drill holes, totaling 476 m, that did not intersect the geophysical anomalies, leaving the target untested. The Pircas Norte target is under cover and has never been drill tested. Three rock grab samples taken from a small, isolated outcrop within the target reported a best result of 1.4 g/t gold and 0.5% copper associated with stockwork veining from a diorite porphyry exhibiting chlorite alteration after secondary biotite. Torq plans to aggressively explore the Las Pircas and Pircas Norte target areas with surficial programs to rapidly advance them to drill stage.

Ownership

Torq acquired the rights to explore the Santa Cecilia project via an option agreement that allows the Company to acquire a 100% interest in the project, subject to net smelter return (NSR) royalties, through cash payments (Table 5).

Table 5: Cash payments

The Company has also committed to the following work expenditures, which are scheduled from the date it obtains the necessary permits to start its exploration campaigns, including the authorization from indigenous communities located in the area of interest (Table 6).

Table 6: Work expenditures

The option agreement each includes an NSR of 3%, half of which is buyable once the option is executed for a price that will be based on the fair value of the project, determined by mutual agreement between the parties.

Disclaimers

Bryan Atkinson, P.Geo., is the qualified person as defined by NI 43-101 (Standards of Mineral Disclosure) who assumes responsibility for the technical contents of this website.

Notes on Historical Exploration Information

In the course of optioning the Santa Cecilia property, the Company’s geological staff was provided with a number of technical reports by past operators dating variously from 1985 to 2015. All drill results and material data sets have been included in this news release. These reports summarized and assessed certain geological, geochemical and geophysical work carried out by the past operators. Also included in the information package provided were reports on drilling in 1988, 1989, 1990, and 2012, including assays. None of the reports attempted to establish any resource on the property. The Company’s geological staff has now digitized much of the underlying data and is using the reformatted information to assess the conclusions of the earlier work and to plan future work. Drill core from the 2012 drill program is still available for re-assay. The prior work will be summarized and evaluated in an NI 43-101 compliant report. Until such summary and assessment are described in an NI 43-101 report, readers of this news release should appreciate that the posited geological modelling is based on information which, while compiled by reputable operators, has not yet been systematically verified and evaluated for accuracy and completeness.

2012 CDM Drilling

Historical drill samples were taken by sawing drill core into equal halves on site with one half being sent to Acme Analytical Laboratories in Copiapo, Chile for preparation and analysis. All samples were assayed using 30 g nominal weight fire assay with AAS finish (Acme method G6) for gold. Silver and base metals were analyzed as part of the multi-element aqua regia digest ICP-ES method (1D01). QA/QC programs for 2012 core samples using lab duplicates, standards and blanks indicate good accuracy and precision in a large majority of standards assayed.

Soil Sampling

Approximately 1-3 kg of soil material was collected on a 100 m x 100 m grid and sent to ALS Lab in Copiapó, Chile or La Serena, Chile for preparation and then to Santiago, Chile and Lima, Peru for analysis. All samples are assayed using 30 g nominal weight fire assay with AAS finish (Au-AA23) and multi-element super trace four acid digest ICP-AES/ICP-MS method (ME-MS61L). QA/QC programs for 2022-2023 soil samples using internal standard samples and duplicates, lab duplicates, standards and blanks indicate good accuracy and precision in a large majority of standards assayed.

Rock Sampling

Approximately 2-4 kg of material was collected for analysis and sent to ALS Lab in Copiapó, Chile or La Serena, Chile for preparation and then to Santiago, Chile and Lima, Peru for analysis. All samples are assayed using 30 g nominal weight fire assay with AAS finish (Au-AA23) and multi-element using four acid digest ICP-AES/ICP-MS method (ME-MS61). Where Au-AA23 results were greater than 10 ppm Au the assay were repeated with 30 g nominal weight fire assay with gravimetric finish (Au-GRA21). Where MS61 results were greater or near 10,000 ppm Cu the assay were repeated with ore grade four acid digest method (Cu-OG62). QA/QC programs for 2022-23 rock samples using internal standard samples and duplicates, lab duplicates, standards and blanks indicate good accuracy and precision in a large majority of standards assayed.

Drilling 2023 

Analytical samples were taken by sawing HQ or NQ diameter core into equal halves on site and sent one of the halves to ALS Lab in Copiapó, Chile or La Serena, Chile for preparation and then to Santiago, Chile and Lima, Peru for analysis. All samples are assayed using 30 g nominal weight fire assay with AAS finish (Au-AA23) and multi-element using four acid digest ICP-AES/ICP-MS method (ME-MS61). QA/QC programs for 2023 core samples using internal standard samples and duplicates, lab duplicates, standards and blanks indicate good accuracy and precision in a large majority of standards assayed.