Torex Gold Outlines Multi-Year Exploration Strategy

Core Viewpoint - Torex Gold Resources Inc. has outlined a multi-year exploration strategy for its Morelos Property, aiming to enhance mineral resources, achieve new discoveries, and extend the mine life beyond 2033 to ensure stable production and cash flow [2][3][6]. Exploration Strategy Overview - The Morelos Property spans 29,000 hectares within the Guerrero Gold Belt, featuring the ELG Mine Complex and Media Luna Project. The company has invested an average of $31 million annually in drilling and resource expansion since 2021, with a budget of $30 million for 2024 [6][7]. - The exploration strategy aims to maintain over 450,000 gold equivalent ounces (oz AuEq) of annual production beyond 2027 and to make at least one new discovery in the coming years [7][8]. Target Areas - The exploration strategy focuses on three main areas: 1. Extending the mine life of ELG Underground and Media Luna through infill and near-mine step-out drilling [7]. 2. Expanding resources within the Media Luna Cluster, including Media Luna, EPO, Media Luna West, Media Luna East, and Todos Santos [7]. 3. Advancing new exploration targets such as El Naranjo, Atzcala, Esperanza, Querenque, Tecate, El Olvido, and Victoria [7][8]. Geological Understanding - The company has identified three dominant styles of mineralization at Morelos: skarn, intermediate sulphidation (IS), and carbonate replacement deposits (CRD). This evolving understanding supports the potential for new discoveries [8][25]. Exploration Pipeline - The exploration pipeline includes various stages from target selection to resource delineation. The company aims to advance each target based on economic potential and strategic objectives [9][10]. - The 2023 drilling program successfully expanded Measured & Indicated Resources by 570 thousand oz AuEq, leading to an increase in Proven & Probable Reserves by 280 thousand oz AuEq, extending the mine life of ELG Underground by two years through 2028 [11][12]. Regional Exploration - A budget of $3 million is allocated for regional exploration in 2024, with plans for 3,000 meters of intermediate drill testing at El Naranjo to delineate geological features [21][22]. - The company is also exploring potential extensions to structural corridors on the north side of the Balsas River, similar to those at the ELG deposit [22]. Longer-Dated Targets - Other promising targets include Querenque, Tecate, Esperanza, El Olvido, and Victoria, which will be evaluated and advanced as appropriate in the exploration pipeline over the coming years [24][48].