Torex Gold Provides Update on Timing of Morelos Technical Report
January 15 2021 - 5:00AM
Today, Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:
TXG) announces that the release of the Morelos Technical Report
(the “Technical Report”), including the Media Luna feasibility
study, has been rescheduled from mid-2021 to Q1 2022. Rescheduling
the release of the Technical Report will allow for the inclusion of
additional results from the 2021 infill drill program at Media
Luna, an updated mine plan for El Limón Guajes (“ELG”) including a
potential layback in the El Limón pit if deemed economic, as well
as more complete data on Muckahi following completion of
rate-related field testing later this year.
Jody Kuzenko, President and CEO of Torex,
stated:
“All of our work related to Media Luna is very
much on track – the progress of the feasibility study itself, the
infill drilling program, the early works program, and the
permitting. Our decision to reschedule the release of the
updated Technical Report will result in a more robust economic
study that is based on the most timely and complete information –
one that we are confident will demonstrate a smooth transition
between the ELG open pits and the ramp-up of Media Luna. Completion
of the Technical Report is not a critical path element for the
project timeline, and, as such, expectation for first production
from Media Luna remains Q1 2024.
“The timing associated with release of the
Technical Report will allow for the results of the expanded 2021
infill drilling program at Media Luna to be included, with $14
million being invested in the program this year. In addition, with
field testing of Muckahi underway within the upper portions of the
ELD deposit, we expect to have a more complete understanding of the
rates and costs that can be achieved through Muckahi around
mid-year. This will allow for a more informed decision regarding
the design of Media Luna – as a conventional mine using a
traditional ore pass system or as a Muckahi mine.
“The additional time will also allow for a
thorough assessment of a potential layback within the El Limón pit.
We are currently finalizing a scoping level study on the project,
and if the economics are positive, the layback will be incorporated
into the updated mine plan for ELG. The updated mine plan will also
include the most current information associated with our ongoing
exploration to extend the life of the ELG underground.”
ELG and Media Luna are considered as the same
property under National Instrument 43-101 (“NI 43-101”). As such,
the upcoming Morelos Technical Report will include an updated mine
plan for the ELG open pits, ELG underground, and a feasibility
level study for Media Luna.
About Torex Gold Resources
Inc.Torex is an intermediate gold producer based in
Canada, engaged in the mining, developing and exploring of its 100%
owned Morelos Gold Property, an area of 29,000 hectares in the
highly prospective Guerrero Gold Belt located 180 kilometres
southwest of Mexico City. The Company’s principal assets are the El
Limón Guajes mining complex (“ELG” or the “ELG Mine Complex”),
comprising the El Limón, Guajes and El Limón Sur open pits, the El
Limón Guajes underground mine including zones referred to as
Sub-Sill and ELD, and the processing plant and related
infrastructure, which commenced commercial production as of April
1, 2016, and the Media Luna deposit, which is an early stage
development project, and for which the Company issued an updated
preliminary economic assessment in September 2018 (the “Morelos
Technical Report”). The property remains 75% unexplored.
For further information, please
contact:
TOREX GOLD RESOURCES INC. |
|
Jody Kuzenko |
Dan Rollins |
President and CEO |
Vice President, Corporate Development & Investor
Relations |
Direct: (647) 725-9982 |
Direct: (647) 260-1503 |
jody.kuzenko@torexgold.com |
dan.rollins@torexgold.com |
CAUTIONARY NOTES
MUCKAHI MINING SYSTEM
The Morelos Technical Report includes
information on Muckahi. It is important to note that Muckahi is
experimental in nature and has not yet been tested in an operating
mine. Since the date of the Morelos Technical Report, the majority
of the components of the Muckahi system have been tested by Torex
and their functionality demonstrated. Although, the components have
not yet been tested together as a system to demonstrate the rates
per day in which tunnels can be excavated and material removed from
long hole open stopes. This final stage of testing is
underway and will be completed in the coming months. Drill
and blast fundamentals, standards and best practices for
underground hard rock mining are applied in the Muckahi system as
described in of the Morelos Technical Report, where applicable. The
proposed application of a monorail system for underground
transportation for mine development and production mining is unique
to underground hard rock mining. There are existing underground
hard rock mines that use a monorail system for transportation of
materials and equipment, however not in the capacity of Muckahi
which is described in detail the Morelos Technical Report. The mine
design, equipment performance and cost estimations involving
Muckahi in the Morelos Technical Report are conceptual in nature,
and do not demonstrate technical or economic viability.
FORWARD LOOKING INFORMATION
This news release contains "forward-looking
statements" and "forward-looking information" within the meaning of
applicable United States and Canadian securities legislation.
Forward-looking information also includes, but is not limited to:
the expected release of the Technical Report, including the Media
Luna feasibility study, in Q1 2022; expectation that the
rescheduling the release of the Technical Report will allow for the
inclusion of additional results from the 2021 infill drill program
at Media Luna, an updated mine plan ELG including a potential
layback in the El Limón pit if deemed economic and updated
information associated with the ongoing exploration to extend the
life of the ELG underground, as well as more complete data on
Muckahi following completion of field testing later this year;
expectation for first production from Media Luna remains Q1 2024;
expectation that the work related to Media Luna, as described in
the news release, is on track; expectation that the additional
information will result in a more robust economic study and
demonstrate a smooth transition between the ELG open pits and the
ramp-up of Media Luna; and the expectation that the additional time
will also allow for a thorough assessment of a potential layback
within the El Limón pit. Generally, forward-looking
information can be identified by the use of forward-looking
terminology and phrases such as "plans", "expects", “timeline”,
“schedule” or variations of such words and phrases or state that
certain actions, events or results “can” or “will” occur.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including, without limitation, the
inability of the Company to release the Technical Report in Q1 2022
due to shortage of skilled employees or consultants,
significant social upheavals, government or regulatory actions or
inactions, and those risk factors identified in the Company’s
annual information form (“AIF”) and management’s discussion and
analysis (“MD&A”) or other unknown but potentially significant
impacts. Notwithstanding the Company's efforts, there can be no
guarantee that the Company’s measures to protect employees,
contractors and surrounding communities from COVID-19 during this
period will be effective. Forward-looking information is based on
the assumptions discussed in the AIF, MD&A and such other
reasonable assumptions, estimates, analysis and opinions of
management made in light of its experience and perception of
trends, current conditions and expected developments, and other
factors that management believes are relevant and reasonable in the
circumstances at the date such information is made. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
the forward-looking information, there may be other factors that
cause results not to be as anticipated. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, whether as a
result of new information or future events or otherwise, except as
may be required by applicable securities laws.
Torex Gold Resources (TSX:TXG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Torex Gold Resources (TSX:TXG)
Historical Stock Chart
From Apr 2023 to Apr 2024