Torex Gold Resources reports that the initial drill program at its Media Luna target, south of the Balsas river on its 100%-owned Morelos gold project in Guerrero state, Mexico, discovered consistent gold mineralization over a 900-m strike length. The new discovery is in addition to two deposits north of the Balsas river, where Torex has established estimated NI 43-101-compliant measured and indicated mineral resources of 4.8 million oz of gold.
The first five holes drilled into the Media Luna target included intervals of 6.13 g/mt gold, 58.7 g/mt silver and 2.40% copper over 4.8 m and 6.56 g/mt gold, 10 g/mt silver and 1.15% copper over 7.1 m.
The Media Luna target was identified using aeromagnetics, surface geochemistry and geological mapping. As presently modeled, the prospect area is defined by a sharp and intense magnetic high, with dimensions of approximately 3 km x 1 km. The magnetic high defines the footprint of a large magnetite skarn at depth. The entire Media Luna target is considered prospective for skarn-style gold mineralization where calcareous sedimentary rocks are in contact with a granodiorite intrusive.
Torex President and CEO Fred Sanford said, “To date we have only tested 900 m of the strike length of this 3-km-long by 1-km-wide magnetic anomaly. At this early stage of the discovery, it is very encouraging to see the consistency of the gold mineralization and the high silver and copper values over a significant strike length and thickness.” (www.torexgold.com)