Torex Gold Reports Results From 2023 Drilling at EPO

TORONTO, Sept. 05, 2023 (GLOBE NEWSWIRE) — Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) is pleased to report initial results from the 2023 drilling program at EPO, a deposit located to the north of the Media Luna deposit, in close proximity to the Guajes Tunnel, south of the Balsas River. Results from the 2023 program continue to highlight the potential to upgrade Inferred resources to the Indicated category and expand Inferred resources through step-out drilling to the north and south of the deposit.

Jody Kuzenko, President & CEO stated:

“The geology of the Morelos Property continues to impress and support our strategy to enhance the production and cash flow profile beyond 2027 and extend the overall life of the Morelos Complex. The focus of our renewed investment in exploration and drilling is on expanding the resource potential of the Media Luna Cluster and making stand-alone discoveries across the broader Morelos Property.

“We are pleased with the results to date from the 2023 drilling program at EPO as the assay results indicate the potential to upgrade additional Inferred mineral resources while expanding mineralization. We are also optimistic about the potential to further increase the size of EPO, as the deposit remains highly prospective with mineralization open to the north, south, and potentially at depth. Results from the 2023 program will be incorporated into the year-end Mineral Resource update and will form the basis of an internal study evaluating the feasibility of developing an economic mining front at EPO, which could leverage the infrastructure currently being developed for Media Luna, including the Guajes Tunnel.

“Drill results from the resource categorization program have been positive, with infill drilling along the southern end of the deposit returning intercepts with similar grades and widths as previous drilling. Several drill holes returned favourable assay results including 9.78 grams per tonne gold equivalent (“gpt AuEq”) over 21.3 metres (“m”) in drill hole ML23-957D; 11.08 gpt AuEq over 5.3 m in ML23-941D; 5.08 gpt AuEq over 5.0 m in ML23-954D; 7.11 gpt AuEq over 14.1 m in ML23-938D; and 3.96 gpt AuEq over 49.75 m in ML23-933D.

“Initial results from the resource expansion program have also been encouraging, with four step-out holes confirming the mineralized footprint of the deposit approximately 500 m to the north of the current block model. Notable assay results from the resource expansion program include 6.14 gpt AuEq over 15.75 m and 4.04 gpt AuEq over 11.2 m in drill hole ML23-942; 4.69 gpt AuEq over 3.1 m, 4.49 gpt AuEq over 3.4 m, and 6.26 gpt AuEq over 3.0 m in ML23-935; 4.80 gpt AuEq over 8.6 m in ML23-956; as well as 7.99 gpt AuEq over 7.1 m and 8.81 gpt AuEq over 6.2 m in ML23-949A. The intercepts show a strong structural control of the mineralization by the dykes with assays demonstrating a higher proportion of copper mineralization relative to gold.

“Additionally, an evolving structural interpretation for the Morelos Property, in conjunction with historical drill results, indicate the potential to extend the mineralized footprint of EPO to the south. Drilling to test the southern extensions of the deposit and validate the structural interpretation is planned for the second half of the year.

“Overall, initial results from the 2023 drilling program at EPO are very encouraging and, combined with the success of the 2022 drilling campaign, continue to demonstrate the potential for EPO to become a new mining front on the south side of the Balsas River, which would support our strategic goal of filling the mill with higher-grade feed beyond 2027.”

The gold equivalent grade calculation accounts for the same metal prices ($1,550/oz gold (“Au”), $20/oz silver (“Ag”), and $3.50/lb copper (“Cu”)) as well as metallurgical recoveries (85% Au, 75% Ag, and 89% Cu) used in the current Mineral Resource estimate for the EPO deposit (effective date of December 31, 2022).

Assay results from the resource categorization program at EPO can be found in Table 3 and results from the expansion drilling program at EPO can be found in Table 4.

2023 EPO DRILLING PROGRAM        

Through the end of July, approximately 24,140 m and 54 holes were drilled as part of the 2023 drilling program at EPO, with assays received for 34 holes. This represents 72% of the approximately 35,000 m of total drilling planned at EPO in 2023.

A recent structural study has identified at least three north-south oriented thick-skin faults, with the Cuajiote fault believed to be responsible for the El Limón Guajes and Media Luna Cluster mineralization. Specifically at EPO, this structural interpretation highlights the exploration potential to the south and to the north, towards the highly prospective Todos Santos target, all of which further demonstrates the continuity of the Media Luna Cluster.

RESOURCE CATEGORIZATION PROGRAM

The resource categorization program in 2023 is aimed at upgrading Inferred resources along the southern portion of the deposit to the Indicated category. The initial results suggest a portion of the Inferred resources in the area of focus will be upgraded to Indicated resource category (Figures 1 and 2).

Assay results have been received for 30 holes drilled under the resource categorization program (approximately 21,280 m), 24 of which returned intercepts with mineralization in excess of 2.0 gpt AuEq and over 3 m in length.

Table 1: Highlights from the 2023 resource categorization program at EPO

Drill Hole From
(m)
To
(m)
Core Length1
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq2
(g/t)
ML23-932D 503.33 507.04 3.71 4.70 9.89 0.50 5.63
ML23-933D 469.25 519.00 49.75 3.49 6.51 0.24 3.96
ML23-934D 712.00 718.17 6.17 0.44 38.81 2.29 4.60
ML23-937D 653.79 660.93 7.14 3.03 22.45 0.62 4.29
ML23-938D 462.04 468.40 6.36 1.50 61.12 1.54 4.69
  485.86 500.00 14.14 6.56 9.41 0.27 7.11
ML23-939D 643.09 658.22 15.13 1.41 29.71 0.94 3.27
ML23-941D 735.83 741.10 5.27 9.80 12.97 0.70 11.08
ML23-943D 481.00 502.00 21.00 2.98 5.02 0.10 3.19
  588.90 598.60 9.70 2.19 15.86 0.53 3.24
ML23-954D 683.26 688.30 5.04 2.94 20.72 1.18 5.08
ML23-957D 511.61 532.94 21.33 9.29 9.11 0.24 9.78
ML23-962D 505.28 510.00 4.72 2.77 38.46 0.55 4.10

Notes to Table:
1)   Intercepts are reported as core length (not true width/thickness). Core lengths reflect drilling core recovery.
2)   The gold equivalent grade calculation used is as follows: AuEq (g/t) = Au (g/t) + Ag (g/t) * 0.011385 + Cu (%) * 1.621237 and use the same metal prices ($1,550/oz gold, $20/oz silver, and $3.50/lb copper) and metallurgical recoveries (85% gold, 75% silver, and 89% copper) used in the Mineral Resource estimate for the EPO deposit.

The returned intercepts generally exhibit similar thickness and grades to those defined by the 2022 drilling program, which supports the goal of upgrading Inferred resources to the Indicated category within the southern portion of the deposit while also indicating the potential to expand Inferred resources immediately to the west and east of the current block model.

RESOURCE EXPANSION PROGRAM

Initial results from the resource expansion program at EPO have been successful, with 4 step-out drill holes confirming the mineralized footprint of EPO approximately 500 m to the north of the current block model. Drilling for the remainder of 2023 will be focused on extending mineralization to the north and south of the deposit.

The control of the Cuajiote fault on EPO suggests that mineralization could extend to the north and to the south, with the latter interpretation being supported by historical drill results within the interpreted extent of the deposit. Step-out drilling planned for the second half of 2023 will be targeted at both validating the structural interpretation and extending the mineralized footprint of the deposit to the south (Figure 3).

Table 2: Highlights from the 2023 resource expansion program at EPO

Drill Hole From
(m)
To
(m)
Core Length1
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq2
(g/t)
ML23-935 673.42 676.50 3.08 3.44 17.78 0.65 4.69
  747.00 750.36 3.36 3.17 30.71 0.60 4.49
  775.14 778.18 3.04 1.33 127.53 2.15 6.26
ML23-942 791.93 807.68 15.75 3.26 58.86 1.36 6.14
  912.50 923.66 11.16 1.54 27.10 1.35 4.04
ML23-949A 747.00 754.07 7.07 0.64 115.61 3.72 7.99
  774.17 783.49 9.32 0.63 59.14 1.57 3.84
  834.83 841.00 6.17 2.52 100.10 3.18 8.81
ML23-956 668.00 676.59 8.59 1.57 42.05 1.70 4.80

Notes to Table:
1)   Intercepts are reported as core length (not true width/thickness). Core lengths reflect drilling core recovery.
2)   The gold equivalent grade calculation used is as follows: AuEq (g/t) = Au (g/t) + Ag (g/t) * 0.011385 + Cu (%) * 1.621237 and use the same metal prices ($1,550/oz gold, $20/oz silver, and $3.50/lb copper) and metallurgical recoveries (85% gold, 75% silver, and 89% copper) used in the Mineral Resource estimate for the EPO deposit.

EPO GEOLOGY

The EPO deposit is part of the Media Luna Cluster, hosted within the Mesozoic carbonate-rich Morelos Platform, overlayed by Cuautla and Mezcala formation, and has been intruded by Paleocene stocks, sills, and dykes of granodioritic to tonalitic composition.

The north-south Cuajiote thick-skin fault controls the architecture of the deposit with other sub-parallel second order faults generating the favorable trap for the different event of fluids at multiple stages of deformation.

Skarn-hosted copper was deposited in an early-stage mineralization event. Gold-silver mineralization was developed in the ground preparation of intense flat fractures found in the footwall of the faults at the contact of Morelos limestone and Media Luna granodiorite during reverse movement, as well as within altered dykes and sills of the skarn envelope associated with minor deformation stages.

The main portion of this mineralized package dips slightly to the west at approximately 30°; in the lowest part of the known mineralization, the dip steepens to approximately 60°, while the northernmost portion of the deposit dips to the north, resulting in a broad antiformal geometry of the deposit.

The skarn is characterized by a mineral assemblage of pyroxene, garnet, and magnetite. Metal deposition and sulfidation occurred during retrograde alteration and is associated with a mineral assemblage comprising amphibole, phlogopite, chlorite, and calcite ± quartz ± epidote as well as variable amounts of magnetite and sulfides, primarily pyrrhotite. Additional mineralization is associated with skarn developed within and along dykes and sills above the main granodiorite intrusion.

Additional information on the Media Luna deposit, the Media Luna Feasibility Study, and the analytical and sampling process is available in the Company’s technical report entitled the “Morelos Property, NI 43-101 Technical Report, ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study, Guerrero State, Mexico”, dated effective March 16, 2022 filed on March 31, 2022 (the “Technical Report”) on SEDAR at www.sedar.com and the Company’s website at www.torexgold.com

QUALITY ASSURANCE / QUALITY CONTROL

At the Company’s Morelos Property (see description below), all the Media Luna Project drill core is logged and sampled at the core facility within the project camp under the supervision of Nicolas Landon, Chief Exploration Geologist for the Media Luna Project. A geologist marks the individual samples for analysis and sample intervals, sample numbers, standards and blanks are entered into the database. The core is cut in half lengthwise using an electric core saw equipped with a diamond tipped blade. One half of the core is placed into a plastic sample bag and sealed with zip ties in preparation for shipment. The other half of the core is returned to the core box and retained for future reference in the Company core shack with the assay pulps and coarse rejects. The core samples are picked up at the project camp and delivered to Bureau Veritas (“BV”) to conduct all the analytical work.

Sample preparation is carried out by BV at its facilities in Durango, Mexico and consists of crushing a 1 kg sample to >70% passing 2 mm followed by pulverisation of 500 g to >85% passing 75 μm. Gold is analyzed at the BV facilities in Hermosillo, Mexico following internal analytical protocols (FA430) and comprises a 30g fire assay with an atomic absorption finish. Samples yielding results >10 g/t Au are re-assayed by fire assay with gravimetric finish (FA530-Au). Copper and silver analyses are completed at the BV facilities in Vancouver, Canada as part of a multi-element geochemical analysis by an aqua regia digestion with detection by ICP-ES/MS using BV internal analytical protocol AQ270. Overlimits for the multi-element package are analyzed by internal protocol AQ374.

Torex has a sampling and analytical Quality Assurance/Quality Control (“QA/QC”) program in place that has been approved by BV and is overseen by Nicolas Landon, Chief Exploration Geologist for the Media Luna Project. The program includes 5% each of Certified Reference Materials and Blanks; blind duplicates are not included, but Torex evaluates the results of internal BV laboratory duplicates. Torex uses an independent laboratory to check selected assay samples and reference materials and has retained a consultant to audit the QA/QC data for every drill campaign at Media Luna. The QA/QC procedure is described in more detail in the Technical Report filed on SEDAR.

QUALIFIED PERSONS

The scientific and technical data contained in this news release has been reviewed and approved by Carolina Milla, P.Eng. Ms. Milla is a member of the Association of Professional Engineers and Geoscientists of Alberta (Member ID #168350), has experience relevant to the style of mineralization under consideration, is a qualified person under NI 43-101, and is an employee of Torex. Ms. Milla has verified the data disclosed, including sampling, analytical, and test data underlying the drill results; verification included visually reviewing the drill holes in three dimensions, comparing the assay results to the original assay certificates, reviewing the drilling database, and reviewing core photography consistent with standard practice. Ms. Milla consents to the inclusion in this release of said data in the form and context in which they appear.

ABOUT TOREX GOLD RESOURCES INC.

Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos 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 asset is the Morelos Complex, which includes the El Limón Guajes (“ELG”) Mine Complex, the Media Luna Project, a processing plant, and related infrastructure. Commercial production from the Morelos Complex commenced on April 1, 2016 and an updated Technical Report for the Morelos Complex was released in March 2022. Torex’s key strategic objectives are to optimize and extend production from the ELG Mine Complex, de-risk and advance Media Luna to commercial production, build on ESG excellence, and to grow through ongoing exploration across the entire Morelos Property.

FOR FURTHER INFORMATION, PLEASE CONTACT:

CAUTIONARY NOTES ON FORWARD LOOKING STATEMENTS
This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information also includes, but is not limited to, statements about: results from 2023 drilling at EPO support strategy to fill the mill with higher-grade feed beyond 2027; results from the 2023 program continue to highlight the potential to upgrade Inferred resources to the Indicated category and expand Inferred resources through step-out drilling to the north and south of the deposit; the geology of the Morelos Property continues to impress and support the Company’s strategy to enhance the production and cash flow profile of the Morelos Complex beyond 2027 and extend the overall life of the Morelos Complex; the focus of the Company’s renewed investment in exploration and drilling is on expanding the resource potential of the Media Luna Cluster and making stand-alone discoveries across the broader Morelos Property; the assay results indicate the potential to upgrade additional Inferred mineral resources while expanding mineralization; the Company is also optimistic about the potential to further increase the size of EPO, as the deposit remains highly prospective with mineralization open to the north, south, and potentially at depth; the results from the 2023 program will be incorporated into the year-end Mineral Resource update and will form the basis of an internal study evaluating the feasibility of developing an economic mining front at EPO, which could leverage the infrastructure currently being developed for Media Luna, including the Guajes Tunnel; the intercepts from the initial results from the resource expansion program show a strong structural control of the mineralization by the dykes with assays demonstrating a higher proportion of copper mineralization relative to gold; an evolving structural interpretation for the Morelos Property, in conjunction with historical drill results, indicate the potential to extend the mineralized footprint of EPO to the south; overall, initial results from the 2023 drilling program at EPO are very encouraging and, combined with the success of the 2022 drilling campaign, continue to validate the potential for EPO to become a new mining front on the south side of the Balsas River, which would support the Company’s strategic goal of filling the mill with higher-grade feed beyond 2027; a recent structural study has identified at least three north-south oriented thick-skin faults, with the Cuajiote fault believed to be responsible for the El Limón Guajes and Media Luna Cluster mineralization, specifically at EPO, this structural interpretation highlights the exploration potential to the south and to the north, towards the highly prospective Todos Santos target, all of which further demonstrates the continuity of the Media Luna Cluster; the initial results of the 2023 resource categorization program suggest a portion of the Inferred resources in the area of focus will be upgraded to Indicated resource category to the south and potentially expanding Inferred resources immediately to the west and east of the current block model; the returned intercepts generally exhibit similar thickness and grades to those defined by the 2022 drilling program, which supports the goal of upgrading Inferred resources to the Indicated category within the southern portion of the deposit while also indicating the potential to expand Inferred resources immediately to the west and east of the current block model; the control of the Cuajiote fault on EPO suggests that mineralization could extend to the north and to the south, with the latter interpretation being supported by historical drill results within the interpreted extent of the deposit; and the Company’s key strategic objectives to extend and optimize production from the ELG Mining Complex, de-risk and advance Media Luna to commercial production, build on ESG excellence, and to grow through ongoing exploration across the entire Morelos Property. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “objective”, “strategy”, “target”, “continue”, “potential”, “focus”, “demonstrate”, “aim” or variations of such words and phrases or statements that certain actions, events or results “will”, “would”, or “is expected to” 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, risks and uncertainties associated with: the ability to upgrade mineral resources categories of mineral resources with greater confidence levels or to mineral reserves; risks associated with mineral reserve and mineral resource estimation; uncertainty involving skarn deposits; and those risk factors identified in the Technical Report and the Company’s annual information form and management’s discussion and analysis or other unknown but potentially significant impacts. Forward-looking information is based on the assumptions discussed in the Technical Report 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 statements are 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.

Figure 1: 2023 resource categorization program at EPO is expected to result in additional Inferred resources being upgraded to the Indicated resource category.

2023 resource categorization program at EPO is expected to result in additional Inferred resources being upgraded to the Indicated resource category.

Figure 2: Infill drilling carried out as part of the 2023 resource categorization program at EPO have returned assay results with similar grades and widths as previous drilling.

Infill drilling carried out as part of the 2023 resource categorization program at EPO have returned assay results with similar grades and widths as previous drilling

Figure 3: 2023 resource expansion program at EPO has confirmed the continuity of mineralization approximately 500 m to the north of the current block model. Mineralization at EPO remains open to the north, to the south, and potentially at depth.

2023 resource expansion program at EPO has confirmed the continuity of mineralization approximately 500 m to the north of the current block model. Mineralization at EPO remains open to the north, to the south, and potentially at depth.

Table 3: Initial results from 2023 resource categorization drilling program at EPO

                    Final       Intercept        
Drill Hole Area Purpose UTM-E UTM-N Elevation Hole Type Mother Hole Azimuth Dip Depth From To Core Length Au Ag Cu AuEq Lithology
      (m) (m) (m)     (°) (°) (m) (m) (m) (m) (g/t) (g/t) (%) (g/t)  
ML23-932D EPO IND 422199.22 1985614.78 1460.91 DD ML22-927     575.50 503.33 507.04 3.71 4.70 9.89 0.50 5.63 Skarn composite 2
ML23-933D EPO IND 422199.22 1985614.78 1460.91 DD ML22-927     593.50 469.25 519.00 49.75 3.49 6.51 0.24 3.96 Skarn composite 2
ML23-934D EPO IND 421932.52 1985579.20 1432.26 DD ML23-930     754.25 712.00 718.17 6.17 0.44 38.81 2.29 4.60 Skarn composite 2
ML23-937D EPO IND 421932.52 1985579.20 1432.26 DD ML23-930     680.50 653.79 660.93 7.14 3.03 22.45 0.62 4.29 Skarn composite 2
ML23-938D EPO IND 422199.22 1985614.78 1460.91 DD ML22-927     576.50 462.04 468.40 6.36 1.50 61.12 1.54 4.69 Skarn composite 1
  EPO IND 422199.22 1985614.78 1460.91 DD ML22-927     576.50 485.86 500.00 14.14 6.56 9.41 0.27 7.11 Skarn composite 3
ML23-939D EPO IND 421932.52 1985579.20 1432.26 DD ML23-930     746.50 643.09 658.22 15.13 1.41 29.71 0.94 3.27 Skarn composite 1
ML23-940D EPO IND 422199.22 1985614.78 1460.91 DD ML22-927     620.50 468.59 476.94 8.35 1.83 4.51 0.08 2.01 Skarn composite 2
  EPO IND 422199.22 1985614.78 1460.91 DD ML22-927     620.50 577.00 582.42 5.42 0.64 69.76 0.95 2.98 Skarn composite 5
ML23-941D EPO IND 421932.52 1985579.20 1432.26 DD ML23-930     800.50 735.83 741.10 5.27 9.80 12.97 0.70 11.08 Skarn composite 1
ML23-943D EPO IND 422199.22 1985614.78 1460.91 DD ML22-927     632.85 469.46 475.08 5.62 0.59 34.19 1.06 2.69 Skarn composite 1
  EPO IND 422199.22 1985614.78 1460.91 DD ML22-927     632.85 481.00 502.00 21.00 2.98 5.02 0.10 3.19 Skarn composite 2
  EPO IND 422199.22 1985614.78 1460.91 DD ML22-927     632.85 588.90 598.60 9.70 2.19 15.86 0.53 3.24 Skarn composite 5
ML23-945D EPO IND 422199.22 1985614.78 1460.91 DD ML22-927     578.50 443.05 449.10 6.05 1.32 33.27 0.72 2.87 Skarn composite 1
  EPO IND 422199.22 1985614.78 1460.91 DD ML22-927     578.50 524.00 531.90 7.90 0.90 49.05 0.77 2.71 Skarn composite 4
ML23-954D EPO IND 422197.73 1985617.10 1460.87 DD ML23-947A     715.80 683.26 688.30 5.04 2.94 20.72 1.18 5.08 Skarn composite 2
ML23-957D EPO IND 422197.73 1985617.10 1460.87 DD ML23-947A     671.70 511.61 532.94 21.33 9.29 9.11 0.24 9.78 Skarn composite 1
ML23-962D EPO IND 422194.88 1985621.29 1460.91 DD ML22-809     602.10 505.28 510.00 4.72 2.77 38.46 0.55 4.10 Skarn composite 3

Notes to Table

  1. Intercepts are reported as core length (not true width/thickness). Core lengths reflect drilling core recovery.
  2. The gold equivalent grade calculation used is as follows: AuEq (g/t) = Au (g/t) + Ag (g/t) * 0.011385 + Cu (%) * 1.621237 account for the same metal prices ($1,550/oz gold, $20/oz silver and $3.50/lb copper) and metallurgical recoveries (85% gold, 75% silver and 89% copper) used in the Mineral Resource estimate for the EPO deposit.

Table 4: Initial results from 2023 resource expansion drilling program at EPO

                    Final       Intercept        
Drill Hole Area Purpose UTM-E UTM-N Elevation Hole Type Mother Hole Azimuth Dip Depth From To Core Length Au Ag Cu AuEq Lithology
      (m) (m) (m)     (°) (°) (m) (m) (m) (m) (g/t) (g/t) (%) (g/t)  
ML23-935 EPO EXP 421981.00 1985606.75 1440.44 CD   349.80 -49.95 890.55 673.42 676.50 3.08 3.44 17.78 0.65 4.69 Skarn composite 1
  EPO EXP 421981.00 1985606.75 1440.44 CD   349.80 -49.95 890.55 747.00 750.36 3.36 3.17 30.71 0.60 4.49 Skarn composite 4
  EPO EXP 421981.00 1985606.75 1440.44 CD   349.80 -49.95 890.55 775.14 778.18 3.04 1.33 127.53 2.15 6.26 Skarn composite 5
ML23-942 EPO EXP 421981.62 1985606.98 1440.43 CD   16.28 -49.89 682.95 791.93 807.68 15.75 3.26 58.86 1.36 6.14 Skarn composite 3
  EPO EXP 421981.62 1985606.98 1440.43 CD   16.28 -49.89 682.95 912.50 923.66 11.16 1.54 27.10 1.35 4.04 Skarn composite 5
ML23-949A EPO EXP 421983.76 1985606.59 1440.46 CD ML23-949     987.55 747.00 754.07 7.07 0.64 115.61 3.72 7.99 Skarn composite 2
  EPO EXP 421983.76 1985606.59 1440.46 CD ML23-949     987.55 774.17 783.49 9.32 0.63 59.14 1.57 3.84 Skarn composite 4
  EPO EXP 421983.76 1985606.59 1440.46 CD ML23-949     987.55 834.83 841.00 6.17 2.52 100.10 3.18 8.81 Skarn composite 9
ML23-956 EPO INF 421985.74 1985602.92 1440.53 CD   29.42 -60.66 821.60 668.00 676.59 8.59 1.57 42.05 1.70 4.80 Skarn composite 3

Notes to Table

  1. Intercepts are reported as core length (not true width/thickness). Core lengths reflect drilling core recovery.
  2. The gold equivalent grade calculation used is as follows: AuEq (g/t) = Au (g/t) + Ag (g/t) * 0.011385 + Cu (%) * 1.621237 account for the same metal prices ($1,550/oz gold, $20/oz silver and $3.50/lb copper) and metallurgical recoveries (85% gold, 75% silver and 89% copper) used in the Mineral Resource estimate for the EPO deposit.

Table 5: References to historical drilling at EPO (prior to 2023)

                    Final       Intercept        
Drill Hole Area Purpose UTM-E UTM-N Elevation Hole Type Mother Hole Azimuth Dip Depth From To Core Length Au Ag Cu AuEq Lithology
      (m) (m) (m)     (°) (°) (m) (m) (m) (m) (g/t) (g/t) (%) (g/t)  
MLN-04 EPO EXP 422396.11 1986295.07 1328.42 CD   310.00 -70.00 655.50 561.22 570.23 9.01 5.09 14.68 0.28 5.72 Skarn Composite 1
MLN-09 EPO EXP 422102.88 1985625.75 1447.69 CD   220.00 -82.00 668.00 614.10 624.07 9.97 1.24 10.90 0.53 2.23 Skarn Composite 1
MLN-20 EPO EXP 422200.08 1985619.58 1460.95 CD   220.00 -83.00 701.35 552.42 555.96 3.54 6.85 10.23 0.23 7.33 Skarn composite 1
  EPO EXP 422200.08 1985619.58 1460.95 CD   220.00 -83.00 701.35 623.35 632.06 8.71 2.82 10.76 0.50 3.75 Skarn composite 2
  EPO EXP 422200.08 1985619.58 1460.95 CD   220.00 -83.00 701.35 665.50 673.36 7.86 1.49 9.66 0.62 2.60 Skarn composite 3
NWZML-10 EPO EXP 422392.18 1985546.09 1493.79 CD   40.00 -86.00 517.85 451.53 454.37 2.84 4.21 73.87 0.25 5.46 Skarn composite 1
ML21-753 MLSW EXP 421867.82 1984351.08 1113.52 CD   234.83 -74.89 938.00 836.00 847.00 11.00 4.00 19.44 0.78 5.48 Breccia
ML22-803D EPO IND 422195.89 1985617.85 1460.66 DD ML22-766     695.20 568.77 577.62 8.85 1.79 13.04 0.06 2.03 Skarn Composite 1
ML22-843D EPO IND 421981.42 1985602.89 1440.40 DD ML22-834     737.65 683.67 706.31 22.64 1.43 19.69 0.82 2.98 Skarn Composite 1
ML22-899 EPO INF 421984.71 1985607.11 1440.34 CD   114.77 -73.09 708.20 556.81 563.00 6.19 0.57 26.34 0.83 2.21 Skarn composite 1
  EPO INF 421984.71 1985607.11 1440.34 CD   114.77 -73.09 708.20 639.00 655.70 16.70 1.92 18.41 0.77 3.38 Skarn composite 3
SP22-004 SPL_UG UG 421892.16 1984629.51 913.83 CD   220.21 -64.25 393.55 343.95 350.04 6.09 19.16 29.03 0.45 20.22 Granodiorite with ISO level

Notes to Table

  1. Intercepts are reported as core length (not true width/thickness). Core lengths reflect drilling core recovery.
  2. The gold equivalent grade calculation used is as follows: AuEq (g/t) = Au (g/t) + Ag (g/t) * 0.011385 + Cu (%) * 1.621237 account for the same metal prices ($1,550/oz gold, $20/oz silver and $3.50/lb copper) and metallurgical recoveries (85% gold, 75% silver and 89% copper) used in the Mineral Resource estimate for the EPO deposit.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/b9059ee7-f328-4ee9-ba01-6a3fc4fd9665
https://www.globenewswire.com/NewsRoom/AttachmentNg/ba5aeaf7-2bde-48c0-b4bf-db350c02b96d 
https://www.globenewswire.com/NewsRoom/AttachmentNg/26789588-7d92-43ef-ad3e-ef9ff0b110b1 


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