Torq Extends Margarita Iron-Oxide Copper-Gold Discovery 190 Metres to the North: 98 Metres of 0.94 G/T Gold and 0.68% Copper
InvestorSarfari Comments:
One of the most significant events to shape American history has a lesson in it for us.
California (the geographical area as it’s known now) was mainly populated by Native Americans in the late 1840’s. Within a few years, a massive influx of newcomers - by the hundreds of thousands - caused the population to explode.
By the mid 1850’s one in every 90 people in the United States was living in California. Who could resist exchanging the harsh New England winters for non-stop sun, sea and sand? Partly true.
The REAL reason that moved people was something more precious. Gold.
The California Gold Rush was started by the discovery of some gold nuggets in the Sacramento Valley in 1848. Eventually news got out. The key word to remember here is: Eventually.
As the good news spread, initial prospectors hoping for financial gain began to arrive. These were the “early adopters.” The visionaries. They arrived with dreams. Determined. Believing.
Of course, dreams of the shiny metal didn’t compare to the thrill of actually finding some gold. That happened too. Eventually.
As one would expect, the early arrivals had the best chance to profit.
Once the good news REALLY got out (and people realized this was the REAL DEAL), thousands traveled by sea and land. Gold fever struck a wider audience. “There be gold in them hills, Buddy!”
The jump-off point for most be-dazzled folks was a tiny coastal town that eventually boomed, with hundreds of houses, banks, saloons, hotels, and various businesses to support the gold-struck masses.
Such a wise decision the U.S. Government made… eventually… purchasing ALL the surrounding land in 1848. Two years later, “California” became the 31st state in the Union.
The Gold Rush had a profound impact on California, transforming it from a sleepy backwater “unknown” into a thriving metropolis and, ultimately, one of the most populated AND prosperous states in the Union.
The Rush also had a significant impact on the nation as a whole, helping to trigger westward expansion and contributing to the growth of that tiny town – now known as the city of San Francisco.
Good news will eventually get noticed.
These latest findings of gold and copper at Margarita are as good (if not better) than what was discovered at the previous Lucky 13 drill hole.
VANCOUVER, BC / ACCESSWIRE / September 13, 2022 / Torq Resources Inc. (TSX-V:TORQ)(OTCQX:TRBMF) ("Torq" or the "Company") is pleased to announce that it has extended its initial discovery 190 metres (m) to the north at the Margarita Iron-Oxide Copper Gold (IOCG) project located in northern Chile, approximately 65 kilometres (km) north of the city of Copiapo. Drill hole 22MAR-014R intercepted 98 m of 0.94 g/t gold and 0.68% copper from 32 m - 130 m depth, successfully following up on the original discovery hole, 22MAR-013R, which intersected 90 m of 0.94% copper and 0.84 g/t gold (see May 2, 2022 news release) (Figure 1). The phase II drill program, consisting of 11 drill holes totaling approximately 4,000 m, has been completed and results will be forthcoming in the coming weeks.
A Message from Shawn Wallace, CEO & Chair:
"We are extremely pleased to be able to confirm and expand upon the widths and grades of the new discovery at the Margarita project that we announced earlier this year. We also have several more exciting drill holes that we are waiting to obtain results from and will release once available. With the continued success at Margarita, coupled with our recent success in obtaining a community agreement for the Santa Cecilia project, all shareholders and stakeholders of Torq are in for an exciting next twelve months."
A Message from Michael Henrichsen, Chief Geological Officer:
"We believe we have identified a robust mineralized system at Margarita, with our second drill hole into the Falla 13 discovery zone returning a long, consistent intercept of nearly 1 g/t gold and 0.68% copper over 98 metres. We remain impressed by the high gold content in the mineralization encountered to date and believe that additional gold bearing structures identified on the property will develop into new targets, even further adding to the potential of the property. We look forward to planning the next phase of drilling along the Falla 13 structural corridor and testing new targets."
Table 1: Summary of drill results
Technical Discussion of Drill Hole 22MAR-014R:
The extension of the discovery in drill hole 22MAR-014R is characterized by magnetite - chalcopyrite - specularite breccias similar to those encountered in the discovery drill hole, 22MAR-013R, and demonstrates a consistent style of mineralization. The mineralization encountered in the two drill holes appears to occur in separate lenses along the Falla 13 structural corridor as the mineralization is hosted in different segments within the hanging wall of the Falla 13 structural corridor (Figure 2). The breccia bodies encountered in both drill holes are located within a potassic altered dioritic intrusion that is overprinted in part by both chlorite and sericite. The geophysical signature of drill hole 22MAR-014R is consistent with that observed in drill hole 22MAR-013R, with high magnetic and conductivity signatures.
The mineralization intercepted in drill hole 22MAR-014R is characterized by a largely gold-only oxide zone from 32 m - 80 m depth, where copper has been largely leached out of the system as evidenced by abundant limonites, boxworks, hematite and minor copper oxides as weathered products of pyrite, magnetite and chalcopyrite respectively. The host rock in the leached zone is characterized by texturally destructive intense argillic and sericitic alteration. The oxide portion of the drill hole has an intercept of 48 m of 1.15 g/t gold and 0.18% copper (Figure 3). The boundary between the oxide and hypogene sulphide mineralization is sharp and occurs over a 4 m wide zone, where secondary chalcocite copper mineralization is observed between 76 m - 80 m depth. The sulphide mineralization observed in drill hole 22MAR-014R is characterized by pyrite and chalcopyrite both disseminated and in veinlets within the host dioritic intrusion and within magnetite breccia bodies. The sulphide portion of the drill hole has an intercept of 50 m of 0.74 g/t gold and 1.16% copper from 80 m - 130 m (Figure 3).
Next Steps:
Due to the extensive surficial leaching of copper observed on surface and now confirmed in drill hole 22MAR-014R, the Company plans to conduct an additional geochemical survey to assay for gold and a multi-element package to look for immobile trace elements associated with mineralization. With the presence of abundant gold rock chips in various areas of the project, Torq's technical team believes this exploration step will derive new targets moving forward (Figure 4). In addition, over the coming months Torq will be reviewing all results and planning a more substantive phase III drill program.
Figure 1: Illustrates the position of the discovery holes 22MAR-013R and 22MAR-014R in the north - central region of the project along the Falla 13 structural corridor.
Figure 2: Illustrates the 900 m copper-in-soils geochemical and coincident magnetic anomaly, as defined by portable X-ray fluorescence (pXRF) along the Falla 13 structural corridor.
Figure 3: Illustrates a cross-section of the structurally controlled mineralization associated with silica-hematite-magnetite bodies, as highlighted by the red colour, encountered in drill hole 22MAR-014R.
Figure 4: Illustrates the magnetic high associated with the mineralization encountered in drill holes 22MAR-013R and 22MAR-014R. Importantly, limited rock chip sampling demonstrating anomalous gold values has identified a gold bearing north-south trending target structure located approximately 500 m - 700 mto the east of the Falla 13 structural corridor.
Michael Henrichsen P.Geo, Torq's Chief Geological Officer, is the qualified person as defined by NI 43-101 (Standards of Mineral Disclosure) who assumes responsibility for the technical contents of this press release.
ON BEHALF OF THE BOARD,
Shawn Wallace
CEO & Chair
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