Torq Identifies New Targets to Expand on the Discovery at the Margarita Iron-Oxide-Copper-Gold Project
InvestorSarfari Comments:
This is unusual forward looking news focussed on phase three plans to test drill two areas - Cotoduda and Remolino - related to the Margarita discovery of drill hole 13. These areas were already defined back in September 2021, so this news release seems familiar.
Rock sampling within the zones indicate similar geological characteristics to the the target drill hole 13 area. The prediction is that there’s equal potential for significant copper/gold reserves.
Closer to date (and of greater interest to investors) is the phase two drilling that’s happening now. This drilling will continue until the end of August, with test results expected in October.
VANCOUVER, BC / ACCESSWIRE / August 2, 2022 / Torq Resources Inc. (TSXV:TORQ), (OTCQX:TRBMF) ("Torq" or the "Company") is pleased to announce the identification of new high priority targets at the Margarita Iron-Oxide-Copper-Gold project located in northern Chile, 65 kilometres (km) north of the city of Copiapo (Figure 1). The Remolino and Cototuda east targets have been defined based on the similar geological, geochemical, and geophysical characteristics as observed at the Falla 13 discovery drill hole 22MAR-013R, which intersected 90 metres (m) of 0.94% copper and 0.84 g/t gold (Figure 2). Collectively, these targets have the potential to define new pods of mineralization beyond the Falla 13 structural corridor, which is currently being drilled to expand upon the mineralization encountered in drill hole 22MAR-013R.
A Message from Michael Henrichsen, Chief Geological Officer:
"Following our new discovery made along the Falla 13 corridor, our technical team reviewed all available data sets which led to the refinement of the Remolino and Cototuda targets that have similar geological, geochemical and geophysical signatures to the discovery. We believe that these targets have high potential to host new bodies of copper-gold mineralization and we look forward to testing them in a third phase of drilling."
Target Areas:
The Remolino target area measures 900 m by 250 m and is characterized by magnetic and conductivity highs that are similar to those observed along the Falla 13 structural corridor. This area is characterized by a thin layer of volcanic cover associated with the rhyolitic Remolino dome that obscures the geochemical and geological signature at surface. Drill hole 22MAR-006R from the Company's phase I drill program is located to the south of the magnetic and conductive anomalies and did not test the target area; however, it intersected a structural zone characterized by a silica-hematite breccia body from 4 m - 52 m depth that encountered lower grade copper and gold mineralization. Copper oxide mineralization over this interval is 0.11% and importantly, there are two separate gold intervals from 4 m - 24 m depth grading 0.27 g/t gold and from 30 m - 52 m depth grading 0.13 g/t gold, respectively. The observed copper and gold mineralization in the intersected breccia body in drill hole 22MAR-006R is considered an important vector toward the margin of the Remolino dome and associated magnetic and conductivity highs that form the untested target area (Figure 3).
The Cototuda target area is similar in nature to the Remolino target area, it is characterized by magnetic and conductivity highs measuring approximately 400 m by 300 m. Drill hole 22MAR-008R targeted a zone of intersection between north-northwest and west-northwest trending structures that intercepted three separate intervals of 8 m of 0.18 g/t gold, 2 m of 0.25 g/t gold and 14 m of 0.13 g/t gold with minor copper oxide mineralization associated with various silica-hematite breccia bodies. The magnetic anomaly in this target area has not been drill tested; however, anomalous surface rock chip samples over the anomaly range from 0.1 g/t - 3.6g/t gold and strengthen the new targeting combination between geochemistry and geophysics (Figure 4).
The Company plans to drill test both the Remolino and Cototuda target areas in a phase III drill program.
Margarita Drilling Update:
Torq's 4,000 m phase II drill program focusing on expanding the Falla 13 discovery has drilled a total of three drill holes for approximately 1,200 m. The Company expects to complete the phase II drill program by the end of August with drill results expected in October.
Corporate Update:
The Company has granted 50.000 incentive options to its independent lead director, Steve Cook. The options are exercisable for a period of five years from the date of grant with an exercise price of $0.65.
The Company has engaged Native Ads Inc. ("Native Ads") of Vancouver, BC a firm of digital media experts, to execute a comprehensive digital media marketing campaign supporting Torq's ongoing efforts to increase awareness. This comprehensive advertising program is designed to build brand familiarity, general recognition, and raise awareness within online investor content platforms. Native Ads will employ state-of-the-art digital advertising, paid distribution, media buying, and content creation to execute this important initiative. Native Ads was founded in 2014.
This programmatic digital advertising campaign will run for up to 24 months, or until budget exhaustion, at the cost of approximately $205,000 (CAD). No compensation securities are involved. The Company and Native Ads act at arm's length, and Native Ads has no present interest, directly or indirectly, in the Company or its securities. The appointment of Native Ads is subject to approval by the TSX Venture Exchange.
Figure 1: Illustrates the location of the Margarita project within the Coastal Cordillera belt and its proximity to major deposits in the region.
Figure 2: Illustrates the Remolino and Cototuda target areas on a magnetics background. The target areas have similar magnetic signatures as the discovery drill hole along the Falla 13 structural corridor.
Figure 3: Illustrates a cross section of the Remolino target area where the main magnetic anomaly remains untested under thin volcanic cover associated with the rhyolitic Remolino dome.
Figure 4: Illustrates a cross section of the Cototuda target area where the main magnetic anomaly remains untested along with vertical structures to the east of drill hole 22-MAR-008R.
Michael Henrichsen (Chief Geological Officer), P.Geo, is the Qualified Person (QP) who assumes responsibility for the technical contents of this press release.
ON BEHALF OF THE BOARD,
Shawn Wallace
CEO & Chair
For further information on Torq Resources, please visit www.torqresources.com or contact Natasha Frakes, Vice President of Communications, at (778) 729-0500 or info@torqresources.com.
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