(All amounts expressed in U.S. dollars unless otherwise stated)Toronto, Ontario--(Newsfile Corp. - March 26, 2024) - Torex Gold Resources Inc. (the 'Company' or 'Torex') (TSX: TXG) is pleased to report
Toronto, Ontario-- - Torex Gold Resources Inc. is pleased to report year-end 2023 mineral reserves and resources for the Morelos Complex, which includes the producing El Limón Guajes Mine Complex , advanced development phase Media Luna deposit, pre-development phase EPO deposit, and surface stockpiles.Notes to Table:
"Our strategy to grow reserves and resources has been supported with meaningful investment, with an average of $31 million invested annually for each of the last 3 years, reflecting the strategic pivot towards drilling made in 2020.
At ELG Underground, Proven and Probable reserves increased 146 koz AuEq net of depletion of 134 koz AuEq , with 129 koz added through drilling, 86 koz added via a lower cut-off grade , and 65 koz added through block model optimizations. The impact of updated AuEq formulas on AuEq values on Proven and Probable reserves is negligible when comparing year-end Au, Ag, and Cu reserves assuming the AuEq formulas used at year-end 2022.Measured and Indicated mineral resources are estimated at 7,828 koz AuEq at an average grade of 5.00 gpt, representing a 5% increase relative to the 7,468 koz AuEq at 4.86 gpt at year-end 2022. Prior to depletion, resources increased 901 koz AuEq .
The increase in Au, Ag, and Cu prices used to estimate mineral resources mirrors the increase in metal prices used to estimate mineral reserves year-over-year. Metallurgical recoveries used to estimate mineral resources broadly reflect the assumptions used to estimate mineral reserves. Refined metallurgical recoveries for EPO reflect the results of metallurgical studies completed as part of the ongoing internal prefeasibility study.
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