Torq Resources Makes New Discovery of 90m of 0.94% Copper & 0.84 g/t Gold at Margarita IOCG Project
Torq Resources (TSXV: TORQ | OTCQX: TRBMF) discovers a new copper and gold sulphide system as a result of its maiden 4,075 metre reverse – circulation (RC) drill program at its Margarita Iron-Oxide-Copper-Gold (IOCG) project, located in northern Chile about 65 kilometres north of the city of Copiapo. Drill hole 22MAR-013R intersected 90 m of 0.94% copper and 0.84 g/t gold at a depth of 50 m – 140 m. This discovery successfully identified the copper and gold sulphide source mineralization to the abundant copper oxide mineralization observed on the southern margin of the project, validating the Company’s exploration thesis, and represents the potential for a significant new IOCG discovery in the Cretaceous Coastal Cordillera belt in northern Chile.
Shawn Wallace, Executive Chair stated, “This copper and gold discovery drill hole is a remarkable success for Torq. After only acquiring the Margarita project a year ago, our team was able to uncover the potential for an entirely new IOCG deposit in Chile from its maiden 13-hole drill program on a project that had never been drilled before. We are incredibly impressed by the work of our technical team and their ability to move quickly and methodically in recognizing the opportunity at Margarita at an early stage and then delivering the kind of results all exploration companies strive for. We are now diligently preparing for a follow-up drill program and will update shareholders and stakeholders of our plans in the very near future.”
Michael Henrichsen, Chief Geological Officer, state: “In the first ever modern drill program at the Margarita project, the Company has demonstrated the true potential of the property with a meaningful discovery. The mineralization has a clear signature over a 1 km strike length, and we believe there is significant potential for the project to host a substantial mineralized body. We greatly look forward to the second phase of drilling this summer when we will aim to outline a world-class IOCG deposit.”
Waldo Cuadra, General Manager of Chile, stated: “Rarely does an exploration team on its first drill program achieve noteworthy success with the discovery of a significant mineralized section. The Margarita project has the potential to be Chile’s next major IOCG discovery, and after a long process of monitoring this project over the years, it is very gratifying to drill Margarita successfully with a team of experienced and motivated geologists as well as the full support of our executive team in Vancouver. I am proud to lead our team of geologists in Chile toward our objective of defining an IOCG – type deposit.”
