RE: Great Article...TXG SurgesTorex surges on Mexican drilling results
Shares in Torex Gold jumped on Wednesday after its latest set of drilling results added intrigue to its Morelos gold deposit and reconfirmed its target of five million ounces of gold
Investors were driving Torex Gold's (TSX: TXG) shareprice steadily upwards as of presstime Wednesday after the junior released a slew of drilling results from its Morelos gold project in Mexico. A sure sign of bullishness, Torex was at the top of the TSX ranks in terms of trading volume while its shareprice had climbed nine percent to C$1.66.
No doubt the market was responding to drilling results Torex reported Tuesday which showed a number of strong gold intercepts. Equally tantalizing perhaps was the reiteration Torex would hit the five million ounce gold mark at Morelos.
Fred Stanford, Torex president and CEO, said in a prepared statement that the drilling results, most of which were clustered around the eastern end of the El Limon deposit and included as much as 18.01 g/t gold over 8 metres, gave the junior confidence it would hit that many ounces gold in the measured and indicated categories in its next resource update.
To hit five million, Torex will have to add about two million ounces gold to the three million ounces gold it has so far outlined in measured and indicated resources.
Stanford also highlighted one intercept in particular that if not spectacular provided fodder for a geological theory Torex geologists have been testing through recent drilling. From a collar south of the El Limon deposit on the edge of an intrusive Torex hit 3.5 metres @ 4.65 g/t Au.
While perhaps by itself nothing to go wide-eyed over, the excitement at Torex appeared to be more about the where than the how good. As previously reported by Mineweb, earlier in October Torex noted it had hit gold on the edge of an intrusive at the nearby Guajes West deposit. This intercept near El Limon was much the same.
"The results from this borehole, support our model that the mineralization 'rings around' the intrusion and provides initial indication that the mineralization may continue towards the south in the direction of the Balsas River, similar to previously reported results at our Guajes West deposit," Stanford said
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