Torq Acquires the Speedway Gold Property and Immediately Begins Exploration
VANCOUVER, British Columbia, May 03, 2018 (GLOBE NEWSWIRE) -- Torq Resources Inc. (TSX-V:TORQ) (OTCQX:TRBMF) (“Torq” or the “Company”) is pleased to announce its acquisition of the Speedway Gold Project (“Speedway”), which is located in western Utah, approximately 7 km from the Nevada border, and about 50 km from Newmont’s Long Canyon mine (Figure 1). The Speedway property is approximately 1,080 hectares of prospective terrain which hosts a large gold-in-bedrock anomaly. This leads Torq’s technical team to believe that the underexplored area represents an early-stage Carlin-style gold target analogous to the Long Canyon mine.
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Michael Kosowan, Torq’s President and CEO states: “The geological prospects we see in western Utah are exciting. Coupled with the underexplored nature of this jurisdiction, this represents a great opportunity for our technical team. It’s an excellent first step towards diversifying our exploration portfolio outside of Newfoundland.”
The Agreement:
Under the terms of the Speedway Agreement (the “Lease Agreement”), the Company paid US$25,000 upon signing and will be required to pay steadily escalating annual lease payments as well as the underlying claim fees. There is no required work commitment and the Lease Agreement can be terminated at any time after one year. The Lease Agreement may be bought-out at any time for US$1,000,000 subject to a buyable 2% royalty to the underlying owner.
An Indication of Gold:
The Property’s gold-in-bedrock anomaly extends approximately four kilometres in length and at least one kilometre in width (Figure 1). Of the 800 historic samples taken from across this anomaly, 10 samples exceeded 1.0 g/t Au, 31 samples exceeded 0.5 g/t Au and 118 samples exceeded 0.1 g/t Au. The samples yielded a maximum value of 2.53 g/t Au.
The Geology Behind the Acquisition:
Reconnaissance by Torq personnel has revealed that gold mineralization is hosted in jasperoid rock, occurring in silicified and iron oxide-stained limestone. These jasperoids outcrop among weathered, argillized and decalcified limestone along thoroughgoing faults (Figure 2). Within these faults, the mineralization appears to continue under both pediment and what are presumed to be post-mineral tertiary volcanic rocks.
Limited exploration was conducted on Speedway by BHP in 1996 and then again in 2016 by EMU NL, an Australian exploration company. A total of six holes were drilled in the pediment outboard and topographically below the anomalous rock samples. The orientation of these drill holes is unknown, but one BHP drill hole placed closest to the anomaly returned a historical intercept of 14 meters of 0.15 g/t Au. Following this, no detailed geological mapping, grid based geochemical sampling, geophysical studies, or drill programs were undertaken in or near the most anomalous and prospective areas.
Dan McCoy, Torq’s Chief Geologist states: “The size, strength and alteration of the Speedway gold-in-bedrock anomaly represent a significant opportunity for a new sediment-hosted gold discovery.”
The Next Step:
Torq’s technical team is moving ahead with geologic mapping and systematic rock sampling to determine the structural and stratigraphic controls on gold mineralization. The team is also designing geophysical and grid-based geochemical programs to define Carlin-style gold targets.
Bryan Atkinson, P.Geo, Exploration Manager at Torq, is the Qualified Person who assumes responsibility for the technical disclosures in this press release.
On Behalf of the Board,
Michael Kosowan
Director, President & CEO
For further information on Torq Resources, please contact Natasha Frakes, Manager of Corporate Communications at (778) 729-0500 or natasha.frakes@torqresources.com.
About Torq Resources:
Torq Resources Inc. is a junior exploration company with the goal of establishing a tier-one mineral portfolio. The Company’s management team has raised over $500M and monetized successes in three previous exploration companies. Its initial asset is a 120,000-hectare land package in Newfoundland, Canada, an emerging gold jurisdiction. Torq is continually reviewing and acquiring new precious metals targets on the path to discovery.
Forward Looking Information
This release includes certain statements that may be deemed “forward-looking statements”. Forward-looking information is information that includes implied future performance and/or forecast information including information relating to, or associated with, exploration and or development of mineral properties. These statements or graphical information involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively) from any future results, performance or achievements expressed or implied by such forward-looking statements.
Historic Rock Samples and Drilling – Speedway
The historic rock sampling and drilling on Speedway was conducted by BHP in 1996 and by EMU NL, an Australian exploration company, in 2016. Torq has not conducted any due diligence on whether appropriate QA/QC protocols were followed in the collection of these samples, nor can it confirm their accuracy or repeatability.
Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Photos accompanying this announcement are available at
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http://resource.globenewswire.com/Resource/Download/30bb2556-903e-471c-ab11-467e24446e21