Torq Resources plans $11M Santa Cecilia drill program

Executive Summary

• Torq Resources and Gold Fields Pedernales are advancing planning for a 2026 drill program at the Santa Cecilia project in Chile, with Gold Fields funding an approximately $11-million exploration program.
• The release highlights significant historical drilling results, including a new copper-gold porphyry discovery at Gemelos Norte (450m of 0.51 g/t Au and 0.155% Cu) and stepout drilling at Pircas Norte (206m of 0.99 g/t Au and 0.109% Cu).
• The 2026 program has been delayed from early to later in the year due to an employee fatality at the camp; however, the company states that investigations are not expected to result in material adverse financial consequences.

Key Details

• Joint Venture Structure: Torq Resources Inc. and Gold Fields Pedernales Ltd. (Chilean affiliate of Gold Fields Ltd.) are advancing the Santa Cecilia project. Gold Fields holds an option to earn a 75% indirect interest by funding a $48-million exploration option (10% earned to date).
• 2026 Program Scope: An approximately $11-million (U.S.) program will be 100% financed by Gold Fields.
• Target Areas: The program will target and evaluate Pircas Norte, Gemelos Norte, and other new areas with evidence of wide continuous Au-Cu mineralization.
• Recent Drilling Results (Gemelos Norte): Five drill holes confirmed a new copper-gold porphyry discovery, including:
  • 450 m of 0.51 g/t gold and 0.155% copper.
• Recent Drilling Results (Pircas Norte): Stepout drilling extended mineralization at depth, returning:
  • 206 m of 0.99 g/t gold and 0.109% Cu within 266 m of 0.81 g/t Au and 0.097% Cu.
• Inaugural Program Highlights: Previous drilling included:
  • 557 m of 0.38 g/t gold, 0.23% copper, and 56 ppm molybdenum in wall rock at a depth of 442 m to 999 m.
  • This intercept bottomed in grade and represented an 81% increase in gold grade relative to historical drilling, indicating potential vectoring toward the higher-grade causative intrusion.
• Program Delay and Safety Incident: The program was originally planned for early 2026 but delayed to later in the year.
  • Reason: On-site death in November of a catering contractor employee at the exploration camp during off-duty hours.
  • Status: Preliminary review by Chilean authorities ruled the fatality as natural causes, but governmental and civil suit investigations are continuing.
  • Financial Impact: The company states neither investigation is expected to lead to legal proceedings with material adverse financial consequences.

Notable Quotes

• Shawn Wallace, CEO: "We have extended our sincere condolences to the family of the individual who passed away at site. The safety and well-being of all personnel and other stakeholders remains our highest priority. While drilling has been deferred, we remain committed to advancing Santa Cecilia responsibly and in alignment with all regulatory and community expectations."