Torq Resources Inc. announced the results of its recently completed soil geochemical survey focused on identifying new gold and gold-copper targets at Torq's Margarita Iron-Oxide-Copper-Gold project located in northern Chile, 65 kilometres to the north of the city of Copiapo. Extensive leaching of copper within the top 20 - 30 metres (m) from surface was observed in the drill results from the Falla 13 discovery, leading the Company to conduct a multi-element soil geochemistry survey across the project area, primarily to identify gold anomalies as a proxy for copper-gold mineralization. The results of this survey have identified targets adjacent to the Falla 13 discovery area that demonstrate its potential for growth as well as five new target areas that have not yet been drill tested.

The Company is planning for a third phase of drilling at the project to test the various targets. The program is expected to commence in Third Quarter of this year. The Falla 13 discovery on the Margarita project includes intercepts of 90 m of 0.94% copper and 0.84 g/t gold (22MAR-013R) and 98 m of 0.68% copper and 0.94 g/t gold (22MAR-014R) within a defined 800 m long mineralized body.

The results of the phase two drill programs demonstrated that the mineralized system is open along strike to the north-northwest, with the most northerly drill hole, 22MAR-022R, intersecting 48 m of 0.37 g/t gold and 0.26% copper (including 20 m of 0.47 g/t gold and 0.35% copper). Gold geochemistry results have supported the potential to expand mineralization along strike to the north-northwest by 500 m, with gold values observed to the north being comparable to those observed over the Falla 13 discovery. The Company believes there is the potential for flat lying Manto-style mineralization immediately to the west of the Falla 13 discovery area, where drilling and mapping have defined a mineralized permeable contact horizon between the volcanics and intrusives, located at a depth of approximately 100 m. In this case, the sub-vertical Falla 13 structure acts as a feeder where ascending mineralized hydrothermal fluids can flow laterally along the permeable contact between the volcanics and intrusives, demonstrating the potential to extend the known mineralization considerably.

In addition, a second parallel structure has been recognized 300 m to the east of Falla 13 structural corridor. Gold geochemistry results from the parallel structure are consistent with results observed along the Falla 13 discovery and provide a 500 m long north-northwest oriented target that is undrilled Finally, the west-northwest structures that link the two parallel structures are all deemed to be targets, with drill hole 22MAR-023 intersecting 130 m of 0.36 g/t gold and 0.28% copper (including 30 m of 1.02 g/t gold and 0.57% copper) across one of the west-northwest oriented structures. The gold geochemistry results have delineated five target areas that have not been drill tested.

The highest priority target is the Remolino target, which is characterized by a 1,300 m x 200 m gold-in-soils anomaly that coincides with a magnetic, conductivity and chargeability highs (Figures 5 - 7). The Remolino target is located along a prominent west-northwest trending structural corridor along the southern margin of the Remolino dome complex, with soil values of up to 1.89 g/t gold, including seven samples along the anomaly that were above 0.1 g/t gold. These samples represent some of the highest soil values from across the property and geophysical responses are similar to what has been observed at the Falla 13 discovery, demonstrating that the Remolino target has strong discovery potential.

The Margarita North, Cototuda and target areas in the southern half of the property have produced robust gold-in-soil anomalies that the Company believes require drill testing. The Margarita North target area is characterized by a 500 m by 100 m gold-in-soils anomaly that is situated at the intersection of the north-northeast trending Margarita structural corridor and the west-northwest trending Remolino structural corridor. The Margarita North target is located to the north and along strike from the historical 1990's exploration that encountered copper oxide mineralization and the Company believes that this target has the potential to represent a sulphide source to that mineralization.

The Cototuda target was delineated by a gold-in-soils anomaly measuring approximately 500 m by 300 m and is associated with diorite and monzodiorite porphyry bodies. The geophysical signature from the Cototuda target is similar to that of the Falla 13 discovery and the Remolino target area in that it is characterized by magnetic and conductivity highs. Two prominent gold-in-soil anomalies have been identified in the northern third of the project within areas of generally poor outcrop exposure.

These anomalies are currently considered early-stage and therefore the Company plans to conduct additional mapping in order to advance them to drill stage. The anomaly in the northwest area of the project, known as the Meteorological Station target, has a dimension of approximately 600 m by 350 m and is associated with mapped rhyodacitic-hematite-silica-breccia bodies that are commonly mapped at the contact between volcanic rocks and underlying intrusives. This target area is associated with magnetic, conductivity and chargeability highs, giving it similar geophysical and geological characteristics as the Falla 13 discovery.

The anomaly is contained within a structural block, bound by both north-northwest trending and west-northwest trending faults with mapped flat-lying breccia bodies that indicate the potential to host flat-lying manto-style mineralization. The anomaly in the northeast area of the project is approximately 700 m by 450 m in dimension and is hosted in an area that is characterized by rhyodacitic, quartz-feldspar porphyries and rhyodacitic-hematite-silica-breccia bodies. The anomaly is bound by two north-northwest structures, representing a similar structural setting as the Falla 13 discovery, and is characterized by a strong north-northwest trending conductive anomaly with moderate chargeability.

This early-stage target requires additional geologic mapping to determine the potential geometries of mineralization, with the aim of advancing to drill stage in the coming months.