Growing reserves and resources is one of Torex’s Strategic Pillars. As such, we are evaluating opportunities to extend the mine life at ELG, expand and upgrade resources within the Media Luna Cluster, and test highly prospective targets across the broader Morelos Property. The Company invested $36.5 million in drilling and exploration in 2022 and $38.3 million in 2021.
Drilling in 2022 was successful in replacing more than 60% of reserves mined in 2022 as well as expanding gold equivalent Measured & Indicated resources by 8% and gold equivalent Inferred resources by 2%.
In 2022, drilling at Media Luna resulted in an inaugural Measured Resource of approximately 473,000 gold equivalent ("AuEq") ounces at an average grade of 8.06 gpt AuEq. Additionally, drilling targeting spatial gaps along the existing northern and southern boundaries of the deposit was successful in delivering the required drill density to bring incremental mineralization into the Inferred Resource category. At EPO, infill drilling delivered an inaugural Indicated Resource of approximately 671,000 gold equivalent ounces at an average grade of 5.16 gpt AuEq. Step-out drilling to the south and west of EPO was also successful in extending the mineralized footprint of the deposit.
