Torq Resources Inc. and Gold Fields are jointly planning the 2026 drilling program for the Santa Cecilia project in Chile, expected to commence in the Chilean spring, corresponding to late summer in North America. The new program aims to evaluate high-potential targets within the project, focusing on gold-copper mineralization in the Pircas Norte and Gemelos Norte areas.
Through a $48 million exploration option, Gold Fields maintains the option to acquire up to a 75% indirect interest in the project, having already secured a 10% interest and strengthened the strategic partnership as a major shareholder of Torq. The new drilling program has a budget of approximately $11 million, fully funded by Gold Fields, and focuses on identifying and assessing prospective areas.
In recent activities, the joint venture completed five drill holes at Gemelos Norte, confirming a new copper-gold porphyry discovery, with a 450-meter interval containing 0.51 g/t gold and 0.155% copper, indicating the potential of the mineralized system. At Pircas Norte, extension drilling extended mineralization to greater depths, with a 206-meter interval containing 0.99 g/t gold and 0.109% copper, included within a larger 266-meter interval containing 0.81 g/t gold and 0.097% copper, reinforcing the continuity of the system.
Torq's initial program yielded significant intersections, including 557 meters containing 0.38 g/t gold, 0.23% copper, and 56 ppm molybdenum, with gold grades increasing by 81% compared to historical drilling, potentially indicating higher-grade zones. The drilling program, originally scheduled to begin in early 2026, was adjusted to the end of the year following the natural-cause death of a contractor employee at the exploration camp. The company emphasized maintaining safety standards and does not anticipate a significant financial impact.
Through this new phase, Torq and Gold Fields will assess the scale of the discoveries and explore other targets within the Santa Cecilia project, continuing to advance the evaluation of gold-copper mineralization.
