TORQ RESOURCES INC - TRBMF STOCK NEWS

Torq Resources has initiated its inaugural drill program at the Santa Cecilia gold-copper project in Chile's Maricunga belt. This program aims to drill approximately 15,000 metres over the next 14 months, with 7,000 metres planned for 2023. The first two drill holes will target the Cerro del Medio area, focusing on a structural corridor that could lead to higher-grade mineralization. Historical drilling in 2012 had revealed significant mineralization, with the best intercept showing 0.21g/t gold and 0.27% copper. The project holds promise given its proximity to significant deposits held by Newmont and Barrick.

Torq Resources Inc. (TSXV:TORQ)(OTCQX:TRBMF) has successfully closed a private placement, raising C$6,260,339 by issuing 10,433,899 units at C$0.60 each. Each unit consists of one common share and half a share purchase warrant, with two warrants needed to acquire a full share at C$0.80 until March 10, 2026. The funds will support ongoing exploration at the Santa Cecilia and Margarita projects. Directors of the company participated in the offering, which is classified as a related party transaction exempt from certain formal requirements. The Offering has been conditionally accepted by the TSX Venture Exchange.

Torq Resources has announced a private placement financing with proceeds expected between C$4.0 million and C$6.26 million. The offering consists of 6,666,700 to 10,434,000 units priced at C$0.60 each. Each unit includes one common share and half a common share purchase warrant, exercisable at C$0.80 for three years. The funds will support exploration projects, including the Santa Cecilia and Margarita projects, as well as general corporate needs. The offering is expected to close around March 10, 2023, subject to regulatory approval.

Torq Resources Inc. (OTCQX:TRBMF) has received a receipt for its final short form base shelf prospectus, allowing the potential issuance of up to C$60 million in securities over the next 25 months. This Shelf Prospectus provides the Company with financing flexibility, permitting the sale of common shares, warrants, and debt securities as needed. The terms of these offerings will be detailed in separate prospectus supplements. It's important to note that these securities are not registered under U.S. Securities Act, and no certainty exists regarding actual sales. The Company focuses on responsible copper and gold exploration in Chile.

Torq Resources has filed a preliminary short form base shelf prospectus with Canadian securities commissions, aiming to raise up to C$60 million over approximately two years. This Shelf Prospectus allows for the issuance of various securities including common shares and debt instruments, providing financial flexibility. Additionally, the company has granted 5,405,000 stock options to directors and officers, exercisable at $0.73 for five years. This move positions Torq to capitalize on potential funding opportunities while emphasizing its focus on responsible exploration practices.

Torq Resources Inc. (OTCQX: TRBMF) has initiated surface exploration at its Santa Cecilia gold-copper project in Chile's Maricunga belt. This program aims to define drill targets ahead of the anticipated drilling phase in Q1 2023. The company is also drawing an additional C$500,000 from its credit facility, issuing over 769,000 share warrants at C$0.65. The project hopes to explore high-grade porphyry phases, with historical drilling showing promising results, including an intercept of 925.7 meters of 0.45% copper equivalent.

Torq Resources announced significant findings at the Falla 13 discovery within its Margarita project in northern Chile, revealing a gold-copper mineralized system over 800 meters. Highlights from the reverse circulation drill program include:

• 64 meters of 0.63 g/t gold and 0.63% copper in drill hole 22MAR-017R
• 130 meters of 0.36 g/t gold and 0.28% copper in hole 22MAR-023R
• 62 meters of 0.51 g/t gold and 0.38% copper in hole 22MAR-024R

The company's ongoing exploration plans include additional drilling and geochemical surveys to expand the mineralized area.

Torq Resources Inc. has successfully completed a C$15 million non-brokered private placement with Gold Fields Limited, resulting in Gold Fields owning approximately 15.05% of Torq's shares. The placement involved issuing 15 million shares at $1.00 each. The raised funds are designated for advancing Torq's Santa Cecilia gold-copper project in Chile, with exploration activities expected to commence in October 2022. Torq also anticipates releasing assay results from its Margarita project soon.

Torq Resources has successfully extended its discovery at the Margarita Iron-Oxide Copper Gold (IOCG) project in Chile by 190 metres. Drill hole 22MAR-014R revealed 98 m of 0.94 g/t gold and 0.68% copper from depths of 32 m to 130 m. This follows the earlier hole 22MAR-013R, which intersected 90 m of 0.84 g/t gold and 0.94% copper. The company's phase II drill program is complete, totaling 4,000 m. Further results are expected soon, and there are plans for a phase III drilling program.