Torq Resources Inc. announced that it has initiated surface exploration at its Santa Cecilia gold - copper project located in the world-class Maricunga belt in northern Chile, approximately 100 kilometres (km) east of the city of Copiapo. The surface exploration program is focused on defining drill targets with the aim of initiating the first drill program at Santa Cecilia in First Quarter 2023. Additionally, the Company is drawing a further CAD 500,000 from its CAD 3 million credit facility.

The Company will issue 769,231 two-year common share purchase warrants to the lender, exercisable at a price of CAD 0.65 per common share, as per the amended credit facility agreement, subject to TSX Venture approval. There is CAD 500,000 that remains available to be drawn under the credit facility. Torq's exploration program at Santa Cecilia will consist of geologic mapping, short wave infrared alteration mapping and a geochemical soil sampling program.

The goal of this exploration program is to define drill targets for potential high-grade porphyry phases within the 10 km hydrothermal alteration system at the project. The first phase of drilling will use existing drill pads from historical drilling that was conducted in 1988 - 1990 by a major mining company, which will allow the Company to explore undrilled porphyry centers at both the Cerro del Medio and Pircas target areas. Historical drilling primarily focused on the oxide gold system at the Cerro del Medio target, where two deeper holes were also drilled targeting copper porphyry mineralization, including an intercept of 925.7 metres (m) of 0.45% copper equivalent (consisting of 0.21 g/t gold, 0.27% copper and 82 ppm molybdenum).

Upon completion of this first phase of exploration, the Company will submit an application to governmental authorities for a drill permit that will allow Torq to drill from the 39 drill platforms. It is expected that the drill permit will be received approximately 30-60 days from the submission date, which would allow the Company to drill at Santa Cecilia in Q1.