Temex Extends Juby Gold Deposit Mineralization Significantly; Discovers New High Grade Gold Zone
TORONTO, July 23, 2012 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") announces that all results have been received for the eight-hole 3,255 metre diamond drill program completed on the recently acquired Golden Lake Property ("Golden Lake" or the "Property") on which the Company has an option to earn a 100% interest (news release January 18, 2012). Golden Lake is part of the Juby Gold Project, located in northeastern Ontario and is situated along the southwestern extension of the Larder Lake - Cadillac Fault Zone system between the Young-Davidson deposit operated by AuRico Gold and the Côté Lake deposit now operated by IAMGOLD Corporation.
This is the Company's first drill campaign on the Property which is located adjacent to, and along strike of, the 100%-owned Juby deposit which contains a National Instrument 43-101 ("NI 43-101") compliant gold resource of 934,645 ounces at a grade of 1.30 g/t in the indicated category plus 905,621 ounces at a grade of 1.0 g/t in the inferred category (both calculated using a cut-off grade of 0.40 g/t).
All eight holes intersected gold mineralization that is typical of the Juby Main Zone ("JMZ"), over extensive widths. These new holes have succeeded in extending the known gold mineralized trend a further 750 metres and the continuity of gold mineralization from the Juby resource is excellent which now extends over 3.5 kilometres.
Highlights of the drill results are shown below and detailed in the following tables.
|GL12-01B:||0.57 g/t gold over 238.00 metres including 0.74 g/t gold over 129.00 metres, and 1.21 g/t gold over 31.00 metres, and 1.45 g/t gold over 15.00 metres, and 1.30 g/t gold over 12.00 metres|
|GL12-02:||1.08 g/t gold over 25.61 metres including 2.58 g/t gold over 3.00 metres|
|GL12-03:||0.76 g/t gold over 126.00 metres including 1.21 g/t gold over 24.00 metres, and 2.41 g/t gold over 5.00 metres, and 1.34 g/t gold over 16.00 metres, and 1.54 g/t gold over 14 metres, New Footwall Zone 34.31 g/t gold over 1.50 metres|
|GL12-04:||1.01 g/t gold over 19.50 metres and 1.86 g/t gold over 17.29 metres including 3.24 g/t gold over 8.29 metres|
|GL12-06:||1.12 g/t gold over 42.45 metres including 4.94 g/t gold over 0.83 metres, 4.89 g/t gold over 1.00 metres|
|GL12-07:||0.72 g/t gold over 131.29 metres including 2.02 g/t gold over 13.00 metres and 12.91 g/t gold over 1.00 metre|
"We are very pleased with these results which have extended the Juby gold mineralization a substantial distance beyond the extent of the current NI 43-101 resource," commented Ian Campbell, President and CEO. "These results clearly demonstrate that we are discovering what is becoming a very large gold system starting from surface, is wide open along strike and at depth, has widened considerably and has an increased frequency of visible gold. Additionally, we are very excited that we have intersected high-grade gold mineralization proximal to the main trend in the adjacent volcanic rocks which are virtually untested in this area."
The eight widely-spaced holes were drilled on four sections over a 750 metre strike length of the projected extension of the Juby deposit, testing depths ranging from surface to -400 metres vertical. All holes intersected altered Timiskaming-aged sedimentary rocks and feldspar porphyry units typical of the Juby gold deposit. Broad zones of gold mineralization occur in these units (see highlights and table), some of which represent the longest continuously gold-mineralized sections encountered to date in the JMZ deposit area. Several occurrences of visible gold were noted occurring in crosscutting quartz-carbonate veinlets.
In addition, drill hole GL12-03 was extended to test the footwall volcanic rocks due to the presence of strong alteration, typically associated with high grade gold deposits such as those in Kirkland Lake, and intersected a 1.50 metre core length interval which assayed 34.31 g/t gold. This high grade gold zone represents a new target which will be drill tested in subsequent programs.
Drilling will be undertaken in sufficient density to bring the current area into NI 43-101 resource categories.
Karen Rees, P.Geo., Vice President, Exploration of Temex Resources Corp., is the designated qualified person responsible for the preparation of this news release.
Table 1. Significant results from drill holes reported in this release
|Hole||From (m)||To (m)||Core Length (m)||Au (g/t)|
|Hole||From (m)||To (m)||Core Length (m)||Au (g/t)|
Note: Temex implemented a quality control (QA/QC) program to ensure best practice in sampling and analysis. Drill core samples are cut at Temex facilities using a diamond saw with the samples transported by Temex personnel in securely sealed bags to a freighting company and from there directly to facilities operated by SGS Canada in Sudbury and Mississauga, Ontario for preparation and analysis. Core samples are analyzed for gold using fire assay on a 30 gram split with an ICP finish. Where initial results exceed 1 g/t gold, a second assay is completed on another 30 gram split with a gravimetric finish. Intervals reported are core lengths. True widths are unknown at this time but are estimated to be 65 to 75% of the drilled width, depending on the angle of the drill hole.
About Temex Resources Corp.
Temex is a Canadian based exploration company focusing on its portfolio of precious metals properties in northeastern Ontario, a world class mining district. Temex is exploring its Timmins Whitney Property, in partnership with Goldcorp, and its Juby Gold Project. The Juby Main Zone has NI 43-101 compliant resources of 22.3 million tonnes at a grade of 1.30 g/t gold for 934,645 ounces of gold in the Indicated category and 28.2 million tonnes at a grade of 1.00 g/t gold for 905,621 ounces of gold in the Inferred category, both at a cut-off grade of 0.40 g/t gold (Note 1). Temex also has a NI 43-101 compliant resource for tailings material on its Gowganda Silver Project (Note 2). The tailings piles contain a NI 43-101 compliant resource of 1.94 million tonnes grading 47.5 g/t silver for a contained resource of 2.96 million ounces of silver in the Indicated category.
- Information regarding the mineral resource estimate on the Juby Main Zone is in the Company's news release dated January 16, 2012 and the technical report filed on SEDAR February 28, 2012. The Mineral Resource Statement was prepared for Temex by GeoVector Management Inc., Ottawa, Ontario according to the "CIM Standards on Mineral Resources and Reserves: Definition and Guidelines" (December, 2005), by Joe Campbell, BSc, P.Geo., Alan Sexton, MSc, P.Geol., and Allan Armitage, PhD, P.Geol., "independent qualified persons" as defined by NI 43-101.
- Information regarding the mineral resource estimate in the tailings piles located on the Gowganda Silver Project is in the Company's news release dated June 8, 2011 and the technical report filed on SEDAR July 21, 2011. The Mineral Resource Statement was prepared for Temex by GeoVector Management Inc., Ottawa, Ontario according to the "CIM Standards on Mineral Resources and Reserves: Definition and Guidelines" (December, 2005), by Allan Armitage, PhD, P.Geol., Alan Sexton, MSc, P.Geo. and Joe Campbell, BSc, P.Geo., "independent qualified persons" as defined by NI 43-101.
Forward Looking Statements:
This news release includes certain "forward-looking statements". Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. The Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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