TORONTO, Jan. 18, 2012 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB:
TQ1) ("Temex" or the "Company") is pleased to report that it has
entered into an option agreement to earn a 100% interest in the Golden
Lake Property which is located adjacent to the west of the Company's
Juby Gold Project ("Juby"). This additional Property will result in
Temex controlling 4.5 km of strike length of the gold-enriched Tyrrell
Structural Zone directly along strike from the Juby Main Zone gold
"Importantly, the Golden Lake Property nearly doubles the strike length
under our control to 4.5 kilometres, of the gold structures that host
the Juby Main Zone gold resources thereby considerably increasing the
size potential of our exploration targets at Juby," commented Ian
Campbell, President and CEO of Temex. "This strategic acquisition
gives us the direct opportunity to significantly expand our substantial
NI 43-101 gold resources since our drilling has established that the
Juby multi-million ounce gold system extends onto Golden Lake. It is
our intention to immediately and aggressively begin exploration on this
new property and we are well financed to execute on this plan."
Eight historic holes on the Golden Lake Property in 1997 all reportedly
intersected significant widths of gold mineralization within host rocks
and an alteration style very similar to that of the Juby Main Zone.
Due diligence sampling by Temex of representative portions of that
drill core has produced similar results.
On January 16, 2012 Temex announced an update to the National Instrument
43-101 gold resource on the Juby Gold Project. The Juby Main Zone
contains a resource 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.
The Juby Gold Project is located in northeastern Ontario, 100 km south
of Timmins, Canada's most prolific gold mining area. This advanced
gold project is situated along the west-southwestern extension of the
Larder Lake - Cadillac Fault Zone, 75 km southwest of Kirkland Lake and
75 km east of Trelawney's 4.2 million ounce Cote Lake gold deposit.
Golden Lake Property Largely Untested
The Golden Lake Property has seen limited widespread diamond drilling;
in 1997 an eight-hole shallow drill program totalling 1,575 metres was
completed by previous operators. The drill logs document several
significant drill intersections of gold mineralization, all of which
remain wide open in all directions including:
67.50 metres at 0.98 g/t gold
24.51 metres at 2.41 g/t gold
9.88 metres at 3.00 g/t gold
22.50 metres at 1.02 g/t gold
31.60 metres at 1.01 g/t gold
Drilling by Temex up to the boundary of the Golden Lake Property
demonstrated that this large gold system on the Tyrrell Structural Zone
remains open for expansion to the west of the Juby Property. Temex
drill hole results within 100 metres of the Golden Lake boundary
21.20 metres at 1.16 g/t gold including 6.76 metres at 3.31 g/t gold
61.60 metres at 1.26 g/t gold including 22.30 metres at 2.47 g/t gold
and 3.65 metres at 5.43 g/t gold
29.53 metres at 1.19 g/t gold including 4.91 metres at 4.77 g/t gold
101.00 metres at 0.80 g/t gold including 35 metres at 1.02 g/t gold and
22.82 metres at 1.00 g/t gold
For a map of the Juby Gold Project including the Golden Lake Property,
please see http://files.newswire.ca/322/JubyGoldProject.pdf or www.temexcorp.com.
In order to earn a 100% interest in the Golden Lake Property, the
Company must, over a three year term, make cash payments totalling
$500,000, issue 500,000 common shares of Temex, and complete work
programs totalling a minimum of $750,000. Initial consideration to be
made is comprised of the issuance of 200,000 common shares and a
$100,000 cash payment with $250,000 in exploration expenditures to be
completed prior to the first anniversary of the agreement. The
optionors shall retain a 2.0% net smelter returns royalty, up to 1.0%
of which may be repurchased by Temex at any time within the next 8
years by paying to the optionors an aggregate of $1.5 million (or in
the sole discretion of Temex in separate increments of $750,000 each
for 0.5% net smelter returns). The acquisition is subject to the
approval of the TSX Venture Exchange.
Karen Rees, P. Geo., Vice President, Exploration of Temex Resources
Corp., is the designated "qualified person" (within the meaning of
National Instrument 43-101) responsible for the preparation of this
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 a resource 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
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; the
technical report will be filed on SEDAR within 45 days of this date.
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, Ph.D., P. Geol., Alan Sexton,
M.Sc., P.Geo. and Joe Campbell, B.Sc., 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.
PDF with caption: "JUBY GOLD PROJECT". PDF available at: http://stream1.newswire.ca/media/2012/01/18/20120118_C4857_DOC_EN_9024.pdf
SOURCE Temex Resources Corp.
For further information:
For more information please visit www.temexcorp.com or email: email@example.com or
phone: 416-862-2246 toll free: 866-373-6287