Temex Files Resource Report for the Juby Gold Project, Ontario

TORONTO, Feb. 28, 2012 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") announces that it has made the regulatory filing of the report entitled "Technical Report on the Updated Resource Estimate on the Juby Mesothermal Gold Project, Tyrrell Township, Shining Tree Area, Ontario".  The report, dated February 28, 2012 was authored by Allan Armitage, Ph.D., P.Geol., Joe Campbell, B.Sc., P.Geo., and Alan Sexton, M.Sc., P.Geo., all of GeoVector Management Inc. ("GeoVector").  GeoVector is a consulting firm based in Ottawa, Ontario specializing in resource estimation project assessment and project management.

The updated mineral estimate, which includes diamond drill results from the Company's 2010 and 2011 exploration campaigns, is 50% larger than the Company's previous resource estimate published in June 2010.

Highlights:

  • Indicated resource is 934,645 ounces gold grading 1.30 g/t at 0.40 g/t cut-off
  • Inferred resource is 905,621 ounces gold grading 1.00 g/t at 0.40 g/t cut-off
  • Deposit remains open for expansion at depth and along strike
  • Drilling set to begin on adjacent Golden Lake Property

"We are extremely pleased with the significant increase in gold resources which is an important step forward on the Juby Project," said Ian Campbell, President and CEO.  "Further, there is potential to rapidly increase the size of the deposit not only at depth, but along strike, based on our recent strategic acquisition of the Golden Lake Property announced January 18, 2012. This property has increased Temex's control to 4.5 km of strike length of the gold-enriched Tyrrell Structural Zone, host to the Juby Main Zone and has several similar style gold mineralized drill intercepts. We intend to conduct an aggressive drill program on both Golden Lake and Juby to expand our gold resources, while initiating metallurgical and environmental baseline work which will be incorporated into a preliminary economic assessment of the Main Zone."

The resource is tabulated below with Table 1 including data for the total gold resources located along the Juby Main Zone and Table 2 stating data for the gold resources which occur on the Juby Joint Venture Property (Temex 60% / Goldeye Explorations Limited 40%).

Table 1.  January 2012 Resource Estimate - Total Juby Main Zone

       
Cut-off Grade
(g/t)
Tonnage Gold Grade
(g/t)
Total Ounces
Indicated Resource      
0.30 g/t 26,733,332 1.14 983,696
0.40 g/t 22,341,850 1.30 934,645
0.50 g/t 19,350,548 1.43 891,711
1.00 g/t 11,608,973 1.91 712,803
Inferred Resource
0.30 g/t 35,611,895 0.86 989,090
0.40 g/t 28,182,894 1.00 905,621
0.50 g/t 23,119,340 1.12 832,486
1.00 g/t 10,994,670 1.56 550,482
       

The increase to the resource reported in June 2010 is due to the incorporation of data from diamond drill holes completed by Temex during the 2010 to 2011 winter drill program and the utilization of a 0.40 g/t gold cut-off grade.  The previous Indicated and Inferred resources were reported at a cut-off grade of 0.50 g/t.  The gold in the deposit is very evenly distributed and there is no significant difference between capped and uncapped assays.

Table 2.  January 2012 Resource Estimate - Portion of Total Juby Main Zone (Table 1)
that Occurs on the Juby Joint Venture Property (Temex's 60% share shown)

       
Cut-off Grade
(g/t)
Tonnage
(Temex)
Gold Grade
(g/t)
Total Ounces
(Temex)
Indicated Resource
0.3 g/t 1,005,884 1.29 41,758
0.4 g/t 867,564 1.44 40,197
0.5 g/t 718,109 1.65 38,046
1.0 g/t 435,901 2.26 31,654
Inferred Resource
0.3 g/t 2,538,165 0.72 59,167
0.4 g/t 2,317,534 0.76 56,687
0.5 g/t 2,005,120 0.81 52,087
1.0 g/t 275,393 1.14 10,139
 

Resource Estimate Parameters

The current resource estimate is based on 98 NQ-sized surface diamond drill holes totalling 27,670 metres drilled by Temex in six drill campaigns conducted between 2002 and 2011 on the Juby Lease Property; 7 NQ surface drill holes totalling 1,715 metres drilled by Temex in three drill campaigns conducted between 2004 and 2011 on the Juby Joint Venture Property; 22 BQ surface drill holes totalling 8,033 metres drilled by Inmet Mining Corporation in 1999 and 2000 on the Juby Lease Property.  These 127 drill holes are spaced 15 to 225 metres apart, with an average spacing of 50 metres and along a strike length of 2,800 metres.  The width of the Core and Halo zones averages 25 metres with a maximum width of 80 metres in the central portion of the mineralized zones.  The drill holes primarily tested to a vertical depth of 300 metres, with the maximum depth tested being 600 metres in the eastern end of the deposit.

A block model with block dimensions of 5 x 2 x 5 metres was placed over resource model solids with the proportion of each block below the topographic surface and inside the solid recorded. Two different search ellipses were used to constrain an IDW3 (Inverse Distance Weighting) approach and were based on the ranges determined by variography.  One metre composite samples were used in the resource estimation. Gemcom software was used to complete the resource estimate.  An average specific gravity (SG) of 2.77 was used based on 357 SG tests of representative core.  It was noted that mineralized intersections only varied from an SG of 2.73 to 2.81 g/cm3 within each and all mineralized domains, and that the population was normal with a mean of 2.77 g/cm3.  High grade composite assays are capped to 30 g/t gold.

The updated mineral resource estimate was prepared by GeoVector Management Inc. ("GeoVector") and is reported in accordance with Canadian Securities Administrator's National Instrument 43-101 ("NI 43-101") and was estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best practices" guidelines, including the critical requirement that all mineral resources "have reasonable prospects for economic extraction". Temex is currently developing parameters for carrying out Whittle pit optimizations on the Juby resources as a precursor to conducting preliminary economic studies.

Joe Campbell, BSc, P.Geo., Alan Sexton, MSc, P.Geol., and Allan Armitage, PhD, P.Geol., of GeoVector Management Inc. are responsible for the technical comments related to the resource estimate and its parameters and are "independent qualified persons" for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and have verified the data disclosed in this release.

Karen Rees, P.Geo., Vice President, Exploration of Temex Resources Corp., is the designated qualified person responsible for the preparation of this news release.

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.

Notes:

1.     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.
       
2.     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.

 

SOURCE Temex Resources Corp.

For further information:

please visit www.temexcorp.com or email: info@temexcorp.com or phone: 416-862-2246   toll free: 866-373-6287

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