TORONTO, June 14, 2012 /CNW/ - Temex Resources Corp. (TSXV: TME) (FWB:
TQ1) ("Temex" or "the Company") announces that a field exploration
program is underway on the Juby Gold Project. The Project is located in
Tyrrell Township in northeastern Ontario, 100 kilometres south of
Timmins, Canada's largest gold camp, and is situated along the
southwestern extension of the Larder Lake - Cadillac Fault Zone between
AuRico's Young Davidson deposit and Trelawney's Cote Lake deposit.
The surface program is focusing on the Juby Joint Venture Property
("Juby JV") and Golden Lake Property ("Golden Lake") both of which are
contiguous to the 100% owned Juby Lease Property ("Juby Lease") host to
the Juby Main Zone. Temex owns a 60% interest in the Juby JV and has
the option to earn a 100% interest in Golden Lake (news release January
The Juby Main Zone contains a National Instrument 43-101 ("NI 43-101")
compliant gold resource (news releases January 16 and February 28,
2012) 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 program will consist of geological mapping, prospecting, soil
sampling and geophysics and will follow-up on several new gold zones
discovered late in 2011 (news release November 24, 2011) on the Juby JV
as well as other priority targets. The new gold zones were discovered
by soil sampling and prospecting and occur 1.5 kilometres southwest of
the Juby Main Zone. These as well as the other priority targets
represent potential satellite gold deposits proximal to the Juby Main
Soil sampling returned values ranging from 28 ppb gold to 1,747 ppb gold
(1.7 g/t gold) defining an open ended trend with a minimum strike
length of 1.5 kilometres and width of 0.5 kilometres in an area of
virtually no previous exploration. These are the strongest gold in
soil anomalies detected to date on the Juby Gold Project.
Limited follow-up prospecting discovered several gold-in-bedrock
occurrences within this trend over an area approximately 250 metres
long by 50 metres wide with individual grab samples assaying 0.59 g/t
gold up to 8.26 g/t gold. Significantly, the gold mineralization is
hosted by rock sequences typical of the Juby Main Zone including highly
altered feldspar porphyry and sedimentary rocks that exhibit iron
carbonate alteration and minor amounts of pyrite.
On Golden Lake, a program of soil sampling, prospecting and geological
mapping was initiated in late May. Golden Lake is contiguous along
strike to the west of Juby Main Zone providing Temex with immediate
opportunity to expand the Main Zone to the west and a program of 8
holes totaling 3,255 metres was recently completed with analytical
Karen Rees, P.Geo., Vice President, Exploration of Temex Resources
Corp., is the designated qualified person responsible for the
preparation of the above portion of this news release.
Temex announces that it has granted options to directors, an employee
and consultants to purchase an aggregate of 550,000 common shares of
Temex Resources Corp. Each such option may be exercised at a price of
$0.20 per share for a period of 5 years for the options granted to the
directors and the employee, and for a period of 1 year for the options
granted to the consultants.
The Company announces that it has issued an aggregate of 50,000 common
shares due under an option agreement (the "Option Agreement"), pursuant
to which the Company has an option to acquire a 100% interest in mining
claims, known as the Croxall Property, located in Ogden, Price and
Thorneloe Townships, in the Porcupine Mining Division. The securities
issued are subject to a hold period expiring on October 15, 2012. The
Option Agreement was previously announced by the Company on June 25,
2009. An aggregate cash payment of $30,000 due under the Option
Agreement was paid in equal portions to the optionors by Mill City Gold
Corp. ("Mill City") and Temex an amending agreement dated June 12, 2012
to an agreement announced September 22, 2010 under which Mill City has
an option to acquire a 75% interest in the Croxall Property from
Temex. Under the amending agreement, Mill City shall issue to Temex
300,000 common shares of Mill City.
On Behalf of the Board of Directors,
President and CEO
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
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(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: firstname.lastname@example.org or phone: 416-862-2246 toll free: 866-373-6287