TSX Venture Exchange:TME, Frankfurt Exchange:TQ1
TORONTO, June 3 /CNW/ - Temex Resources Corp. (TSX Venture:TME,
Frankfurt:TQ1) ("Temex" or the "Company") and partner East West Resource
Corporation ("East West"), (collectively "the Companies"), announce that a
2,233 line kilometre helicopter-borne magnetic and electromagnetic geophysical
survey utilizing the Geotech Ltd. VTEM system has detected numerous favourably
located high priority conductors on the Fishhook Property. The Companies are
currently planning the logistics for diamond drilling which is expected to
begin early in the summer.
- 2,233 line kilometre airborne magnetic ("Mag") and electromagnetic
("EM") Geotech VTEM survey completed
- Eight high quality Noront style nickel-copper ("Ni-Cu") target
- Potential platinum group element ("PGE") "reef style" targets
- Diamond drill testing of priority targets planned to begin summer
Earlier this year, the Companies staked the basal portion and interpreted
"conduits" or feeder zones of the Highbank Lake mafic-ultramafic intrusive
complex, a setting analogous to the Noront discoveries and a geological
environment also favourable for hosting large magmatic Ni-Cu deposits.
Interpretation of the airborne data by the Companies indicates the presence of
at least eight strongly conductive EM anomalies located in the basal portion
and potential "conduits" to the intrusion typified by very late time responses
and with direct positive magnetic correlation. The late time responses
indicate the sources are most likely sulphide accumulations and the positive
magnetic association is typical of geophysical responses which led directly to
the discovery of the Noront type Ni-Cu mineralization.
The airborne survey has also identified three conductive EM targets
located above the basal portions of the Highbank Lake intrusion which show
early time responses and therefore may represent layers within the complex
that have potential for PGE mineralization. The Highbank Lake intrusion, being
explored by Northern Shield Resources Inc. ("Northern Shield") and partner
Impala Platinum Holdings Ltd. ("Implats"), has been found to contain chromite
layers, indicating its potential to host extensive layered "reef style" PGE
mineralization similar to the famous Bushveld Complex in South Africa. Implats
is the world's second largest producer of platinum with production from mines
in the Bushveld Complex which hosts roughly 80% of the world's PGE deposits.
Chromite layers have also been identified in the Noront Eagle Two discovery.
In addition to these eleven top priority conductive targets, there are
other conductors that flank stratigraphy that has high magnetic signature and
therefore may represent Ni-Cu bearing phases on the margin of mafic
intrusions. Additionally, there are numerous other conductors that may
represent volcanogenic massive sulphide ("VMS") settings outside of the
layered mafic-ultramafic Highbank Lake intrusive complex.
The 1,060 claim unit Fishhook property covers 42,400 acres and is held in
50:50 joint venture by Temex and East West. The property is located 45
kilometres south of the Noront Double Eagle Project Ni-Cu-PGE discoveries in
the McFaulds Lake / Webequie area of northern Ontario.
Ian Campbell, P. Geo., is the designated qualified person responsible for
the preparation of this news release. Temex is a well-funded Canadian
exploration company advancing its precious metal, nickel, diamond, and uranium
projects in Ontario. For further information, contact Ian Campbell or Bruce
Durham at 416-862-2246 or visit www.temexcorp.com. Investors are invited to
visit the Temex IR Hub at http://www.agoracom.com/ir/Temex where they can post
questions and receive answers or review questions and answers already posted
by other investors. Alternatively, investors are able to e-mail all questions
and correspondence to mailto:TME@agoracom.com where they can also request to
be added to the investor e-mail list to receive all future press releases and
updates in real time.
On behalf of the Board of Directors,
Ian Campbell President and CEO
(*)The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release(*)
For further information:
For further information: TEMEX RESOURCES CORP, 1660-141 Adelaide Street
West, Toronto, Ontario, CANADA, M5H 3L5, tel: (416) 862-2246, fax: (416)
862-2244, website: www.temexcorp.com, email: firstname.lastname@example.org