Temex Announces Initial NI 43-101 Resources of Measured and Indicated 790,200 oz Gold and Inferred 241,000 oz Gold at Upper Hallnor, Whitney Gold Project, Ontario

TORONTO, Sept. 5, 2012 /CNW/ - Temex Resources Corp. (TSXV: TME), (FWB: TQ1) ("Temex" or "the Company") is pleased to announce an initial National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate on the Upper Hallnor portion (top 550 metres) of the Whitney Gold Property (the "Property") located in Timmins, Ontario.  Temex holds 60% and Goldcorp Canada Ltd. holds 40% ("Goldcorp") (as manager, and on behalf, of the Porcupine Gold Mines Joint Venture (a joint venture between Goldcorp Inc. and Goldcorp)); Temex is the operator of the joint venture.  The results are summarized below (the estimate parameters are detailed at the end of this release; shown on 100% basis):

Mineral Resource Upper Hallnor In-pit at 0.30 g/t Au cut-off grade

  • Measured ("M"): 232,100 ounces contained in 2,964,000 tonnes at a grade of 2.44 g/t gold
  • Indicated ("I"): 544,000 ounces contained in 8,664,000 tonnes at a grade of 1.95 g/t gold
  • TOTAL M+I: 776,100 ounces Measured and Indicated at a grade of 2.07 g/t gold
  • Inferred: 231,900 ounces contained in 4,024,000 tonnes at a grade of 1.79 g/t gold
  • Wide open for expansion

Ian Campbell, President and CEO of Temex Resources Corp., commented, "This is an important milestone for the Company since it is the initial resource estimate based on our exploration efforts on this highly prospective property.  The high-grade, near-surface gold resource announced today is just from the Upper Hallnor Mine area, the portion of the property acquired in July 2010, and validates our thesis that Temex controls a very attractive asset strategically located in Canada's most prolific gold mining district.  We are particularly pleased with the high gold grade of the resources, amenable to open pit mining, which exceeds those that have been recently mined directly along strike to the east at lower gold prices.  Furthermore, excellent potential for expansion of the resource has been demonstrated by our drilling along a 1.5 kilometre strike length to the west including the Upper Broulan Reef Mine where we have intersected gold mineralization with drill results up to 37.90 g/t gold over 8.80 metres."

About the Resource
The initial mineral resource statement was prepared in accordance with NI 43-101 standards by P&E Mining Consultants Inc., ("P&E") of Brampton, Ontario, with a database incorporating 247 surface diamond drill holes (70,094 metres) drilled by Temex between 2005 and 2012, and 9,870 historic drill holes (477,694 metres) drilled by previous operators.  Of these holes, 85 Temex holes totalling 24,044 metres and 2,991 historic holes totalling 101,331 metres were actually utilized in the resource calculation.  Measured, Indicated and Inferred mineral resources have been delineated within 17 domains on the Upper Hallnor portion of the Whitney Property in an area adjacent and proximal to the past-producing Hallnor Mine, covering an area of 1,100 metres long by 125 metres wide by 550 metres deep.  The in-pit mineralization is defined to a depth of 480 metres from surface.

The mineral resource estimate was prepared with the objective of defining gold resources which would be amenable to open-pit mining methods, similar to open pits that have been mined subsequent to previous underground operations on strike directly to the east.

P&E also performed a sensitivity analysis on the resource model using different cut-off grades.  This analysis revealed a substantial higher grade mineral inventory that may be amenable to stand-alone underground mining operations which are more selective than open pit mining methods.  The results of this sensitivity analysis are summarized below:

Underground Resource Sensitivity to Overall Upper Hallnor Deposit (Open pit and below pit) at cut-off grade of 2.0 g/t gold

  • Measured ("M"): 167,600 ounces contained in 990,000 tonnes at a grade of 5.26 g/t gold
  • Indicated ("I"): 316,900 ounces contained in 2,114,000 tonnes at a grade of 4.66 g/t gold
  • TOTAL (M+I): 484,500 ounces contained in 3,104,000 tonnes at a grade of 4.85 g/t gold
  • Inferred: 167,500 ounces contained in 1,388,000 tonnes at a grade of 3.75 g/t gold



Table 1: Upper Hallnor Resource Estimate (1)(2)(3)(4)(5)(6)(7)(8)(9)

Capped MEASURED INDICATED MEASURED + INDICATED INFERRED
Cut-off
Au g/t
Tonnes Au
g/t
Au
oz
Tonnes Au
g/t
Au
oz
Tonnes Au
g/t
Au
oz
Tonnes Au
g/t
Au
oz
Pit 0.30 g/t 2,964,000 2.44 232,100 8,664,000 1.95 544,000 11,628,000 2.07 776,100 4,024,000 1.79 231,900
UG below
pit 2.0 g/t
18,000 3.81 2,200 94,000 3.91 11,900 112,000 3.89 14,100 91,000 3.09 9,100
TOTAL 2,982,000 2.44 234,300 8,758,000 1.97 555,900 11,740,000 2.09 790,200 4,115,000 1.82 241,000



Resource Estimate Notes and Parameters

  1. Mineral resources which are not mineral reserves do not have demonstrated economic viability.  The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues, although the Company is not aware of any such issues.
  2. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
  3. The mineral resources in this news release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
  4. Variable grade capping by mineralized domain was accomplished at Au values ranging from 9 g/t to 100 g/t
  5. The Gemcom block model is defined by 5m x 5m x 5m blocks. A bulk density of 2.84 t/m3 was used for all tonnage calculations.
  6. A July 31, 2012 two year trailing gold price of US$1,525/oz and an exchange rate of US$1=CDN$1 was utilized in the Au cut-off grade calculations of 0.30 g/t for open pit and 2.0 g/t for underground.  Open pit mining costs were assumed at C$1.75/t for mineralized material and waste rock, and C$1.25/t for overburden, with process costs of $10/t and G&A of $2.50/t.  Process recovery was assumed at 95%.
  7. Values in the table may differ due to rounding.
  8. The search ellipse dimensions for the Measured category was 10m x 10m x 5m from a block centroid, with a minimum 3 drill holes and maximum of 20 samples; the area of influence of the Indicated category is 20m x 20m x 10m from a block centroid with a minimum of 2 drill holes and maximum of 20 samples; Remaining blocks within the constraining domain wireframes were coded as Inferred.
  9. The open pit resource is reported within a Whittle optimized pit shell with 50 degree slopes.



Table 2: Upper Hallnor Underground Only Sensitivity to Resource

Capped MEASURED INDICATED MEASURED + INDICATED INFERRED
Cut-off
Au g/t
Tonnes Au
g/t
Au
oz
Tonnes Au
g/t
Au
oz
Tonnes Au
g/t
Au
oz
Tonnes Au
g/t
Au
oz
5.0 g/t 324,000 9.99 104,000 556,000 9.65 172,500 880,000 9.78 276,500 247,000 8.10 64,400
4.0 g/t 396,000 8.94 113,800 690,000 8.59 190,800 1,086,000 8.72 304,600 325,000 7.18 75,000
3.0 g/t 610,000 7.02 137,500 1,141,000 6.57 240,800 1,751,000 6.72 378,300 614,000 5.41 106,800
2.0 g/t 990,000 5.26 167,600 2,114,000 4.66 316,900 3,104,000 4.85 484,500 1,388,000 3.75 167,500



Next Steps
Diamond drilling will be conducted on several near-surface target areas of the Whitney Property where potential for significant expansion of the current resource has been demonstrated by Temex with drill intersections such as:

  • Upper Hallnor: 2.30 g/t gold over 16.00 metres and 4.12 g/t gold over 19.30 metres
  • Q Zone: 17.71 g/t gold over 2.90 metres and 6.38 g/t gold over 3.78 metres
  • C Zone: 4.47 g/t gold over 22.20 metres and 12.92 g/t gold over 7.00 metres
  • Broulan Reef: 37.90 g/t gold over 8.80 metres and 3.58 g/t gold over 16.66 metres

The objective of the drilling will be to provide sufficient drill density to bring target areas into NI 43-101 resource cateogories and increase the mineral resources on the Upper Hallnor resource announced today.

About Whitney
The Whitney Property is situated along a four kilometre section of the Porcupine-Destor Fault in a 10 million ounce mine trend within Canada's largest gold camp (over 70 million ounces of gold produced).  The Property hosts three past-producing mines: Hallnor, Bonetal and Broulan Reef.  The Hallnor Mine was the highest grade gold mine of those that have produced more than 1 million ounces of gold in the Timmins camp, with the Upper Hallnor producing 1.2 million ounces of gold at an average grade of 0.42 ounce per ton gold.  The Property is held under a joint venture whereby Temex holds 60% and Goldcorp Canada Ltd. holds 40% ("Goldcorp") (as manager, and on behalf, of the Porcupine Gold Mines Joint Venture (a joint venture between Goldcorp Inc. and Goldcorp)); Temex is the operator of the joint venture.

The contents of this news release have been reviewed and approved by Qualified Persons Ian Campbell, P.Geo., President and CEO of Temex Resources Corp.; Karen Rees, P.Geo., Vice President, Exploration of Temex Resources Corp.; and Eugene Puritch, P.Eng., President of P&E Mining Consultants Inc.  An NI 43-101 technical report will be filed on SEDAR within 45 days 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 the Timmins Whitney Property, in partnership with Goldcorp, and the Juby Gold Project.

The Whitney Property has NI 43-101 compliant resources on the Upper Hallnor of 3.0 million tonnes at a grade of 2.44 g/t gold for 234,300 ounces of gold in the Measured category, 8.8 million tonnes at a grade of 1.97 g/t gold for 555,900 ounces of gold in the Indicated category, and 4.1 million tonnes at a grade of 1.82 g/t gold for 241,000 ounces of gold in the Inferred category, all at a cut-off grade of 0.30 g/t gold (Note 1).

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 2).

Temex also has a NI 43-101 compliant resource for tailings material on its Gowganda Silver Project.  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 (note 3).

Notes:

  1. Information regarding the mineral resource estimate on the Upper Hallnor is in the Company's news release dated September 5, 2012; the technical report will be filed on SEDAR within 45 days of this date.  The Mineral Resource Statement was prepared for Temex by P&E Mining Consultants Inc. of Brampton, Ontario in accordance with NI 43-101 by Eugene Puritch, P.Eng., Yungang Wu, P.Geo., and Antoine Yassa, P.Geo., "independent qualified persons" as defined by NI 43-101.
  2. 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 in accordance with NI 43-101 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.
  3. 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 in accordance with NI 43-101 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.

 

 

SOURCE: Temex Resources Corp.

For further information:

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

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