TORONTO, Nov. 28, 2012 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB:
TQ1) ("Temex" or "the Company") announces that the largest drill
campaign ever has commenced on its 100%-owned Juby Gold Project
("Juby") located in Tyrrell Township in northeastern Ontario.
Juby is located 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 Gold Inc.'s Young Davidson gold
mine and IAMGOLD Corporation's Cote Lake gold deposit.
The Juby Main Zone (news releases January 16 and February 28, 2012)
contains a National Instrument 43-101 ("NI 43-101") compliant 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 and represents a target for large
tonnage open pit mining operations. This resource was defined from
surface along a strike length of 2,800 metres and is hosted in altered
Timiskaming sediments and felsic intrusive rocks.
"The recently completed major land consolidation which increases our
land position more than ten-fold opens up an aggressive and exciting
phase of exploration on the Juby Project," commented Karen Rees, Vice
President, Exploration. "Two rigs have recently begun drilling to
expand the Juby Main Zone gold deposit both at depth and along strike
to the west trending onto the Golden Lake Property where we earlier
this year extended gold mineralization typical of the Juby Main Zone a
further 750 metres where it remains open. We expect to add a third rig
in early 2013 to test some priority exploration targets further along
strike for both bulk tonnage and higher grade gold deposits typical of
the Kirkland Lake and Timmins gold camps."
Land Consolidation Successfully Completed
On November 23, 2012, the Company announced the completion of the
acquisition of a large block of claims from Goldeye Explorations
Limited ("Goldeye"). As a result, Temex increased its 100% ownership
in the area by over ten-fold from 1,343 acres to 14,423 acres. The
acquired landholdings are contiguous and complementary to the existing
Temex assets in Tyrrell Township and include a large block of claims in
which Goldeye owned a 100% interest, as well as Goldeye's 40% interest
in the claims comprising the Juby Joint Venture Property in which Temex
held a 60% interest.
Importantly, Temex has successfully consolidated promising exploration
properties in the immediate vicinity of the Company's Juby Main Zone
and at the same time extended Temex's 100% ownership of the important
Tyrrell Structural Zone ("TSZ"), host to all of the major gold
occurrences in the region, a further 5 kilometres along trend, doubling
Temex's controlled strike length to over 10 kilometres. The TSZ is a
major structural feature similar in many geological respects to the
Larder Lake- Cadillac and Destor-Porcupine major faults zones host to
the world class Kirkland Lake and Timmins gold camps in the region.
Notable gold zones acquired from Goldeye along the TSZ include the Big
Dome from which Goldeye has reported drill intersections including
217.50 g/t gold over 2.10 metres, 13.10 g/t gold over 3.00 metres and
80.70 g/t gold over 2.10 metres and Hydro Creek which includes drill
intersections of 5.89 g/t gold over 12.50 metres, 3.58 g/t gold over
20.20 metres and 4.28 g/t gold over 14.00 metres.
Big Dome and Hydro Creek are located 4 and 5 kilometres respectively
directly on strike along the TSZ west of the Juby Main Zone NI 43-101
The drill program has commenced with two rigs on the western portion of
the Juby Main Zone and the projected extension onto the Golden Lake
Property where drilling of 8 holes in spring intersected widespread
gold mineralization typical of the Juby Main Zone a further 750 metres
where it remains wide open. The objective of this program is to
increase the Juby Main Zone NI 43-101 gold resource and to test
priority exploration targets proximal to the resource.
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 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).
The Gowganda Silver Project has a NI 43-101 compliant resource in
tailings piles 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).
Information regarding the mineral resource estimate on the Upper Hallnor
is in the Company's news release dated September 5, 2012 and the
technical report filed on SEDAR October 19, 2012. The Mineral Resource
Statement was prepared for Temex by P&E Mining Consultants Inc. of
Brampton, Ontario in accordance with NI 43-101 by Richard Sutcliffe,
PhD, P.Geo., Eugene Puritch, P.Eng., David Burga, P.Geo., Yungang Wu,
P.Geo., Tracy Armstrong, P.Geo., and Antoine Yassa, P.Geo.,
"independent qualified persons" as defined by NI 43-101.
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.
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
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
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: email@example.com or phone: 416-862-2246 toll free: 866-373-6287