TSX Venture Exchange:TME, Frankfurt Exchange:TQ1
TORONTO, March 30 /CNW/ - Temex Resources Corp. (TSX Venture: TME, Frankfurt:TQ1) ("Temex" or "the Company") provides the following exploration update regarding work on its Joint Venture properties Juby North, Shinning Tree Region and the Hornby Property, in the Ring of Fire. The Juby North Property is located in the Shining tree Mining District and is a Joint Venture between Temex and Goldeye Explorations Ltd. ("Goldeye") in which Temex holds a 60% interest and is the operator. The Hornby Property is located in the Ring of Fire approximately 3 kilometres northeast of Noront's Eagle One nickel-copper-platinum group element ("Ni-Cu-PGE") deposit and is contiguous to the south of the main Chromite deposits of KWG and Freewest in which Cliffs has obtained a working interest. The Hornby Property is a Joint Venture with MacDonald Mines Exploration Ltd. ("MacDonald") in which MacDonald is operator and holds a 55% interest.
Juby North Property
On March 23, 2010, Goldeye announced that the TSX Venture Exchange had accepted for filing Goldeye's proposal to issue 500,000 common shares at a deemed price of $0.09 per share to settle an outstanding debt of $45,000. The securities are subject to a four-month hold period expiring on July 24, 2010. The shares, along with a cash amount of $11,252, represented the outstanding balance owing by Goldeye to Temex Resources Corp. with respect to its Juby North Joint Venture property in Tyrrell Township, Ontario.
The partners have just approved the 2010 surface program which will begin immediately, consisting of line cutting, soil sampling, geological mapping, and geophysics. Diamond drilling will be planned following positive results of the surface program. The program will focus on the northern portion of the property which is unexplored and which is in the immediate area experiencing a high level of exploration activity by other operators. The program will also focus on the area just north of the Juby Main Zone deposit where Temex and Goldeye have made several gold discoveries by drilling including the most recently completed program highlighted by several drill holes with significant intersections including 1.26 g/t gold over 61.60 metres including 2.47 g/t gold over 22.30 metres and 5.43 g/t gold over 3.65 metres which extended the western Juby Main Zone at depth. Additional results requiring follow-up include 5.33 metres grading 2.33 g/t gold, 1.50 metres grading 4.53 g/t gold, 3.41 g/t gold over 2.94 metres, 1.22 g/t gold over 10.06 metres and 15.0 g/t gold over 2.15 metres, all of which remain wide open at depth and along strike, along with several untested geophysical targets.
The Juby North Property surrounds Temex's 100% owned Juby Lease Property, which contains a significant NI 43-101 compliant gold resource (news release Feb 16, 2005) on the Juby Main Zone and on which the Company has commissioned an updated NI 43-101 resource calculation. The Main Zone contains an indicated resource of 479,000 ounces of gold grading 1.73 g/t gold at a cut-off grade of 1.0 g/t gold, including a core of 315,000 ounces of gold at 2.20 g/t gold at a cut-off grade of 1.5 g/t gold, and an inferred resource of 120,000 ounces of gold grading 2.03 g/t gold at a cut-off grade of 1.5 g/t gold. This resource is contained from surface to a vertical depth of 400 metres where it remains wide open.
Hornby Property Ring of Fire
Earlier this month, a gravity survey was completed across the projected southwestern extension of the stratigraphic package which hosts the Big Daddy Chromite deposit on the KWG / Spider/ Freewest (Cliffs) property contiguous to the north. The survey outlined two gravity anomalies coincident with high magnetic background, and which appear to correlate with the favourable stratigraphy. MacDonald has interpreted the geophysical responses to potentially represent the southwest extension of the chromite deposits and a second parallel anomaly which may represent massive sulphides. MacDonald will shortly begin a 1600 metre diamond drill program which will test the geophysical anomalies.
Ian Campbell, P. Geo., is the designated qualified person responsible for the preparation of this news release. Temex is a Canadian exploration company focused on advancing its precious metal projects in northeastern Ontario.
On behalf of the Board of Directors,
President and CEO
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: For further information: Ian Campbell, President and CEO or Bruce Durham, Executive Chairman at (416) 862-2246 or visit www.temexcorp.com