Temex provides update on precious metals portfolio

TSX Venture Exchange: TME, Frankfurt Exchange: TQ1

TORONTO, May 12 /CNW/ - Temex Resources Corp. (TSX Venture: TME, Frankfurt: TQ1) ("Temex" or "the Company") provides an update on activities related to its precious metals portfolio in northeastern Ontario.

    
    Timmins Gold Project - Whitney Township Property

    -   Joint Venture Agreement ("JVA") with Goldcorp being finalized (news
        release Apr 15, 2010).
    -   Temex to hold 60% interest and Porcupine Gold Mines ("PGM", a joint
        venture between Goldcorp Inc. and Goldcorp Canada Ltd. "Goldcorp") to
        hold a 40% interest.
    -   The Property has historic production of 2.3 million ounces of gold
        including 1.6 million ounces with an average grade of 0.40 ounces per
        ton gold from the Hallnor Mine, the highest grade multi-million ounce
        producer in Canada's largest gold camp.
    -   High priority exploration targets in Upper and Lower Hallnor Mine
        areas, including high grade Q Zone discovery (news release May 14,
        2009) as well as numerous targets in and around the Broulan Reef Mine
        to be tested.

    Juby Gold Project - Shining Tree Area

    -   Juby Lease Property: 100% Temex owned with National Instrument 43-101
        ("NI 43-101") compliant gold resource. The Main Zone (news release
        Feb 16, 2005) 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 and an
        inferred resource of 186,000 ounces of gold grading 1.65 g/t gold at
        a cut-off grade of 1.0 g/t gold. The deposit remains open at depth
        and along strike. An updated NI 43-101 resource estimate has been
        commissioned and is expected shortly.
    -   Juby North JV Property: Surface program of prospecting, geological
        mapping and soil geochemical sampling commenced in April (news
        release Mar 30, 2010). Diamond drilling to follow. Property is 60%
        Temex and 40% Goldeye Explorations Limited.
    -   Previous results from drilling on JV Property: 1.26 g/t gold over
        61.60 metres including 2.47 g/t gold over 22.30 metres, 5.43 g/t gold
        over 3.65 metres, 2.33 g/t gold over 5.33 metres, 3.41 g/t gold over
        2.94 metres and 15.0 g/t gold over 2.15 metres.
    -   Temex recently acquired by staking 7 claims covering 2,040 acres in
        the immediate area of the Juby Lease Property as a result of
        heightened interest, bringing the Company's land holdings in the area
        to over 9,000 acres.

    Gowganda Silver Project

    -   The property had historical production of 40.7 million ounces silver
        at a grade of 22 opt silver;
    -   Tailings deposits contain a non NI 43-101 compliant resource estimate
        of 1.827 million short tons grading 1.43 opt silver defined by over
        700 auger holes (see note 1 below).
    -   High grade drill intersections in unmined areas of the property on
        600 metre long target zone have returned several high grade
        intersections from up to eight vein sets which include 11,947 g/t
        silver over 3.5 ft to 4,560 g/t silver over 2.2 ft and 8,314 g/t over
        1.3 ft.
    -   Program of orientation soil surveying initiated late 2009 over known
        vein systems using SGS proprietary MMI (Mobile Metal Ion) analysis
        recorded good correlation with known mineralization and also outlined
        new anomalies in area of property with no recorded work. Detailed
        follow-up sampling to be initiated later this month.
    -   Temex had previously announced that it had entered into discussions
        with BacTech Mining Corporation to assess the mine tailings in
        conjunction with tailings from the nearby Castle Property held by
        Gold Bullion Development Corp. BacTech recently announced that it was
        unable to duplicate the reported metal content quoted by Gold Bullion
        Development Corp. at the Castle tailings and as a result BacTech has
        suspended work in the Gowganda area.

    Latchford Gold Project

    -   Prospecting in 2009 discovered new occurrences of high grade gold in
        bedrock with individual assays including 112.29 g/t, 49.75 g/t,
        11.64 g/t, 9.14 g/t and 4.53 g/t gold (news release Nov 24, 2009).
    -   Program expanded the extent of the gold mineralized trend in flat
        lying Proterozoic sediments interpreted to be near the unconformity
        with underlying Archean rocks. Gold mineralization within the large
        areal extent is associated with anomalous copper, silver and iron
        oxide mineralization.
    -   Induced Polarization ("IP") geophysical survey using Titan 24 DCIP
        system conducted in Dec 2009 (news release Dec 10, 2009) with
        inversion modeling recently completed. Anomalies identified will be
        field examined followed by diamond drilling.
    

Ian Campbell, P. Geo., President and CEO of the Company, is the designated "qualified person" (within the meaning of National Instrument 43-101) 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,

    "Ian Campbell"

    Ian Campbell
    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.

    Note 1. Estimates reported are historical and are not in compliance with
    National Instrument 43-101 "Standards of Disclosure for Mineral
    Deposits" ("NI 43-101"). Temex has not done the work necessary to verify
    the classification of the resource, is not treating the estimates as
    NI 43-101 defined resources verified by a Qualified Person, and the
    historical estimates should not be relied upon. However, Temex considers
    the historical estimates and drill core intersections to be relevant
    based on the nature of the orebodies and the published 70-year historic
    production figures of the Miller Lake O'Brien Mine and the nature of
    other orebodies in the immediate area. Temex considers the historical
    estimates related to the tailing deposits to be reliable and relevant
    based on the methodology undertaken in the various work programs and the
    confirmation sampling conducted by Temex. Temex has reported assays in
    ounce per ton (opt) where they have been stated as such in the literature
    and grams per tonne where they are reported from Temex exploration
    programs.
    

%SEDAR: 00005513E

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

Organization Profile

Temex Resources Corp.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890