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
- 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
- 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,
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
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