TORONTO, Aug. 17 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") announces that it is accelerating activities on the Juby Gold Project including diamond drilling on the Juby Main Zone gold deposit and conducting an expanded exploration program near the boundary with Creso Exploration Inc. ("Creso"). Diamond drilling will test the Juby Main Zone at depth where it remains wide open; the program is based on its consultant's recommendations from the recently updated National Instrument 43-101 ("NI 43-101") resource estimate. The expanded program adjacent to Creso's Minto Property is based on new prospecting, geophysical and geochemical data obtained from the ongoing surface exploration program.
The Juby Gold Project is located in the Shining Tree area of northeastern Ontario and consists of: the 100% owned Juby Lease; the Juby Joint Venture Property held at 60% Temex and 40% Goldeye Explorations Ltd. ("Goldeye"), which surrounds the Juby Lease and extends north to the Minto Property being operated by Creso; the Tyranite Property, on which Creso has the option to earn an interest, and the 100% owned Mosher Lake Property.
- Diamond drilling to begin on Juby Main Zone gold deposit; NI 43-101
Indicated resource of 614,000 ounces of gold and Inferred resource of
602,000 ounces of gold
- Geochemical, geophysical and geological surveys on Juby Joint Venture
outline high priority targets
- IP survey expanded in area adjacent to Creso's Minto Property;
diamond drilling planned for fall
"The Juby Project represents an integral part of our growth strategy given the significant gold resource base and the opportunity to increase the total resources as well as the potential to discover additional resources in the immediate area," commented Ian Campbell, President and CEO of Temex Resources Corp. "Our objective with this drill program is to expand the Juby Main Zone deposit at depth where it remains wide open over a 2.5 kilometre strike length. Additionally, we have expanded the scope of the program on the surrounding Joint Venture Property with additional line cutting, geophysical and geochemical work underway based on very positive results received to date. We are well financed to carry out our exploration plans on this exciting project".
Drilling will begin on the Juby Lease which currently contains NI 43-101 compliant Indicated resource of 614,000 ounces of gold grading 1.36 g/t gold at a cut-off grade of 0.50 g/t gold and Inferred resource of 602,000 ounces of gold grading 1.14 g/t gold at a cut-off grade of 0.50 g/t gold. A series of holes will test the deposit below the Indicated resource where previous drilling has intersected significant results at depth: 2.07 g/t gold over 44.00 metres including 5.31 g/t gold over 3.10 metres and 3.46 g/t gold over 6.90 metres; 1.94 g/t gold over 43.03 metres including 2.94 g/t gold over 10.50 metres and 3.39 g/t gold over 4.20 metres; 3.29 g/t gold over 6.00 metres including 8.38 g/t gold over 1.00 metre.
The expanded surface program on the Juby Joint Venture Property will focus on several areas including due east of Creso's Minto Property. Recently completed Spectral IP surveying defined anomalous zones of weak to moderate chargeability in this high priority target area, which covers the eastern continuation of the stratigraphy that hosts the Minto breccia deposit 800 metres to the west.
This program will also further detail a strong gold-in-soil anomaly, defined over an area of 300 metres by 100 metres with individual results from 53 ppb gold to 420 ppb (0.420 g/t) gold, which was detected in the central part of the Property and will be also be surveyed with detailed IP. In the south and adjacent to the recently optioned Indian Lake property by Creso, strong multi-station gold-in-soil anomalies with results ranging from 29 ppb to 226 ppb (0.226 g/t) gold over a strike length of 300 metres with coincident, moderate to strong IP chargeability anomaly has been defined. Additional work to advance this target will be initiated. This target is also along strike 900 metres to the west-northwest from previous discoveries made by the partners highlighted by drill intercepts of 33.74 g/t gold over 0.94 metres, 2.33 g/t gold over 5.33 metres and 0.89 g/t gold over 29.85 metres.
Temex has cash and cash equivalents of $4.98 million as of the most recently completed financial quarter.
Ian Campbell, P. Geo., President and CEO of Temex Resources Corp., is the designated "qualified person" (within the meaning of National Instrument 43-101) 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. The properties are located within the world-renowned Abitibi greenstone belt, some in proximity to the Porcupine-Destor Fault Zone. Temex's strategy is to focus on developing its flagship project, the Timmins Gold Project, and specifically the property known as Whitney, in partnership with Goldcorp. This property has historically produced over 2.3 million ounces of gold and contains the Hallnor Mine, the highest grade past producing multi-million ounce gold deposit in Canada's largest gold camp. Temex is also working to advance its 100% owned Juby Gold Project, one component of which is the Juby Lease Property which contains a National Instrument 43-101 Indicated resource of 614,000 ounces of gold and an Inferred resource of 602,000 ounces of gold (news release June 15, 2010). The Company maintains a number of early stage projects with considerable 'Blue Sky' potential in its portfolio.
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: For further information: please visit www.temexcorp.com or email: email@example.com or phone: 416-862-2246, toll free: 866-373-6287