TORONTO, June 13, 2013 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB:
TQ1) ("Temex" or "the Company") is pleased to announce that it has made
the regulatory filing of the report entitled "Updated Resource Estimate
for the Juby Gold Project, Tyrrell Township, Shining Tree Area,
Ontario", further to the news release dated April 29, 2013 announcing
the updated resource estimate. The report, dated June 11, 2013 was
authored by GeoVector Management Inc. of Ottawa, Ontario in accordance
with National Instrument 43-101 ("NI 43-101").
The Juby Gold Project is located in northeastern Ontario in the
Timmins-Kirkland Lake mining camps, 45 kilometres southwest of AuRico
Gold's Young-Davidson mine and 60 kilometres east of IAMGOLD's Côté
The project includes the 100%-owned Juby Property, the adjacent Golden
Lake Property and the expanded land position which was incorporated
under a major land consolidation purchase agreement in November 2012
(news releases November 15 and 23, 2012) which increased the Company's
land holdings ten-fold to 14,423 acres.
As a result of the expanded land position, Temex now controls a 10
kilometre strike length of the Tyrrell Structural Zone ("TSZ") along
which are located the Juby Main Zone gold deposit on the Juby Lease
Property, its extension onto the Golden Lake Property, and numerous
gold occurrences including those known as Big Dome and Hydro Creek on
ground formerly held by Goldeye Explorations Limited ("Goldeye").
The updated resource incorporates diamond drilling by Temex testing a
strike length of 3.5 kilometres of the 10 kilometre TSZ. The resource
remains wide open along strike with the four last holes drilled at the
western limit of the resource each cutting multiple intervals of
typical Juby Main Zone gold mineralization highlighted by drill hole
GL13-23, the westernmost hole of the deposit which returned 1.52 g/t
gold over 45.15 metres, including 2.30 g/t gold over 22.25 metres
starting at 73.85 metres down-hole.
On the newly acquired ground to the west, Goldeye previously reported
significant drill intersections including 217 g/t gold over 2 metres,
13.10 g/t gold over 3.00 metres and 80.7 g/t gold over 2 metres on Big
Dome and 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 on Hydro Creek. These zones
are located 4 and 5 kilometres directly on strike along the TSZ west of
the Juby Main Zone NI 43-101 gold resources and there is no drilling
along the TSZ between the areas.
Drilling to further expand the deposit along TSZ trend to the west and
to test some of the numerous priority drill targets throughout the
expanded land holdings, is being planned in conjunction with an
on-going field program consisting of core logging, sampling and
"We are extremely pleased by the rapid progress we have made at the Juby
Project which again has demonstrated significant upside resource and
discovery potential and with discovery costs well under $2 per ounce,"
commented Ian Campbell, President and CEO. "The resource remains wide
open on Golden Lake for 1 kilometre where it strikes onto the newly
consolidated ground to the northwest where numerous high-grade
intercepts occur 4 kilometres away directly along trend and with no
drilling in between. With this new model in hand we are now finalizing
our plans and objectives for the next phase of work on the project
which will include resource expansion drilling and evaluation of the
numerous gold occurrences. We are well financed to carry out these
Juby Main Zone NI 43-101 Resource Update
The total Juby Main Zone Resource (including the Golden Lake Extension)
is summarized below, at a 0.40 g/t cut-off, and shown using various
cut-off grades in Table 1.
Indicated resource of 1,041,300 ounces gold grading 1.28 g/t gold
Inferred resource of 2,174,200 ounces gold grading 0.91 g/t gold
Joe Campbell, BSc, P.Geo., Alan Sexton, MSc, P.Geo., and Duncan Studd,
MSc, of GeoVector Management Inc. are responsible for the technical
comments related to the resource estimate and its parameters and are
"independent qualified persons" for the purposes of National Instrument
43-101 Standards of Disclosure for Mineral Projects of the Canadian
Securities Administrators and have verified the data disclosed in this
Ian Campbell, P.Geo., President and CEO and Karen Rees, P.Geo., Vice
President, Exploration of Temex Resources Corp., are the designated
qualified persons responsible for the preparation of this news release.
Table 1. Updated Resource Estimate - Total Juby Main Zone
Cut-off Grade (g/t)
Note: Figures for Tonnage and Contained Ounces have been rounded to the
Resource Estimate Notes and Parameters
Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimates presented have not been
pit-constrained. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues, although the
Company is not aware of any such issues.
The quantity and grade of reported Inferred resources in this estimation
are uncertain in nature and there has been insufficient exploration to
define these Inferred resources as an Indicated or Measured mineral
resource and it is uncertain if further exploration will result in
upgrading them to an Indicated or Measured mineral resource category.
The mineral resources were estimated using the Canadian Institute of
Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral
Resources and Reserves, Definitions and Guidelines prepared by the CIM
Standing Committee on Reserve Definitions and adopted by the CIM
High grade composite assays are capped at 30 g/t.
The current resource estimates are based on 140 NQ-sized drill holes
totaling 41,971 metres drilled by Temex (2002-2013), 8 NQ-sized drill
holes totaling 1,472 metres drilled by 706119 Alberta Ltd. (1998-2007)
and 22 BQ-sized drill holes totaling 8,033 metres drilled by Inmet
Mining Corporation (1999-2000).
The drill holes are spaced 15 to 100 metres apart, with an average
spacing of 50 metres along a strike length of 3,500 metres.
Drill holes tested to a vertical depth of 300 metres, with 600 metres
being the maximum depth tested in the eastern portion of the Juby Main
The width of the combined Core and Halo zones averages 20 metres with a
maximum width of 80 metres in the central portion of the Juby Main
Zone. The maximum width of the entire Core, Halo and Sediment zones in
the central portion of the Golden Lake Zone is 330 metres, with an
average width of 50 metres across the Core and Halo zones.
The Gemcom block model is defined by 5m x 5m x 1.5m blocks. A bulk
density of 2.77 t/m3 was used for all tonnage calculations in the Juby Zone; in the Golden
Lake Zone a bulk density of 2.80 t/m3 was used for the Core domain, and a bulk density of 2.73 t/m3 was used for the Halo and Sediment domains. The values were derived
from 613 specific gravity ("SG") tests of representative core.
The interpolation of grade was completed with Gemcom software, using the
IDW (inverse distance weighting) method. The Indicated category
resource used the IDW2 method, with a minimum of 4 and maximum of 12 samples and a 75m x 75m x
30m search ellipse aligned with the dominant direction of
mineralization in each domain. The Inferred category resource used the
IDW3 method, with a minimum of 2 and maximum of 20 samples and a 150m x 150m
x 60m search ellipse aligned with the dominant direction of
mineralization in each domain.
The Indicated resource was delineated by the intersection of mineralized
domains and a wireframe envelope within which the drill hole spacing
was typically less than 50 metres and there existed a strong confidence
in the degree and location of the mineralization. All other blocks
within the mineralized domains were categorized as Inferred.
Values in the tables may differ due to rounding.
About Temex Resources Corp.
Temex is a Canadian based exploration company focusing on its portfolio
of precious metals properties in the world class mining district of
northeastern Ontario. Temex (60% interest) is advancing the Timmins
Whitney Gold Project, in partnership with Goldcorp (40% joint venture
interest; no back-in rights), and exploring the Juby Gold Project (100%
The Whitney Property has open pit and underground 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 plus 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 at a cut-off
grade of 0.30 g/t gold for open pit and 2.0 g/t for underground (Note
The Juby Main Zone has NI 43-101 compliant resources of 25.3 million
tonnes at a grade of 1.28 g/t gold for 1,041,343 ounces of gold in the
Indicated category and 74.2 million tonnes at a grade of 0.91 g/t gold
for 2,174,193 ounces of gold in the Inferred category, both at a
cut-off grade of 0.40 g/t gold (Note 2).
Temex also has a NI 43-101 compliant resource for tailings material on
its Gowganda Silver Project. The tailings piles contain a NI 43-101
compliant resource 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 April 29, 2013 and the
technical report filed on SEDAR June 12, 2013. 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.Geo., and Duncan Studd, MSc, "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
This news release contains forward-looking information which is not
comprised of historical facts. Forward-looking information involves
risks, uncertainties and other factors that could cause actual events,
results, performance, prospects and opportunities to differ materially
from those expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is not
limited to, mineral resource estimates, and the development of its
projects as well as the timing related thereto. Factors that could
cause actual results to differ materially from such forward-looking
information include, but are not limited to, general business and
economic uncertainties, future mineral prices, uncertainties in mineral
resource estimates and adverse market conditions, as well as those
risks set out in the Company's public documents filed on SEDAR.
Although the Company believes that the assumptions and factors used in
preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such information,
which only applies as of the date of this news release, and no
assurance can be given that such events will occur in the disclosed
time frames or at all. The Company disclaims any intention or
obligation to update or revise any forward-looking information, whether
as a result of new information, future events or otherwise, other than
as required by law.
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:
www.temexcorp.com or email: email@example.com or phone: 416-862-2246 toll free: 866-373-6287