TORONTO, June 8, 2011 /CNW/ - Temex Resources Corp. (TSX Venture
Exchange:TME, Frankfurt:TQ1) ("Temex" or "the Company") is pleased to
announce that a NI 43-101 compliant resource estimate has been prepared
for tailings material at the Gowganda Silver Project (the "Project or
the "Property") by GeoVector Management Inc. ("GeoVector") of Ottawa,
Ontario. The tailings were generated from the Miller Lake O'Brien
Silver Mine, Ontario's largest past-producing Cobalt-style silver mine
outside of Cobalt, Ontario with historical production of 40.7 million
ounces of silver at an average grade of 22 ounces per ton silver (DMBW,
1990) between 1910 and 1972. The project is located 3 kilometres
northeast of Gowganda, Ontario and has excellent access and
infrastructure. Temex holds a 100% interest in the Property with no
2011 Mineral Resource Estimate
The 2011 mineral resource estimate is based on 764 auger, drive pipe and
sonic drill holes (3,012 metres) and 2,039 assay values. Drilling of
tailings was conducted in 1981, 1987 and 2000. The resource estimate is
categorized as indicated as defined by the CIM guidelines for resource
reporting. Mineral resources do not demonstrate economic viability, and
there is no certainty that the mineral resource will be converted into
mineable reserves once economic considerations are applied.
The resource estimate for the tailings piles at a silver cut-off grade
of 10.0 grams per tonne ("g/t") is ~1,940,000 tonnes grading 47.5 g/t
silver for ~2,960,000 contained ounces of silver in an Indicated
category (Table 1).
Table 1: Mineral Resource Estimate for the Gowganda Project Tailings
Piles. Metallurgical recoveries are assumed to be 100%.
About the Gowganda Silver Project
The Property hosts the Miller Lake O'Brien Silver Mine which produced
approximately 42 million ounces of silver between 1910 and 1972. The
Miller Lake O'Brien Silver Mine is the largest past-producing
Cobalt-style silver mine outside of Cobalt, Ontario. From 1910 to 1944
approximately 16 million ounces of silver was produced by Miller Lake
O'Brien Mines. From 1945 to 1972 Siscoe Metals produced approximately
25.5 million ounces of silver from about 1.15 million tons of ore at an
average grade of 22 oz/ton silver.
It was recognized in the early 1980s that the tailings contained silver
grades that were potentially recoverable. In 1981 Watts, Griffis and
McOuat Limited ("WGM") completed 545 auger holes for 1,570 metres and
26 drive pipe holes for 191 metres within the tailings. In 1986 WGM
completed an additional 152 sonic drill holes for 910 metres. From
these drill holes, WGM estimated the tailings to contain 1.827 million
tons grading 1.43 opt silver (see Note 1 below).
In 2000, a 32 hole (326 metres) sonic drill program was conducted on the
tailings by Sandy K Mines Ltd. ("SKM") to better define the tailings in
the core area. It was found that the average grade for the dry tailings
from this drill program was about 2.0 oz/ton (62.6 g/tonne) silver. It
was concluded based on this sonic drill program that the results of the
WGM historic resource may be underestimated by a minimum of 25%.
Gravity and metallurgical test work was carried out on the tailings by
Lakefield Research Limited (1999) and by Process Research Associates
In April 2006, Temex completed the acquisition of the Miller Lake
O'Brien Silver Property and related assets and facilities from Sandy K.
Mines Limited ("SKM"), a private Ontario corporation. In the summer of
2006, Temex completed initial sampling of the tailings deposits and
subsequent metallurgical test work on the silver recoveries (see news
release February 21, 2007). Following this initial work Temex
commissioned GeoVector to complete a NI 43-101 compliant resource
Note 1: Estimates reported are historical and are not in compliance
with NI 43-101 "Standards of Disclosure for Mineral Deposits". In
addition, the Company has not done the work necessary to verify the
classification of the resource and is not treating the estimates as NI
43-101 defined resources verified by a Qualified Person. The
historical estimates should not be relied upon.
2011 Mineral Resource Estimate of the Tailings Piles
Assay values used in the resource estimate were verified against assays
on drill logs contained in historic drill reports and assay
certificates. A site visit was carried out by Alan Sexton, P.Geo. and
Vice President of GeoVector to verify drill collar locations, tailings
extent and mine infrastructure. Digital data files of hole collar
locations and down-hole surveys were checked and verified. The mineral
resource was estimated using 1.5 metre composites (2,504 composites) of
assay values (2,039 assays) from 764 auger and sonic drill holes
totaling 3,012 metres. The drill holes were completed in 1981 (571
holes), 1986 to 1987 (154 drill holes) and 2000 (39 drill holes).
A block model, with the origin at 518550E, 5280050N, 430 metres
elevation, and oriented at 300°, was constructed using 4 x 4 x 1 metre
blocks in the X, Y, Z direction respectively. Grades for silver were
interpolated into the blocks by the inverse distance squared method
using between four and twenty composites in a minimum of 2 drill holes
to generate block grades. Based on a statistical analysis of the
composite database from each resource model, it was decided that no
capping was required on the composite populations to limit high values.
The size of the search ellipse was set at 42 x 42 x 3 metres in the X,
Y, Z direction respectively for the indicated resource. The Principal
azimuth is oriented at 155º (trend of the tailings piles), the
Principal dip is oriented at 0° and the Intermediate azimuth is
oriented at 65°. Specific gravity (SG) testing was previously carried
out on 11 representative samples of tailings and the calculated average
SG value of 2.12 was applied to all blocks within the updated block
The Indicated Mineral Resource Estimate has been prepared in compliance
with the standards of NI 43-101 by A. Armitage, Ph.D., P. Geol.; Alan
Sexton, P.Geo. and J. Campbell, BSc., P. Geo., all of GeoVector.
GeoVector is a consulting firm based in Ottawa, Ontario specializing in
resource estimation, project assessment and project management. A NI
43-101 report will be finalized and filed on SEDAR within 45 days of
the date of this news release.
Current Exploration Work
Temex has commenced a 2000 metre diamond drill program designed to
confirm and test for the extensions of several high grade silver veins
reported by the previous operator SKM which were discovered from an
underground exploration program conducted by SKM (1988 to 1995) and
which occur in an area of the Property that had not previously been
developed. Several of the veins intersected in that program are
typical of those mined during its more than 62 year mining history. In
addition, several holes have been planned to test other near-surface
targets from a soil sampling program conducted by Temex during the 2010
field program. All of the holes in the upcoming program will be
drilled from surface and will range from 50 to 200 metres in length. A
program of soil sampling and prospecting is also ongoing.
Alan Sexton, MSc., P. Geo., is the Qualified Person, as defined by NI
43-101, for the Project, and has reviewed the technical information in
this release. GeoVector has reviewed and approved the information in
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 Gowganda Silver Property is located 20 kilometres
east of the 100% owned Juby Lease Property where the Company is
currently working to expand the National Instrument 43-101 ("NI
43-101") compliant resource of 14.1 Mt at a grade of 1.36 g/t gold for 614,000 ounces of gold in the indicated category plus 16.5 Mt at a grade of 1.14 g/t gold for 602,000 ounces of gold in inferred resources, both at a cut-off grade of 0.50 g/t gold (news
release June 15, 2010).
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
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:
please visit www.temexcorp.com or email: email@example.com or
phone: 416-862-2246 toll free: 866-373-6287