TORONTO, Jan. 18, 2012 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or the "Company") is pleased to report that it has entered into an option agreement to earn a 100% interest in the Golden Lake Property which is located adjacent to the west of the Company's Juby Gold Project ("Juby"). This additional Property will result in Temex controlling 4.5 km of strike length of the gold-enriched Tyrrell Structural Zone directly along strike from the Juby Main Zone gold deposit.
"Importantly, the Golden Lake Property nearly doubles the strike length under our control to 4.5 kilometres, of the gold structures that host the Juby Main Zone gold resources thereby considerably increasing the size potential of our exploration targets at Juby," commented Ian Campbell, President and CEO of Temex. "This strategic acquisition gives us the direct opportunity to significantly expand our substantial NI 43-101 gold resources since our drilling has established that the Juby multi-million ounce gold system extends onto Golden Lake. It is our intention to immediately and aggressively begin exploration on this new property and we are well financed to execute on this plan."
Eight historic holes on the Golden Lake Property in 1997 all reportedly intersected significant widths of gold mineralization within host rocks and an alteration style very similar to that of the Juby Main Zone. Due diligence sampling by Temex of representative portions of that drill core has produced similar results.
On January 16, 2012 Temex announced an update to the National Instrument 43-101 gold resource on the Juby Gold Project. The Juby Main Zone contains a resource of 22.3 million tonnes at a grade of 1.30 g/t gold for 934,645 ounces of gold in the Indicated category and 28.2 million tonnes at a grade of 1.00 g/t gold for 905,621 ounces of gold in the Inferred category, both at a cut-off grade of 0.40 g/t gold.
The Juby Gold Project is located in northeastern Ontario, 100 km south of Timmins, Canada's most prolific gold mining area. This advanced gold project is situated along the west-southwestern extension of the Larder Lake - Cadillac Fault Zone, 75 km southwest of Kirkland Lake and 75 km east of Trelawney's 4.2 million ounce Cote Lake gold deposit.
Golden Lake Property Largely Untested
The Golden Lake Property has seen limited widespread diamond drilling; in 1997 an eight-hole shallow drill program totalling 1,575 metres was completed by previous operators. The drill logs document several significant drill intersections of gold mineralization, all of which remain wide open in all directions including:
- 67.50 metres at 0.98 g/t gold
- 24.51 metres at 2.41 g/t gold
- 9.88 metres at 3.00 g/t gold
- 22.50 metres at 1.02 g/t gold
- 31.60 metres at 1.01 g/t gold
Drilling by Temex up to the boundary of the Golden Lake Property demonstrated that this large gold system on the Tyrrell Structural Zone remains open for expansion to the west of the Juby Property. Temex drill hole results within 100 metres of the Golden Lake boundary include:
- 21.20 metres at 1.16 g/t gold including 6.76 metres at 3.31 g/t gold
- 61.60 metres at 1.26 g/t gold including 22.30 metres at 2.47 g/t gold and 3.65 metres at 5.43 g/t gold
- 29.53 metres at 1.19 g/t gold including 4.91 metres at 4.77 g/t gold
- 101.00 metres at 0.80 g/t gold including 35 metres at 1.02 g/t gold and 22.82 metres at 1.00 g/t gold
In order to earn a 100% interest in the Golden Lake Property, the Company must, over a three year term, make cash payments totalling $500,000, issue 500,000 common shares of Temex, and complete work programs totalling a minimum of $750,000. Initial consideration to be made is comprised of the issuance of 200,000 common shares and a $100,000 cash payment with $250,000 in exploration expenditures to be completed prior to the first anniversary of the agreement. The optionors shall retain a 2.0% net smelter returns royalty, up to 1.0% of which may be repurchased by Temex at any time within the next 8 years by paying to the optionors an aggregate of $1.5 million (or in the sole discretion of Temex in separate increments of $750,000 each for 0.5% net smelter returns). The acquisition is subject to the approval of the TSX Venture Exchange.
Karen Rees, P. Geo., Vice President, Exploration 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. Temex is exploring its Timmins Whitney Property, in partnership with Goldcorp, and its Juby Gold Project. The Juby Main Zone has a resource of 22.3 million tonnes at a grade of 1.30 g/t gold for 934,645 ounces of gold in the Indicated category and 28.2 million tonnes at a grade of 1.00 g/t gold for 905,621 ounces of gold in the Inferred category, both at a cut-off grade of 0.40 g/t gold (Note 1). Temex also has a NI 43-101 compliant resource for tailings material on its Gowganda Silver Project (Note 2). The tailings piles contain a 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.
- Information regarding the mineral resource estimate on the Juby Main Zone is in the Company's news release dated January 16, 2012; the technical report will be filed on SEDAR within 45 days of this date. The Mineral Resource Statement was prepared for Temex by GeoVector Management Inc., Ottawa, Ontario according to the "CIM Standards on Mineral Resources and Reserves: Definition and Guidelines" (December, 2005), by Joe Campbell, BSc, P.Geo., Alan Sexton, MSc, P.Geol., and Allan Armitage, PhD, P.Geol., "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 according to the "CIM Standards on Mineral Resources and Reserves: Definition and Guidelines" (December, 2005), by Allan Armitage, Ph.D., P. Geol., Alan Sexton, M.Sc., P.Geo. and Joe Campbell, B.Sc., P.Geo., "independent qualified persons" as defined by NI 43-101.
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.
PDF with caption: "JUBY GOLD PROJECT". PDF available at: http://stream1.newswire.ca/media/2012/01/18/20120118_C4857_DOC_EN_9024.pdf
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