TORONTO, Aug. 4 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") and Goldcorp Canada Ltd. ("Goldcorp") (as manager, and on behalf, of the Porcupine Gold Mines Joint Venture (a joint venture between Goldcorp Inc. and Goldcorp)) have commenced the 10,000 metre diamond drill program on the Whitney Property Joint Venture ("JV", the "Property").
"This is a premier exploration property with advanced infrastructure coupled with the exploration and development expertise of Goldcorp," commented Ian Campbell, President and CEO. "Following on the heels of our discovery of the Q Zone high grade gold mineralization last year and completion of our earn-in, we finalized the JV agreement with Goldcorp in late June and subsequently approved the current 10,000 metre drill program. As part of finalizing the JV agreement, we were able to add significant value with the simultaneous acquisition of the Upper Hallnor Property which contains excellent exploration potential, and where we are currently carrying out our initial drilling. Our goal is to begin defining high grade gold mineralization there and we will also begin to follow-up on the exciting Q Zone discovery."
The first several holes of the 10,000 metre drill program are focused on exploring an area of the recently added Upper Hallnor Mine property where no significant exploration work has been carried out since mining operations ceased in 1972. This portion of the Property hosts several areas of significant exploration potential in proximity to areas of previously identified gold mineralization. Drilling to date has intersected altered and mineralized veined material and assays are expected to begin to be received in about one month and continue thereafter. The Company expects the drill program to continue for the remainder of the year.
The Company's most recent drill program in June 2009 discovered the high grade Q Zone which Temex believes is the down plunge extension of the main mineralized structures in the Upper Hallnor Mine. Historic mining in the Upper Hallnor Mine produced 1.2 million ounces of gold at an average grade of 0.40 opt gold. Temex drilled only two holes into the Q Zone target with the first drill hole TW09-078 intersecting 25 occurrences of visible gold and multiple, high grade gold intersections typical of the Hallnor mined areas that include:
- 17.71 g/t gold over 2.90 metres
- 90.35 g/t gold over 0.50 metres
- 52.67 g/t gold over 0.71 metres
Further drilling on the Q Zone was not carried out immediately as Temex had met its requirements under the Option Agreement to earn a 60% interest in the Property. The Zone remains untested in all directions and confirms the potential for the discovery of additional zones of gold mineralization within this horizon along strike and to depth. The Upper Hallnor also contains the potential up-dip extension of the Q Zone.
The Whitney Property is located central to a 10 million ounce gold mine trend and is surrounded by Goldcorp to the east, Lake Shore Gold Corp. to the north, and a joint venture between San Gold Corporation, Lexam Explorations Inc., and VG Gold Corp. to the west. It has historic gold production from the Broulan Reef, Bonetal and Hallnor mines and the recent additional property known as the Upper Hallnor Mine (surface to -1000 feet), together with Temex's 60% ownership of the Lower Hallnor Mine, consolidates the Company's interest in this historic gold producer, the highest grade mine (of those that produced (greater than) 1 million ounces) in the 70 million ounce Porcupine Gold Camp. Gold production from the Hallnor Mine amounted to more than 1.7 million ounces of gold at an average grade of 0.40 opt (13.71 g/t) gold while the Broulan Reef produced 490,000 ounces of gold at an average grade of 0.23 opt (7.88 g/t) gold.
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.
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 Township 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 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 also 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.
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