TORONTO, July 7 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") announces that a 10,000 metre diamond drill program is about to commence on the Whitney Township Property ("Whitney" or the "Property"). Temex holds a 60% interest in the Property in joint venture with Porcupine Gold Mines (40%) ("PGM", a joint venture between Goldcorp Inc. and Goldcorp Canada Ltd., "Goldcorp").
The Whitney Property has historical production of over 2.3 million ounces of high grade gold from the Hallnor, Bonetal and Broulan Reef mines. The Property is situated along 4.2 kilometres of prime exploration ground along and north of the Porcupine-Destor Fault where the vast majority of the (greater than)70 million ounces of gold production from Canada's largest gold camp, Timmins, has come from.
"With the recent completion of the joint venture agreement, we expect to leverage Goldcorp's expertise to aggressively advance this project," said Ian Campbell, President and CEO of Temex. "The focus of this program will be to delineate the high grade Q Zone discovered by our 2009 drill program and to test for additional mineralized zones along strike, the 1-55 North and South veins in the Upper Hallnor, and targets revealed by our 3D modeling in the Hallnor-Bonetal areas."
The Company believes that the Q Zone is the down plunge extension of the main mineralized structures in the Upper Hallnor Mine which historically produced 1.2 million ounces of gold grading an average of 0.40 ounces of gold per ton. In 2009, Temex drilled two holes into the Q Zone target with the first drill hole TW09-078 intersecting 25 occurrences of visible gold and multiple, high grade individual gold intersections 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 0.70 metres
The Q Zone mineralization in the Upper Hallnor area remains wide open in all directions. In addition, the favourable Q Zone host stratigraphy has significant potential for additional discoveries along strike. These areas include the Mulholland target 1.5 kilometres to the west on the Broulan Reef Mine portion which will be tested during this phase of drilling. In this area, significant veining and gold mineralization was previously identified within the adjacent Hugh Pam conglomerate horizon in which Temex intersected gold values in drill holes including 17.17 g/t over 12.0 metres.
The program will also test for extensions to the 1-55 North and South veins, which are open to the west towards the Bonetal Mine area, and to expand and delineate other targets identified by 3D modeling of historic drill intersections with significant gold mineralization that include:
- 15.26 g/t gold over 3.99 metres
- 12.37 g/t gold over 4.88 metres
- 42.10 g/t gold over 2.44 metres
The Whitney Property is bounded by Goldcorp to the east, Lake Shore Gold to the north, and a joint venture between San Gold, Lexam and VG Gold to the west. 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 will also 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 Gowganda Silver Project and the Latchford Gold Project.
Forward Looking Statements:
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the Company's expectation to aggressively develop the properties subject to the Joint Venture Agreement, planned exploration of the upper and lower portions of the Hallnor Mine Property, as well as the expected timing thereof, potential mineralization and plans and objectives with respect to the exploration of the Hallnor Mine Property) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, the Company's failure to develop the properties subject to the Joint Venture Agreement, the possibility that future exploration results will not be consistent with expectations, changes in equity markets, changes in gold markets, changes to regulations affecting exploration or development activities, uncertainties relating to the availability and costs of financing needed in the future, delays in obtaining or failure to obtain required project approvals, the uncertainties involved in interpreting geological data and the other risks involved in the gold exploration business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, 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. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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SOURCE Temex Resources Corp.
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