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 Gold project.
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 prospecting.
"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 programs."
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 release.
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)|| Tonnage
| Gold Grade
|1.00 g/t||22,700||1.61|| 1,173,100
Note: Figures for Tonnage and Contained Ounces have been rounded to the nearest 100.
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 Council.
- 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 Zone.
- 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% Temex).
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 1).
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 43-101.
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.
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SOURCE: Temex Resources Corp.
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