TORONTO, June 23 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") announces that it has issued an aggregate of 30,000 common shares and paid an aggregate of $30,000 in satisfaction of payments due under an option agreement (the "Option Agreement"), pursuant to which the Company has an option to acquire a 100% interest in mining claims, known as the Croxall Property, located in the Ogden, Price and Thorneloe Townships, in the Porcupine Mining Division. The securities issued are subject to a hold period expiring on October 23, 2010. The Option Agreement was previously announced by the Company in its June 25, 2009 news release.
The 2,400 acre Croxall Property is located in an area known as the West Timmins gold district where Lake Shore Gold Corp. ("LSG") is currently in pre-production on the Timmins Mine Project, 6 kilometres northwest of Croxall. In October 2009 LSG announced an updated National Instrument 43-101 report stating mineral resources of 3.2 Mt grading 8.56 g/t gold (893,000 contained ounces) or 12.24 g/t gold uncut (1,278,000 ounces) estimated in the Indicated category with commercial production from the 100% owned Timmins Mine targeted for the fourth quarter of 2010.
The Croxall Property was optioned in 2009 based on its favourable geological position and known gold mineralization. It is also contiguous to the east of the Golden River trend being explored by LSG and is underlain by similar stratigraphy that hosts gold mineralization on the LSG property. The southern portion of the Croxall Property covers approximately 3 kilometres of the Porcupine-Destor Fault, a key marker for gold mineralization in the Timmins camp, and is known to host more than one "syenite" type gold-bearing porphyry body similar to that being explored by LSG. Gold mineralization has also been identified by previous operators within several other host rocks.
During the first year of the Option Agreement, the Company completed a first phase drill program consisting of eight holes totalling 2,863 metres. Drill hole TC09-01 intersected significant gold mineralization including visible gold within an altered porphyry unit that assayed 5.28 g/t gold over 1.90 metres including 7.81 g/t gold over 1.10 metres. Similar altered porphyry containing molybdenite mineralization was intersected approximately 100 metres vertically below and assayed 1.09 g/t gold over 1.40 metres at 354.00 metres downhole. This intersection represents the deepest hole drilled on the Croxall Property to date. A second, much larger altered porphyry intrusion intersected near the top of the hole assayed 4.15 g/t gold over 1.00 metres, while a 1.30 metre wide interval of ultramafic rock adjacent to this porphyry assayed 1.55 g/t gold over 1.30 metres.
The phase 1 results are very encouraging due to the widespread mineralization, including the highest gold grades recorded to date, and the occurrence of a number of altered felsic porphyry units associated with the gold mineralization. Further drilling is required to test for gold mineralization associated with the porphyry bodies which are open in all directions.
Ian Campbell, P. Geo., is the designated qualified person 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. The portfolio includes the following projects: Timmins Gold; Juby Gold; Latchford Gold and Gowganda Silver. Temex's strategy is to focus on developing its flagship gold property, the Timmins Gold Project, and specifically the property known as Whitney Township. This property has historically produced over 2.5 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.
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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