TORONTO, Nov. 28, 2012 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") announces that the largest drill campaign ever has commenced on its 100%-owned Juby Gold Project ("Juby") located in Tyrrell Township in northeastern Ontario.
Juby is located 100 kilometres south of Timmins, Canada's largest gold camp, and is situated along the southwestern extension of the Larder Lake-Cadillac Fault Zone between AuRico Gold Inc.'s Young Davidson gold mine and IAMGOLD Corporation's Cote Lake gold deposit.
The Juby Main Zone (news releases January 16 and February 28, 2012) contains a National Instrument 43-101 ("NI 43-101") compliant 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 and represents a target for large tonnage open pit mining operations. This resource was defined from surface along a strike length of 2,800 metres and is hosted in altered Timiskaming sediments and felsic intrusive rocks.
"The recently completed major land consolidation which increases our land position more than ten-fold opens up an aggressive and exciting phase of exploration on the Juby Project," commented Karen Rees, Vice President, Exploration. "Two rigs have recently begun drilling to expand the Juby Main Zone gold deposit both at depth and along strike to the west trending onto the Golden Lake Property where we earlier this year extended gold mineralization typical of the Juby Main Zone a further 750 metres where it remains open. We expect to add a third rig in early 2013 to test some priority exploration targets further along strike for both bulk tonnage and higher grade gold deposits typical of the Kirkland Lake and Timmins gold camps."
Land Consolidation Successfully Completed
On November 23, 2012, the Company announced the completion of the acquisition of a large block of claims from Goldeye Explorations Limited ("Goldeye"). As a result, Temex increased its 100% ownership in the area by over ten-fold from 1,343 acres to 14,423 acres. The acquired landholdings are contiguous and complementary to the existing Temex assets in Tyrrell Township and include a large block of claims in which Goldeye owned a 100% interest, as well as Goldeye's 40% interest in the claims comprising the Juby Joint Venture Property in which Temex held a 60% interest.
Importantly, Temex has successfully consolidated promising exploration properties in the immediate vicinity of the Company's Juby Main Zone and at the same time extended Temex's 100% ownership of the important Tyrrell Structural Zone ("TSZ"), host to all of the major gold occurrences in the region, a further 5 kilometres along trend, doubling Temex's controlled strike length to over 10 kilometres. The TSZ is a major structural feature similar in many geological respects to the Larder Lake- Cadillac and Destor-Porcupine major faults zones host to the world class Kirkland Lake and Timmins gold camps in the region.
Notable gold zones acquired from Goldeye along the TSZ include the Big Dome from which Goldeye has reported drill intersections including 217.50 g/t gold over 2.10 metres, 13.10 g/t gold over 3.00 metres and 80.70 g/t gold over 2.10 metres and Hydro Creek which includes drill intersections of 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.
Big Dome and Hydro Creek are located 4 and 5 kilometres respectively directly on strike along the TSZ west of the Juby Main Zone NI 43-101 gold resources.
The drill program has commenced with two rigs on the western portion of the Juby Main Zone and the projected extension onto the Golden Lake Property where drilling of 8 holes in spring intersected widespread gold mineralization typical of the Juby Main Zone a further 750 metres where it remains wide open. The objective of this program is to increase the Juby Main Zone NI 43-101 gold resource and to test priority exploration targets proximal to the resource.
Karen Rees, P.Geo., Vice President, Exploration of Temex Resources Corp., 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. Temex is exploring the Timmins Whitney Property, in partnership with Goldcorp, and the Juby Gold Project.
The Whitney Property has 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, 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, all at a cut-off grade of 0.30 g/t gold (Note 1).
The Juby Main Zone has NI 43-101 compliant resources 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 2).
The Gowganda Silver Project has a NI 43-101 compliant resource in tailings piles 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 January 16, 2012 and the technical report filed on SEDAR February 28, 2012. 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.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 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.
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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