TORONTO, Oct. 29, 2013 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") announces high grade gold intersections at shallow depths from step-out surface drilling, extending the Hallnor Mine mineralization west to the Bonetal Mine area. The Bonetal area is located 800 metres west-southwest along mine trend from the Hallnor Mine shaft. Hallnor was the highest grade past producing mine in the Timmins gold camp which yielded 1.7 million ounces of gold at an average grade of 0.40 opt (13.7 g/t) before closing in 1972.
Highlights (see Table 1 for downhole depths of significant intersections and Table 2 for details on drill hole locations)
- TW13-312: 10.97 g/t gold over 6.00 metres incl 94.20 g/t gold over 0.30 metres and 17.34 g/t gold over 0.80 metres
- TW13-315: 6.34 g/t gold over 2.50 metres including 13.00 g/t gold over 1.00 metre
- BON880-7: 6.09 g/t gold over 6.30 metres including 12.05 g/t gold over 0.60 metres
- BON891-2: 3.19 g/t gold over 14.40 metres including 16.21 g/t gold over 0.60 metres
- BON891-6: 3.92 g/t gold over 8.10 metres including 13.25 g/t gold over 0.80 metres
"We are very pleased with these preliminary results at the Bonetal mine area as they have demonstrated continuity and extended some of the high grade gold bearing structures west from the Hallnor Mine area and will be incorporated into our plans for advanced exploration work on the Upper Hallnor," stated Ian Campbell, President and CEO.
The drill holes released today tested gold bearing structures over strike lengths of 150 metres and 105 metres respectively, with mineralized zones remaining open along strike and at depth. The TW series holes tested the western extension of the 155 vein and stockwork zones from the Hallnor property along two sections, highlighted by hole TW13-312 which intersected 10.97 g/t gold over 6.00 metres (81.00 to 87.00 metres downhole) including 94.20 g/t gold over 0.30 metres and 17.34 g/t gold over 0.80 metres.
The BON880 and BON891 holes were geotechnical holes which tested the Upper Bonetal Mine. Gold mineralization is hosted in variolitic volcanic breccia, known as "chicken feed", veined zones and stockworks in intermediate volcanic rocks similar to the Lower Hallnor Mine. Highlights include hole BON880-7 which intersected 6.09 g/t gold over 6.30 metres (23.40 to 29.70 metres downhole) including 12.05 g/t gold over 0.60 metres and hole. BON891-2 which intersected 3.19 g/t gold over 14.40 metres (24.30 to 38.70 metres downhole) including 16.21 g/t gold over 0.60 metres and 9.60 g/t gold over 1.00 metre.
During the current approved program, 93 holes were drilled for a total of 9,895 metres. An additional 32 holes totalling 1,462 metres were drilled for geotechnical investigations of the crown pillar areas at the Bonetal and Broulan Reef past-producing mines.
Drill data collected during the current program is being interpreted with the focus on underground resource optimization of high grade gold structures within the lower grade envelope reported in the NI 43-101 resource estimate. Several of the near surface, high grade vein targets such as the 110, VM, Main, 155, 155 North and 155 South zones have been the focus of this portion of the drilling campaign.
The immediate objective is to define a first phase, life of mine plan beginning with an advanced exploration program consisting of a starter pit and a near surface underground exploration program with low capital outlays and operating costs, and which generates high economic return and quick cash flow.
Engineering mine design work has commenced and is examining both open pit and underground mining scenarios for an advanced exploration mining program. Environmental and permitting activities have been initiated toward that purpose.
The Whitney Property is held under a joint venture in which Temex owns 60% and is operator, and Goldcorp Canada Ltd. ("Goldcorp") owns 40% (as manager and on behalf of the Porcupine Joint Venture, a joint venture between Goldcorp Inc. and Goldcorp Canada Ltd.). Goldcorp recently informed Temex that it has reduced its exploration spending and as a result notified the Company that it will not be contributing its full share to the current approved program. Therefore, as per the joint venture agreement, Temex has elected to make cover payments to complete the $2.2 million program as planned.
Karen Rees, P.Geo., Vice President, Exploration of Temex Resources Corp., is the designated qualified person responsible for the preparation of this news release.
Table 1. Significant results from drill holes reported in this release
|Hole||From (m)||To (m)||Core Length (m)||Au (g/t)|
Notes: Temex has implemented a quality control (QA/QC) program that includes insertion of blanks, commercial standards and duplicate core samples in order to ensure best practice in sampling and analysis. Drill core samples are cut at Temex facilities using a diamond saw with the samples transported by Temex personnel in securely sealed bags to a bonded freighting company and from there directly to facilities operated by SGS Canada in Sudbury and Mississauga, Ontario for preparation and analysis. Core samples are analyzed for gold using fire assay on a 30 gram split with an ICP finish. Where initial results exceed 3 g/t gold, a second assay is completed on another 30 gram split using fire assay with a gravimetric finish. As part of in-house QA/QC SGS Canada inserted certified gold standards, blanks and pulp duplicate samples. Random additional repeats are also analyzed as required. Results from all internal QC samples and repeats are reported. Intervals reported are core lengths. True widths are unknown at this time.
Table 2. Location details for drill holes reported in this release
|Hole|| UTM Easting
| UTM Northing
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 Canada Ltd. (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.
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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