TORONTO, March 26, 2013 /CNW/ - Temex Resources Corp. (TSXV: TME), (FWB: TQ1) ("Temex" or "the Company") provides updates on the Company's Juby and Whitney Gold Projects located in the Timmins - Kirkland Lake mining camps in northeastern Ontario, and on Corporate activities.
- Juby Gold Project, located 45 kilometres from AuRico Gold's Young-Davidson Mine: Diamond drilling results continue to extend the Juby Main Zone gold mineralization westward onto the Golden Lake Property. The new drill results (summarized in the following section and detailed in the appended table) will be incorporated into an updated gold resource estimation expected in the second quarter. The current NI 43-101 resource is defined along a 2.5 kilometre long strike length; the new drilling will extend the resource by a full kilometre, resulting in a 3.5 kilometre long strike length of the Juby Main Zone, which remains open both along strike and at depth. A highlight of new drill results to be added to the updated resource is hole TW12-10 which intersected 1.00 g/t gold over 166.98 metres including 2.13 g/t gold over 47.69 metres (news release January 15, 2013).
The Company is actively preparing for exploration activities for the upcoming field season on the claims acquired in November 2012 as part of an important land consolidation. The consolidation resulted in a 10-fold increase in the land position under Temex control and significantly, a key component is a 10-kilometre long strike length of the Tyrrell Structural Zone along which the Juby Main Zone gold deposit and other gold occurrences are located.
- Whitney Gold Project, located in the center of the Timmins Mining Camp: Diamond drilling is on-going at the Whitney Gold Project. The current program is targeting potential additional high grade gold resources in the Upper Hallnor and Bonetal areas and the expansion of current in-pit gold resources, as well as follow-up drilling of the significant gold discovery in drill hole TW12-238 which intersected 7.33 g/t gold over 5.75 metres including 60.40 g/t gold over 0.50 metres and 27.50 g/t gold over 0.35 metres (news release February 12, 2013).
The 2013 drill program is predominantly designed to further identify near surface, high grade gold resource targets suitable for near-term start-up production opportunities but in some areas the drilling is designed to upgrade inferred resources to the indicated category. In addition, engineering studies on open pit and underground mining scenarios have been initiated.
- Corporate Update: The Company further strengthened its Board of Directors recently with the appointment of Mr. René Marion to the Board of Directors. Mr. Marion brings more than 25 years of development experience and will Chair a new Strategic/Technical Advisory Committee which will report to the Board of Directors.
Temex is financed with over $7M cash in the treasury.
Analyst coverage was initiated by Stifel Nicolaus Canada Inc. (October 2012) and M Partners (March 2013).
Aggressive marketing campaign planned for the coming months throughout Canada, the United States and Europe.
"We are fully financed to execute on our aggressive 2013 exploration program which is focused on our two advanced gold projects, Juby and Whitney, both of which are located in the prolific Timmins - Kirkland Lake gold mining district," stated Ian Campbell, President and CEO of Temex. "The Company continues to strengthen its technical, development, and operational capabilities as it prepares to transition from an exploration to a development company."
Juby Gold Project
The Company announces results from the drill program on the Juby Gold Project (100% Temex) located near Matachewan, Ontario, 45 kilometres from AuRico Gold's Young-Davidson Mine. The drill campaign began in late November 2012 as part of the expansion of the Juby Main Zone National Instrument 43-101 ("NI 43-101") gold resource. Including holes drilled in spring 2012, a total of 37 drill holes for approximately 13,000 metres will be added into the updated resource estimate.
The results summarized below and detailed in the appended table are from drill holes which tested the area between the western limits of the current Juby Main Zone NI 43-101 resource (news releases January 16 and February 28, 2012) and previously reported holes drilled on the Golden Lake Property (news releases July 23, 2012 and January 15, 2013) where the mineralized zone is substantially wider and open to the west. All holes drilled during the campaign successfully intersected gold mineralization typical of the Juby Main Zone ("JMZ") over wide widths. Excellent continuity of the gold mineralization has been demonstrated and the results are consistent with expectations.
Juby Drill Results Highlights (see appended table for detailed intervals)
- GL12-15: 0.90 g/t gold over 55.00 metres including 1.54 g/t gold over 15.00 metres
- GL12-17: 0.95 g/t gold over 50.00 metres including 1.35 g/t gold over 11.69 metres
- GL12-19: 0.92 g/t gold over 35.60 metres and 1.32 g/t gold over 9.40 metres
- GL12-20: 1.07 g/t gold over 36.00 metres including 1.56 g/t gold over 20.00 metres
- GL12-21: 1.15 g/t gold over 16.66 metres
The upcoming 2013 field season focuses on evaluating the newly acquired ground to the west (news releases November 15 and November 23, 2012), and the numerous gold occurrences including Hydro Creek and Big Dome, which are directly along strike from the Juby Main Zone resource. Additional drilling will be done in conjunction with the field evaluation of the Hydro Creek and Big Dome higher grade occurrences.
The NI 43-101 gold resource estimate on the Juby Main Zone (news releases January 16 and February 28, 2012) is summarized below.
Juby Main Zone Summary NI 43-101 Resource Estimate (using a cut-off grade of 0.40 g/t gold)
- 22.3 million tonnes at a grade of 1.30 g/t gold for 934,645 ounces of gold, Indicated
- 28.2 million tonnes at a grade of 1.00 g/t gold for 905,621 ounces of gold, Inferred
Whitney Gold Project Work Program and Outlook
Diamond drilling has resumed on the project with the intent to further define near surface, high grade targets suitable for early start-up production opportunities and, in some areas, upgrading Inferred resources to the Indicated category. The overall start-up production objective will be to meet higher grade, lower tonnage, low capital, and low operating cost criteria to generate cash flow as a first phase to life of mine plan production. Additional targets are anticipated as work continues on the Bonetal Mine, the C Zone and the Broulan Reef Mine and these will be incorporated into future resource estimates. In addition, the Company is conducting engineering studies on open pit and underground mining scenarios.
The NI 43-101 gold resource estimate on the Upper Hallnor (news releases September 5 and October 23, 2012) is summarized below; shown on a 100% basis.
Upper Hallnor Summary NI 43-101 Resource Estimate (using a cut-off grade of 0.30 g/t gold)
- 3.0 million tonnes at a grade of 2.44 g/t gold for 234,300 ounces of gold, Measured
- 8.8 million tonnes at a grade of 1.97 g/t gold for 555,900 ounces of gold, Indicated
- 4.1 million tonnes at a grade of 1.82 g/t gold for 241,000 ounces of gold, Inferred
The Property is held under a joint venture under which Temex owns 60%, and Goldcorp Canada Ltd. owns 40% ("Goldcorp") (as manager, and on behalf, of the Porcupine Gold Mines Joint Venture (a joint venture between Goldcorp Inc. and Goldcorp)); Temex is the operator of the joint venture.
On March 14, 2013 the Company announced the appointment of Mr. René Marion, P.Eng. to the Board of Directors. Mr. Marion adds substantial depth in many areas of mining and corporate development. He was most recently President, CEO and Director of AuRico Gold Inc. ("AuRico") from 2007 to 2012. Over that period, he built AuRico into one of the "Top 40 Mining Companies" (Canadian Mining Journal, August 2012) which included the acquisition and development of AuRico's flagship Young-Davidson Mine, located 45 kilometres northeast of the Juby Gold Project. Prior to AuRico, he spent over 14 years in senior positions with Barrick.
Of particular significance is Mr. Marion's experience and ability to guide advanced exploration projects, and he will play an integral role alongside the Board and Management in advancing the Whitney Gold Project, in particular, within an aggressive time frame. Mr. Marion and Chairman Greg Gibson bring a combined 50 years of mineral exploration and mine development experience and a successful history of corporate development.
The non-brokered private placement (the "Private Placement"), previously announced on March 15, 2013, closed on March 25, 2013, pursuant to which 365,000 common shares of the Company (each, a "Share") were sold, at a price of $0.18 per Share, for gross proceeds of $65,700. The proceeds will be used for working capital purposes. The Shares issued are subject to a hold period expiring on July 26, 2013.
All of the Shares issued under the Private Placement were issued to an Insider of the Company. The subscription by the Insider constitutes a "related party transaction" pursuant to Multilateral Instrument 61-101, which is exempt from the minority approval and valuation requirements under such Instrument.
In early March, M Partners launched analyst coverage in a report by Ingrid Rico, following a site visit, adding to analyst coverage initiated by Craig Stanley of Stifel Nicolaus Canada Inc. in October, 2012. The Company has an aggressive marketing campaign planned for the coming months throughout Canada, the United States and Europe, the objective of which will be to introduce the Company to many potential new investors. The Company is financed with over $7M in the treasury.
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.
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 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).
- 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.
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, the expected use of the proceeds from the Private Placement, the potential transformation of the Company 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.
Table 1. Significant results from drill holes reported in this release
|Hole||From (m)||To (m)||Core Length (m)||Au (g/t)|
Note: Temex implemented a quality control (QA/QC) program 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 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 with a gravimetric finish. Intervals reported are core lengths. True widths are unknown at this time but are estimated to be 65 to 75% of the drilled width, depending on the angle of the drill hole.
SOURCE: Temex Resources Corp.
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