TORONTO, Jan. 15, 2014 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") is pleased to announce initial National Instrument 43-101 ("NI 43-101") mineral resource estimates on the Hydro Creek and Big Dome Zones of the 100%-owned Juby Gold Project (the "Project"). 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.
- Indicated Category: 49,070 ounces gold contained in 1,290,000 tonnes at a grade of 1.19 g/t gold
- Inferred Category: 734,580 ounces gold contained in 22,010,000 tonnes at a grade of 1.04 g/t gold
- Wide open for expansion
- New parallel targets identified
Ian Campbell, President and CEO of Temex Resources Corp., commented, "We are very pleased that we were able to further increase gold resources on the Juby Project in an efficient and cost effective manner. The detailed geological work that was done on readily available and secure drill core from previous operators on these zones, along with the recent field program clearly demonstrates the potential for expansion of the resources, given that the 3 kilometre long trend between the resources announced today and the Juby Main Zone is completely untested as is the northwest extension beyond the Hydro Creek and Big Dome areas. I believe that our Juby Project is one of the most highly attractive exploration projects in Ontario and is a perfect complement to our high grade Whitney Project located in Timmins, at which we are in the advanced exploration stage. This combination of gold projects offers our shareholders immense upside value both in the immediate and medium term."
The mineral resource statement on the Hydro Creek and Big Dome Zones was prepared by GeoVector Management Inc. of Ottawa, Ontario. The resource estimate is based on 127 holes drilled for 36,103 metres by previous operators. Core was re-logged by GeoVector personnel, infill sampling of core was sent for assay, check and referee assays were done of pulps that were securely stored. A total of 18,026 individual assays from those 127 holes were used in the calculation of this resource. Table 1 presents the resource estimate on Hydro Creek and Big Dome at various cut-off grades. Table 2 presents the global NI 43-101 resource summary for the Juby Gold Project at a cut-off grade of 0.40 g/t gold. The technical report will be filed on SEDAR within 45 days.
Table 1: Resource Estimate - Hydro Creek and Big Dome Zones
|Cut-off Grade (g/t)|| Tonnage
| Gold Grade
|Indicated Resource (Hydro Creek)|
|Inferred Resource (Hydro Creek and Big Dome Combined)|
Note: Figures for Tonnage and Contained Ounces have been rounded.
The Hydro Creek and Big Dome Zones are 450 metres apart, have strike lengths of 1,100 metres and 950 metres, respectively, and occur over a combined strike length of 2.5 kilometres. The mineralized zones that comprise the resource are hosted in a moderately (45 to 65 degrees) southwest dipping sequence that consists of hanging wall mafic volcanic rocks, a central core of sedimentary rocks - quartz-feldspar porphyry units and footwall ultramafic rocks.
Juby Project Global Resources
The consolidated Juby Gold Project covers 14,423 acres and includes the 100%-owned Juby Lease, the adjacent Golden Lake Property, on which Temex has an option to earn 100% (news release January 18, 2012), and the expanded land position via a purchase and sale agreement (news releases November 15 and 23, 2012). As a result of the consolidation, Temex now controls a 10 kilometre long strike length of the Tyrrell Structural Zone ("TSZ") along which the NI 43-101 resources are located. Global gold resources on the project as a result of this update are shown in Table 2 at a cut-off grade of 0.40 g/t gold.
Table 2: Juby Gold Project NI 43-101 Resource Summary
|Category / Zone|| Tonnage
| Gold Grade
|Indicated Resources at Cut-off Grade of 0.40 g/t Gold|
|Juby Main Zone||25,300||1.28||1,041,300|
|Inferred Resources at Cut-off Grade of 0.40 g/t Gold|
|Juby Main Zone||74,200||0.91||2,174,200|
Note: Figures for Tonnage and Contained Ounces have been rounded.
Exploration Targets and Upside
The Hydro Creek and Big Domes Zones are located 5 kilometres northwest of the Juby Main Zone and Golden Lake Zone on which the Company announced an updated NI 43-101 resource (news releases April 29 and June 13, 2013). There is no diamond drilling along the 3 kilometre long geological trend hosting the Hydro Creek and Big Dome gold resources announced today and the Juby Main Zone, offering excellent and immediate potential for resource expansion upon the resumption of diamond drilling. The global NI 43-101 resource for the Juby Gold Project is summarized in Table 2 at a cut-off grade of 0.40 g/t gold.
Temex also reports the results of the 2013 field program which consisted of geological and structural mapping, regional prospecting and soil sampling. The prospecting and soil sampling program was reconnaissance in nature and primarily covered an area of approximately 3 by 5 kilometres over the north half of the claim group acquired via the purchase and sale agreement in November 2012.
The soil sampling program identified two anomalous trends that can be traced for approximately 5 kilometres, located to the south and sub-parallel to the structure on which the Hydro Creek and Big Dome Zones are located. There is no record of diamond drilling on these newly identified target trends. Anomalous gold values in the soil samples range from 6 to 86 ppb gold, considered high for the Juby Project and are similar in response to those over the Juby Main Zone. Additionally, there are several other shorter trends which will be prospected in the 2014 field season.
Prospecting discovered several new gold-in-bedrock occurrences with gold assays generally ranging from 0.25 to 3.50 g/t gold and a high of 14.09 g/t gold. These new occurrences, along with several others with limited to no diamond drill testing, will be evaluated in the 2014 field season.
Structural mapping identified several new high priority target areas for follow-up prospecting across the Project. One of these targets in the northwest part of the Project is an area with several gold occurrences in and along a felsic intrusive unit, which is an excellent geological environment to host mesothermal gold deposits.
Resource Estimate Notes and Parameters for Hydro Creek and Big Dome Zones
- Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimates presented in this news release 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 in this news release 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 25 g/t.
- The current resource estimates are based on 103 drill holes totaling 29,371 metres drilled by Goldeye Explorations Limited (1997-2012), 22 drill holes totalling 6,372 metres drilled by Haddington Resources Ltd. (1995-1996) and 2 drill holes totaling 360 metres drilled by Orogrande Resources (1999-2000).
- These 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 200 to 300 metres, with 600 metres being the maximum depth tested.
- The Hydro Creek Zone is mineralized in multiple lenses ranging from 10 to 50 metres total width (including both Core and Halo domains). The Big Dome Zone is mineralized in multiple lenses ranging from 5 to 20 metres total width (including both Core and Halo domains).
- The Geovia GEMS block model is defined by 5m x 5m x 1.5m blocks. A bulk density of 2.81 t/m3 was used for all tonnage calculations in the Core domains; in the Halo domains a bulk density of 2.80 t/m3 was used for all tonnage calculations. The values were derived from 252 specific gravity ("SG") tests of representative core.
- The interpolation of grade was completed with Geovia GEMS software, using the IDW (inverse distance weighting) method. The Indicated category resource used the IDW2 method, with a minimum of 4 and maximum of 10 samples and a 60m spherical search ellipse aligned with the dominant direction of mineralization in each domain. The Inferred category resource used the IDW2 method, with a minimum of 2 and maximum of 12 samples and a 150m x 120m 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.
Joe Campbell, BSc, P.Geo., Alan Sexton, MSc, P.Geo., and Duncan Studd, MSc, P.Geo. 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.
Golden Lake Option Agreement
Pursuant to the option agreement on the Golden Lake Property, Temex has made cash payments totalling $100,000 and has issued an aggregate of 100,000 common shares to the optionors, satisfying Temex's second anniversary payment obligations under the option agreement. The securities issued are subject to a hold period expiring on May 14, 2014. In addition, Temex has satisfied the total work commitments due by the third anniversary of the option agreement by having performed more than $750,000 of exploration expenditures on the claims. The option agreement was previously announced on January 18, 2012.
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 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 a NI 43-101 compliant resources on the Upper Whitney of 0.97 million tonnes at a grade of 7.02 g/t gold for 218,100 ounces of gold in the Measured category plus 2.3 million tonnes at a grade of 6.77 g/t gold for 490,500 ounces of gold in the Indicated category and 1.0 million tonnes at a grade of 5.34 g/t gold for 170,700 ounces of gold in the Inferred category at a cut-off grade of 3.0 g/t gold (Note 1).
The Juby Gold Project has NI 43-101 compliant resources of 26.6 million tonnes at a grade of 1.28 g/t gold for 1,090,400 ounces of gold in the Indicated category and 96.2 million tonnes at a grade of 0.94 g/t gold for 2,908,800 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 Whitney is in the Company's news release dated January 14, 2014; the technical report will be filed on SEDAR within 45 days of this date. 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. Information on the mineral resource estimate on the Hydro Creek and Big Dome Zones is in the Company's news release dated January 15, 2014; the technical report will be filed on SEDAR within 45 days of this date. 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, P.Geo., "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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