TORONTO, Jan. 15, 2013 /CNW/ - Temex Resources Corp. (TSXV: TME), (FWB: TQ1) ("Temex" or "the Company") announces it has received the first set of assays from its drilling program at the Company's Juby Gold Project near Matachewan, Ontario. Results for drill holes GL12-09 to GL12-14 on the Golden Lake portion of the project continue to rapidly expand the Juby Main Zone gold zone to depth and demonstrate excellent continuity for 1 kilometre along strike to the west, intersect new zones of high grade gold mineralization, and confirm previous drilling results in this new area of the project.
All six holes reported today successfully intersected gold mineralization that is typical of the Juby Main Zone ("JMZ") over extensive and increasing widths. Importantly, there is an increasing incidence of narrow, but high grade, intervals including new discoveries in the hanging wall Timiskaming sediments and feldspar porphyry units containing visible gold, with assays of 31.39 g/t gold over 0.50 metres, 24.71 g/t gold over 0.53 metres, and 75.86 g/t gold over 0.50 metres; the latter is the highest individual gold assay recorded to date by Temex on the Juby Project. Diamond Drilling continues with two rigs.
Highlights of the drill results are shown below and detailed in the following table.
- GL12-10: 1.00 g/t gold over 166.98 metres including 2.13 g/t gold over 47.69 metres which includes 3.79 g/t gold over 14.22 metres and 24.71 g/t gold over 0.53 metres
- GL12-12: 1.03 g/t gold over 18.50 metres and 1.65 g/t gold over 33.40 metres including 14.41 g/t gold over 0.65 metres and another interval of 1.76 g/t gold over 23.10 metres
- GL12-13: 75.86 g/t gold over 0.50 metres; 0.51 g/t gold over 38.00 metres and 1.14 g/t gold over 45.00 metres including 2.92 g/t gold over 14.50 metres including 4.83 g/t gold over 7.88 metres and another interval of 31.39 g/t gold over 0.50 metres
"We are extremely pleased with the results reported today which continue to demonstrate the Juby Main Zone is a very large gold system that is wide open at depth and along strike. Our current drilling on the Golden Lake portion of the project is testing only a fraction of the Juby Main Zone trend, acquired in late 2012 through our recent consolidation of the Goldeye properties which expanded our landholdings ten-fold on this outstanding project," commented Ian Campbell, President and CEO.
The six holes reported today were drilled on three sections which, combined with the Company's first eight holes drilled on the Golden Lake Property (news release July 23, 2012), extend the known gold mineralized trend a further 750 metres to the west and demonstrate excellent continuity of gold mineralization from the current western extent of the Juby Main Zone NI 43-101 gold resources. The current drill pattern consists of a minimum of two holes drilled per section, with sections spaced 75 to 100 metres apart.
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. 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 Juby Gold Project 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 at Matachewan and IAMGOLD Corporation's Côté Lake gold deposit to the west. Temex is well financed with $9 million in cash.
The drill program commenced with two rigs on the projected western portion of the Juby Main Zone on the Golden Lake Property where drilling of eight holes in spring 2012 intersected widespread gold mineralization typical of the Juby Main Zone a further 750 metres west where it remains wide open. Between late November and late December, 14 holes were completed for a total of 4,262 metres and approximately 4,600 samples sent for analysis; the two rigs resumed drilling on January 8, 2013.
Golden Lake Option Agreement
Pursuant to the option agreement on the Golden Lake Property, Temex has satisfied the obligations under the agreement due on or before the first anniversary by making cash payments to the optionors totalling $100,000 and completing exploration expenditures of a minimum of $250,000 on the claims. In addition, the Company has issued an aggregate of 100,000 common shares of Temex Resources Corp. to the optionors. The securities issued are subject to a hold period expiring on May 12, 2013. 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.
Table 1. Significant results from drill holes reported in this release
|Hole||From (m)||To (m)||Core Length (m)||Au (g/t)|
|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.
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 (60% interest) is exploring the Timmins Whitney Property, in partnership with Goldcorp (40% joint venture interest; no back-in rights), 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).
- 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.
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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