TORONTO, Nov. 14, 2011 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB:
TQ1) ("Temex" or "the Company") reports that near surface exploration
drilling on the Upper Hallnor Mine area of the Whitney Property (the
"Property") intersected 2.22 g/t gold over 35.70 metres including 2.78
g/t gold over 15.80 metres and 10.15 g/t gold over 3.30 metres in hole
TW11-163 at shallow depths.
Hole TW11-163 intersected several near surface quartz and
quartz-carbonate stockwork zones 30 metres downhole, hosted within the
footwall Timiskaming sediments near the unconformable contact with
Tisdale volcanic rocks to the north of the Upper Hallnor Mine. This is
the same contact zone that has seen significant production at Hallnor
and from both underground and large open pit mining operations directly
along strike and on the adjoining property to the east with the past
producing Hoyle and Pamour Mines, comprising a 4 kilometre long
corridor with past production of over 10 million ounces of gold.
The zones intersected in hole TW11-163 may represent the eastward
extension of the 1-55 North and South Veins from which Temex has
previously reported numerous high grade gold intersections. Additional
diamond drilling underway will test both the strike and down-dip
extension to this broad zone of gold mineralization.
"These results demonstrate the excellent potential for us to define gold
resources with both open pit and underground potential right in the
centre of Canada's largest gold mining camp," commented Ian Campbell,
President and CEO.
The results reported today are from a 12,000 metre drill program
initiated earlier this year which is testing priority targets in the
upper areas of the Broulan Reef and Hallnor Mines as well as other high
priority exploration targets on the Property. Assays are pending on
several other holes.
Drilling is ongoing with two rigs working on the Upper Hallnor property
testing several targets with the primary objective being the
delineation of National Instrument 43-101 compliant gold resources at
the Hallnor 6 Vein area and the 1-55 North and South Veins. This work
is designed to follow up on the excellent results obtained during the
first phase program.
The Property hosts three past producing mines including the high grade
Hallnor Mine which produced 1.7 million ounces of gold at an average
grade of 0.40 ounce per ton (13.7 g/t) gold. Exploration is being
conducted by the Company under the terms of a joint venture agreement
between Temex (60%) and Goldcorp Canada Ltd. (40%). During the option
period prior to earn-in, the Company completed 88 drill holes for
The joint venture with Goldcorp was formed in June 2010, and during the
first year of the agreement 84 drill holes totalling 22,302 metres were
completed. The current campaign has completed an additional 13 drill
holes for 4,267 metres for an aggregate of $2.5 million in exploration
expenditures. The Company and Goldcorp recently approved a $1.5
million budget to commence immediately and it is anticipated that two
rigs will be operating well into the new year for an aggregate of $4.0
million in exploration expenditures by the end of the second
anniversary of the agreement.
Ian Campbell, P. Geo., President and CEO of the Company, is the
designated "qualified person" (within the meaning of National
Instrument 43-101) responsible for the preparation of this news
Table 1. Significant results from drill holes reported in this release
Core Length (m)
Upper Hallnor - Footwall Zone
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 its Timmins Whitney Property, in
partnership with Goldcorp, and is expanding its NI 43-101 gold resource
at the Juby Gold Project (Note 1) with an updated resource estimate
planned for fall 2011. The Juby Main Zone has a resource of 14.1
million tonnes at a grade of 1.36 g/t gold for 614,000 ounces of gold
in the Indicated category and 18.3 million tonnes at a grade of 1.14
g/t gold for 602,000 ounces of gold in the Inferred category, both at a
cut-off grade of 0.50 g/t gold. Temex also has a NI 43-101 compliant
resource for tailings material on its Gowganda Silver Project (Note
2). The tailings piles contain a 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.
Information regarding the mineral resource estimate on the Juby Main
Zone is in the Company's news release dated June 15, 2010 and the
technical report filed on SEDAR July 30, 2010. The Mineral Resource
Statement was prepared for Temex by GeoVector Management Inc., Ottawa,
Ontario according to the "CIM Standards on Mineral Resources and
Reserves: Definition and Guidelines" (December, 2005), by Allan
Armitage, Ph.D., P. Geol., and Joe Campbell, B.Sc., 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 according to the "CIM
Standards on Mineral Resources and Reserves: Definition and Guidelines"
(December, 2005), by Allan Armitage, Ph.D., P. Geol., Alan Sexton,
M.Sc., P.Geo. and Joe Campbell, B.Sc., 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
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.
For further information:
For more information please visit www.temexcorp.com or email: email@example.com or
phone: 416-862-2246 toll free: 866-373-6287