TORONTO, Feb. 9, 2012 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") is pleased to announce the latest exploration results from the Whitney Gold Project. Whitney is an advanced gold project that includes 4 km of the prolific Timmins gold trend that has been mined for 100 years and remains the largest gold producing district of Canada. Temex is conducting an aggressive diamond drill program to discover near-surface economic gold zones on the Whitney property. The Whitney property contains numerous near-surface gold targets including the Upper Broulan Reef Zone, C Zone, and Q Zone.
- 4.95 g/t g/t gold over 20.00 metres including 12.92 g/t gold over 7.00 metres in C-Zone
- 1.21 g/t gold over 34.10 metres including 17.26 g/t over 1.00 metre at Upper Broulan Reef
- 1.35 g/t gold over 15.80 metres at Upper Broulan Reef
"These results further substantiate our expectation that significant amounts of near surface gold mineralization remain on the Whitney property and are consistent with the fact that this property is the site of some of the highest-grade historic underground gold mines in the Timmins area", said Ian Campbell, President and CEO. "Given the robust gold price, Timmins is experiencing a renewed focus on open pit gold mining especially in areas containing historic underground gold mining sites."
Upper Broulan Reef Zone
These recent drill results provide more evidence that substantial gold mineralization occurs near the former producing Upper Broulan Reef Mine, in the hanging wall and footwall areas. Holes TW11-134 and TW11-137 encountered gold mineralization with TW11-134 intersecting 3.71 g/t gold over 1.00 metre and 3.60 g/t gold over 0.80 metres and TW11-137 intersecting 1.21 g/t gold over 34.10 metres including 17.26 g/t gold over 1.00 metre and including 6.16 g/t gold over 0.50 metres.
The results reported today are from holes additional to those previously announced (news release September 28, 2011) in the Upper Broulan Reef Mine area which included 37.90 g/t gold over 8.80 metres and 3.97 g/t gold over 6.80 metres. These types of zones have historically had nugget-type gold mineralization, some of which were successfully bulk mined from underground with significantly higher grades being obtained from mining than those grades indicated by drilling.
Two holes tested the Reef Zone which is believed to be the western extension of the Broulan Reef Mine, at shallow depths intersecting 1.30 g/t gold over 6.10 metres in TW11-126, and 1.35 g/t gold over 15.80 metres including 4.41 g/t gold over 3.70 metres including 21.22 g/t gold over 0.70 metres in hole TW11-127.
The C Zone is near-surface gold mineralization located east-northeast of the former Broulan Reef Mine and northwest of the Hallnor Mine and appears to represent classic hook vein geometry similar to the high grade veins mined in the volcanic rocks at depth in the Hallnor Mine. Drill holes TW11-174 and TW11-175 tested the down-plunge potential and geometry of the hook vein. Both holes encountered multiple vein zones with hole TW11-174 intersecting 4.95 g/t gold over 20.00 metres including 12.92 g/t gold over 7.00 metres. Hole TW11-175 successfully intersected several quartz vein structures but with low gold values. Previous significant drill results from the C Zone include 3.73 g/t gold over 30.30 metres including 4.47 g/t gold over 22.20 metres, 1.51 g.t gold over 31.00 metres and 3.64 g/t gold over 15.0 metres. All holes reported are within 100 metres from surface.
Two holes tested for the western strike extension of Q Zone in the Hugh Pam area 1.5 kilometres along strike from where Temex previously interested very high grade gold mineralization in the Upper Hallnor Mine. Both holes successfully intersected the target host quartzite unit with hole TW11-154 yielding 122.85 g/t gold over 0.50 metres and 5.42 g/t gold over 0.50 metres within typical, narrow quartz veins. Importantly, these holes demonstrate the continuity of the quartzite host and the existence of very high grade veins and the Q Zone remains a top priority exploration target.
The current program, which began in October 2011, is focused on testing the Upper Hallnor Mine area for potential open-pittable gold resources and to provide sufficient data to establish an initial National Instrument compliant 43-101 resource estimate. A total of 43 holes for 12,900 metres have been drilled to date in this campaign. This program is being conducted under the joint venture between Temex (60%) and Goldcorp Canada Ltd. (40%).
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_ID||From (m)||To (m)||Core Length (m)||Au (g/t)|
|Upper Broulan Reef|
Notes: Temex implemented a quality control (QA/QC) program to ensure best practice in sampling and analysis. Samples of split NQ-size core are transported by Company personnel in securely sealed bags for preparation and analysis at ALS Chemex facilities. The remaining half of the core is kept as a permanent record and stored at a secure facility in Timmins. ALS Chemex is an ISO9001-2008 and ISO 17025-2005 registered laboratory. Core samples are analyzed for gold using a 30 gram fire assay with an AA finish and by gravimetric methods. Samples observed by Company personnel to contain visible gold are assayed by metallic screen gold assay.
For holes drilled between March and June 2011, analyses were performed by Swastika laboratories located in Swastika, Ontario, however samples taken on those same holes in fall 2011 to fill sample gaps were analyzed by ALS Chemex.
Intervals reported are core lengths. True widths are unknown at this time. Estimates if reported are historical in nature and are not in compliance with NI 43-101 "Standards of Disclosure for Mineral Deposits" and therefore should not be relied upon.
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 its Juby Gold Project. 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 1). Temex also has a NI 43-101 compliant resource for tailings material on its Gowganda Silver Project (Note 2). 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.
- Information regarding the mineral resource estimate on the Juby Main Zone is in the Company's news release dated January 16, 2012; 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 according to the "CIM Standards on Mineral Resources and Reserves: Definition and Guidelines" (December, 2005), 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.
- 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, PhD, P.Geol., Alan Sexton, MSc, P.Geo. and Joe Campbell, BSc, 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 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.
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