TORONTO, Feb. 12, 2013 /CNW/ - Temex Resources Corp. (TSXV: TME), (FWB: TQ1) ("Temex" or "the Company") reports assay results from the surface diamond drilling campaign on the Whitney Project located in Timmins Ontario. The drilling was conducted on the northwest part of the Upper Hallnor portion of the Whitney Property with the objective to expand the National Instrument 43-101 ("NI 43-101") resource announced on the Upper Hallnor September 5, 2012 (see below).
Highlights of the drill results are shown below and detailed in the following table.
Upper Hallnor Northwest Volcanic Horizon
- TW12-234: 1.15 g/t gold over 20.00 metres; 1.83 g/t gold over 4.00 metres including 26.10 g/t gold over 0.50 metres
- TW12-237: 2.38 g/t gold over 5.70 metres
- TW12-238: 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
Upper Hallnor Bonetal Mine Area
- TW12-239: 1.10 g/t gold over 8.00 metres including 11.30 g/t gold over 0.50 metres
- TW12-240: 1.89 g/t gold over 23.20 metres including 6.50 g/t gold over 2.70 metres, and including 28.80 g/t gold over 0.40 metres
- TW12-241: 4.15 g/t gold over 3.50 metres and 1.68 g/t gold over 5.20 metres
- TW12-242: 4.30 g/t gold over 3.00 metres including 16.18 g/t gold over 0.70 metres
- TW12-243: 1.67 g/t gold over 8.00 metres including 10.05 g/t gold over 0.50 metres
Mr. Ian Campbell, President and CEO of the Company stated, "We are very pleased that our exploration efforts continue to deliver excellent near-surface gold values that will add to the size of the Whitney resource and we are particularly interested in the new area of high grade visible gold mineralization discovered in hole TW12-238 that is within 50 metres of surface in an area where mineralization was previously unknown to occur in an area currently designated as waste within our current optimized pit shell on Upper Hallnor. While we are focused on advancing Whitney toward pre-production in a timely manner, the results of TW12-238 clearly highlight the strong exploration characteristics of the Property and the potential to find gold mineralization in zones not previously recognized."
Five holes were drilled in the north hanging wall volcanic rocks and intersected gold mineralization typical of the former producing Hallnor Mine and five holes tested the former producing Bonetal Mine. Importantly, hole TW12-238 intersected a new high grade gold zone near the top of the hole grading 7.33 g/t gold over 5.75 metres which represents a new near-surface discovery in an area with no previous drilling and it is wide open at depth and along strike to the west. This area lies within the current optimized pit shell and is currently designated as waste, giving the opportunity to convert waste into potential gold resources. The Hallnor hanging wall volcanic rocks are typified by multi-ounce, narrow, sheared veins that expand in places into extension vein stockworks historically exploited by bulk mining methods. Significantly, most of the holes intersected gold mineralization within 100 metres of surface, and several of those intersections contain high grade visible gold.
Holes TW12-235, 238, 239, 240, 241, 242 and 243 intersected gold mineralization outside of the current NI 43-101 optimized pit resource shell and will be incorporated into future resource updates. Holes TW12-234, 236, and 237 targeted inferred resources in the north volcanic hanging wall within the northern extremity of the resource pit shell.
Work Program and Outlook
The drill campaign began in November 2012 with 10 holes totaling 2,029 metres completed prior to the end of the year. The 2013 program will continue to define near surface, high grade targets suitable for early start-up production opportunities and in some areas will upgrade inferred resources to the indicated category. The overall objective will be to meet higher grade, lower tonnage, low capital, and low operating cost criteria with the potential to generate quick cash flow as a first phase to life of mine plan production. Additional targets are anticipated to be generated as work continues on the on the Upper Hallnor, Bonetal, C Zone, Broulan Reef and Hugh Pam areas and incorporated into future resource estimates.
The Property is held under a joint venture under which Temex owns 60% and is operator 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. The results of the resource announced in September 2012 are summarized below and are shown on a 100% basis.
Mineral Resource Upper Hallnor In-pit at 0.30 g/t Au cut-off grade (news release September 5, 2012)
- Measured ("M"): 232,100 ounces contained in 2,964,000 tonnes at a grade of 2.44 g/t gold
- Indicated ("I"): 544,000 ounces contained in 8,664,000 tonnes at a grade of 1.95 g/t gold
- TOTAL M+I: 776,100 ounces Measured and Indicated at a grade of 2.07 g/t gold
- Inferred: 231,900 ounces contained in 4,024,000 tonnes at a grade of 1.79 g/t gold
Table 1. Significant results from drill holes reported in this release
|Hole||From (m)||To (m)||Core Length (m)||Au (g/t)|
|Upper Hallnor - Volcanic Horizon|
|Hole||From (m)||To (m)||Core Length (m)||Au (g/t)|
|Upper Hallnor - Bonetal Mine Area|
Notes: Temex implemented a quality control (QA/QC) program to ensure best practice in sampling and analysis. Drill core (NQ size) samples are cut at Temex facilities using a diamond saw with one half of the cut core placed into securely sealed bags. The remaining half of the core is kept as a permanent record and stored at a secure facility in Timmins. SGS Canada personnel transport batches of samples from the Temex facility to the SGS facility in Cochrane, Ontario for preparation and analysis. Core samples are analyzed for gold using a 30 gram fire assay with an ICO finish. Where initial results exceed 3 g/t gold, a second assay is completed on another 30 gram split with a gravimetric finish. Samples observed by Temex personnel to contain visible gold are assayed by screened metallics fire assay on a 500 gram split. Intervals reported are core lengths. True widths are unknown at this time.
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 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.
For further information: