TORONTO, June 5, 2013 /CNW/ - Temex Resources Corp. (TSX-V: 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 drill program, which resumed in March, is being conducted in the past-producing Upper Hallnor Mine area and is targeting additional high grade gold resources in the Upper Hallnor and Bonetal areas, the expansion of current in-pit gold resources, as well as follow-up drilling of a significant new gold discovery reported earlier this year.
Highlights (see Table 1 for details of significant intersections including downhole depths)
- TW13-250: 8.84 g/t gold over 6.20 metres including 19.83 g/t gold over 2.70 metres and 37.43 g/t gold over 1.20 metres
- TW13-252: 1.80 g/t gold over 11.30 metres including 2.86 g/t gold over 6.10 metres
- TW13-257: 9.78 g/t gold over 21.50 metres including 23.82 g/t gold over 7.70 metres with individual samples assaying 83.30 g/t gold over 0.65 metres and 87.90 g/t gold over 1.20 metres
- TW13-258: 1.91 g/t gold over 28.80 metres including 5.49 g/t gold over 6.00 metres with individual samples assaying 16.22 g/t gold over 1.00 metre and 11.17 g/t gold over 1.00 metre
"We are very pleased with the high grade gold values we have intersected in this latest batch of drill results as they continue to validate our assertions of near-surface, near-term production opportunities at Upper Hallnor," commented Ian Campbell, President and CEO.
Diamond drilling will continue throughout the year at the Whitney Project, with 72 new holes totalling 7,598 metres drilled since the maiden resource on the Property was announced (news releases September 5 and October 23, 2012). The resource is summarized later in this news release.
The 110 Zone is one of several principal targets within the Upper Hallnor being tested for early production as it has historically reported high grade gold drill intercepts and projects to surface. Hole TW13-257, intercepting 23.82 g/t gold over 7.70 metres within a 21.50 metre wide interval which graded an average of 9.78 g/t gold and included two individual samples that assayed 83.30 g/t gold over 0.65 metres and 87.90 g/t gold over 1.20 metres, was the highlight of the program. It is significant that the 21.50 metre core length of gold mineralization in TW13-257 occurs near surface from 13.00 to 34.50 metres downhole which may have positive economic effects when mining.
Ten of the eleven holes of the program successfully intersected vein structure at target locations which is targeting perimeter expansions of the Hallnor 110 Zone. Holes TW13-244 to TW13-252 and TW13-257 to TW13-260 were drilled to confirm the extent and geometry of the 110 structure to advance the engineering design work for production start-up. The zone extends over a 180 metre strike length and an average 65 metres down an average -45 degree dip.
See Table 1 for details of significant intersections from the current drill program; a summary of historic significant drill results from the 110 Zone are presented in Table 2.
238 Vein Discovery:
Holes TW13-253 to TW13-256 all intersected the new gold in quartz vein discovery made with hole TW12-238 which intercepted 7.33 g/t gold over 5.75 metres including 60.40 g/t gold over 0.50 metres (news release February 12, 2013). All six of the holes drilled to date have consistently intercepted a strong shear vein structure with associated strong ankerite, pyrite, and pyrrhotite with occasional sphalerite alteration along 80 metres of strike length to a depth extending to 60 metres below surface at a near vertical orientation. The vein structure remains open along strike and at depth.
We expect that the 2013 drill program will continue to define near surface, high grade gold targets suitable for simple and early start-up production opportunities while at the same time upgrading inferred resources to the indicated category. The Company's objective is to generate high economic return, low capital, and low operating cost zones to generate quick cash flow as a first phase to life of mine plan production. More targets are anticipated to be generated as historic data from the Hallnor, Bonetal, and Broulan Reef past producing mine properties is compiled into digital format, computer modeled and incorporated into future resource estimate updates.
Table 1. Significant results from drill holes reported in this release
|Hole||From (m)||To (m)||Core Length (m)||Au (g/t)|
Notes: Temex has implemented a quality control (QA/QC) program that includes insertion of blanks, commercial standards and duplicate core samples in order 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 bonded 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 using fire assay with a gravimetric finish. As part of in-house QA/QC SGS Canada inserted certified gold standards, blanks and pulp duplicate samples. Random additional repeats are also analyzed as required. Results from all internal QC samples and repeats are reported. Intervals reported are core lengths. True widths are unknown at this time.
Table 2. Significant historic Hallnor 110 Zone drill results (Temex and previous operators)
|Hole||From (m)||To (m)||Core Length (m)||Au (g/t)|
*Note: TW10 and TW12 series holes were drilled by Temex in 2010 and 2012 respectively.
Upper Hallnor Summary NI 43-101 Resource Estimate (using a cut-off grade of 0.30 g/t gold; shown on a 100% basis)
- 3.0 million tonnes at a grade of 2.44 g/t gold for 234,300 ounces of gold, Measured
- 8.8 million tonnes at a grade of 1.97 g/t gold for 555,900 ounces of gold, Indicated
- 4.1 million tonnes at a grade of 1.82 g/t gold for 241,000 ounces of gold, Inferred
The Whitney Property is held under a joint venture in 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)).
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 (40% joint venture interest; no back-in rights), and exploring the Juby Gold Project (100% Temex).
The Whitney Property has open pit and underground 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 plus 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 at a cut-off grade of 0.30 g/t gold for open pit and 2.0 g/t for underground (Note 1).
The Juby Main Zone has NI 43-101 compliant resources of 25.3 million tonnes at a grade of 1.28 g/t gold for 1,041,343 ounces of gold in the Indicated category and 74.2 million tonnes at a grade of 0.91 g/t gold for 2,174,193 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 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 April 29, 2013; 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, "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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