TORONTO, April 18, 2012 /CNW/ - Temex Resources Corp. (TSXV: TME) (FWB: TQ1) ("Temex" or "the Company") announces that high grade gold mineralization has been intersected in the Q Zone and broad zones of gold mineralization with high grade intervals have been intersected in the Upper Hallnor on the Whitney Project, Timmins. Significant results are shown in Table 1.
Temex is conducting a program targeting the Upper Hallnor to define near-surface gold resources typical of what has been mined at the adjacent Pamour Mine and Hoyle Mine sites. The Hallnor Mine was the highest grade past producing multi-million ounce gold mine in Timmins, Canada's largest gold producing area. Since October 2011 a total of 65 holes for 16,800 metres have been drilled in this campaign which is designed to define gold resources that may be mined near surface.
Drill Highlights for Q Zone:
- TW11-180: 6.38 g/t gold over 3.78 metres including 27.90 g/t gold over 0.73 metres
- TW12-208: 36.20 g/t gold over 1.00 metre
Drill Highlights for Upper Hallnor Mine Horizon:
- TW11-173: 1.05 g/t gold over 87.48 metres including 9.97 g/t gold over 0.70 metres and 10.36 g/t gold over 2.00 metres
- TW11-179: 1.79 g/t gold over 4.50 metres including 4.22 g/t gold over 0.90 metres
- TW11-187: 1.07 g/t gold over 31.30 metres including 10.30 g/t gold over 0.50 metres
"We are very pleased by the continued encouraging drill results through the Upper Hallnor mine horizon and that the Q Zone, discovered in 2009, has now been intersected along a vertical distance of 600 metres with several intercepts of high grade gold mineralization," said Ian Campbell, President and CEO.
The Q Zone was discovered by Temex in holes TW09-78 and TW09-79 (news releases May 14, 2009 and July 7, 2009) which recorded multiple high grade gold intercepts over a 300 metre vertical extent including 68.70 g/t gold over 0.50 metres, 16.65 g/t gold over 0.50 metres, 14.97 g/t gold over 0.50 metres, 29.21 g/t gold over 1.40 metres, and 17.71 g/t gold over 2.90 metres including 90.35 g/t gold over 0.50 metres, with visible gold occurring in 15 of the sampled intervals.
Two holes of the current program which tested the Q Zone intersected high grade gold and the zone remains wide open in all directions. Hole TW11-180, which was drilled from north to south to test the Upper Hallnor mine horizons for open pit mineralization, was extended to the Q Zone and intersected 6.38 g/t gold over 3.78 metres including 27.90 g/t gold over 0.73 metres. This intercept is significant as it represents the first hole to define the true width of the mineralized horizon. Hole TW12-208 intersected 36.20 g/t gold over 1.00 metre at 100 metres vertical depth and extended the known vertical extent by 300 metres in an up-dip direction.
The Q Zone is a series of high grade quartz veins hosted in Timiskaming rocks typical of those that historically produced more than half of the mineralization mined underground at Hallnor as well as from open pit operations on strike to the east. The zone lies structurally below previously mined portions of the Upper Hallnor in an area that was not well tested for mineralization.
Upper Hallnor Mine Horizon
Drilling intersected multiple zones of vein and vein stockworks which occur primarily in Timiskaming sedimentary rocks that hosted the Upper Hallnor mine horizons; the zones of gold mineralization are open in all directions.
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. The Whitney property contains numerous near-surface gold targets including the Upper Hallnor; Upper Broulan Reef, C Zone, and Q Zone. The current drill program is being conducted under the joint venture between Temex (60%; operator) 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
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. Intervals reported are core lengths. True widths are unknown at this time.
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 and the technical report filed on SEDAR February 28, 2012. 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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