TORONTO, May 9, 2012 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") is pleased to announce additional high grade gold intersections from drilling near surface on the Upper Hallnor Mine area of the Whitney Property (the "Property") located in Timmins, Ontario.
The holes reported today targeted the 1-55 Vein system, hosted within the same volcanic-sediment contact zone from which the bulk of high grade gold production at the Upper Hallnor Mine was mined; the holes are within 75 metres of the underground workings. This contact zone has seen multi-million ounce gold production from both underground and large open pit mining operations directly along strike and adjacent to the east from the past producing Broulan Porcupine Mine, Pamour Mine and Hoyle Mine sites.
"The 1-55 Vein system is a priority near-surface gold zone that is being evaluated as part of the global gold resource estimate being prepared on the Whitney Property," commented Ian Campbell, President and CEO. "This high-grade vein system is typical of what has been successfully mined in the past on the property and also falls within the limits of a potentially open-pittable resource. All holes drilled in this area as part of the current program successfully intersected the gold mineralized structures, demonstrating excellent continuity in this area."
Highlight intersections are shown below and tabulated in Table 1. Temex is conducting a program targeting the Upper Hallnor Mine area to delineate both open pittable and high grade gold resources.
- TW11-161: 4.31 g/t gold over 8.50 metres including 11.45 g/t gold over 1.00 metre and 14.28 g/t gold over 1.00 metre
- TW11-162: 2.66 g/t gold over 3.80 metres including 7.30 g/t gold over 1.00 metre
- TW11-193: 3.87 g/t gold over 3.70 metres including 9.62 g/t gold over 0.70 metres
- TW12-195: 9.37 g/t gold over 5.00 metres including 57.60 g/t gold over 0.72 metres
- TW12-197: 29.60 g/t gold over 0.52 metres
The results reported today are from holes drilled during the current program designed to follow-up on hole TW11-163 which intersected 2.22 g/t gold over 35.70 metres including 10.15 g/t gold over 3.30 metres (news release November 14, 2011) within 50 metres from surface. This discovery represented the eastward extension of the 1-55 Vein structures from which previous drilling by Temex has yielded results including 18.74 g/t gold over 2.10 metres including 50.10 g/t gold over 0.70 metres; 24.75 g/t gold over 0.70 metres; 5.46 g/t gold over 4.90 metres (news release January 4, 2011).
The Hallnor 1-55 vein structures were identified in 2003 by the previous operators of the Porcupine Joint Venture, (Placer Dome Limited and Kinross Gold Corporation), as having high potential for the definition of gold resources that could possibly be exploited by bulk mineable mining methods.
Temex drilling since 2010 in this area has been conducted along a strike length of 300 metres and to a depth of 200 metres and the structures remain wide open. Gold intersections occur mostly within 200 vertical metres of surface in these holes. Since October 2011 a total of 50 holes for 17,750 metres have been drilled in this campaign which is designed to define gold resources that may be mined near surface.
Analytical results for an additional 30 holes drilled in the Upper Hallnor Mine area are pending and will be released as they are received by the Company.
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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