TORONTO, June 14, 2012 /CNW/ - Temex Resources Corp. (TSXV: TME) (FWB: TQ1) ("Temex" or "the Company") announces that a field exploration program is underway on the Juby Gold Project. The Project is located in Tyrrell Township in northeastern Ontario, 100 kilometres south of Timmins, Canada's largest gold camp, and is situated along the southwestern extension of the Larder Lake - Cadillac Fault Zone between AuRico's Young Davidson deposit and Trelawney's Cote Lake deposit.
The surface program is focusing on the Juby Joint Venture Property ("Juby JV") and Golden Lake Property ("Golden Lake") both of which are contiguous to the 100% owned Juby Lease Property ("Juby Lease") host to the Juby Main Zone. Temex owns a 60% interest in the Juby JV and has the option to earn a 100% interest in Golden Lake (news release January 18, 2012).
The Juby Main Zone contains a National Instrument 43-101 ("NI 43-101") compliant gold resource (news releases January 16 and February 28, 2012) 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.
The program will consist of geological mapping, prospecting, soil sampling and geophysics and will follow-up on several new gold zones discovered late in 2011 (news release November 24, 2011) on the Juby JV as well as other priority targets. The new gold zones were discovered by soil sampling and prospecting and occur 1.5 kilometres southwest of the Juby Main Zone. These as well as the other priority targets represent potential satellite gold deposits proximal to the Juby Main Zone.
Soil sampling returned values ranging from 28 ppb gold to 1,747 ppb gold (1.7 g/t gold) defining an open ended trend with a minimum strike length of 1.5 kilometres and width of 0.5 kilometres in an area of virtually no previous exploration. These are the strongest gold in soil anomalies detected to date on the Juby Gold Project.
Limited follow-up prospecting discovered several gold-in-bedrock occurrences within this trend over an area approximately 250 metres long by 50 metres wide with individual grab samples assaying 0.59 g/t gold up to 8.26 g/t gold. Significantly, the gold mineralization is hosted by rock sequences typical of the Juby Main Zone including highly altered feldspar porphyry and sedimentary rocks that exhibit iron carbonate alteration and minor amounts of pyrite.
On Golden Lake, a program of soil sampling, prospecting and geological mapping was initiated in late May. Golden Lake is contiguous along strike to the west of Juby Main Zone providing Temex with immediate opportunity to expand the Main Zone to the west and a program of 8 holes totaling 3,255 metres was recently completed with analytical results pending.
Karen Rees, P.Geo., Vice President, Exploration of Temex Resources Corp., is the designated qualified person responsible for the preparation of the above portion of this news release.
Temex announces that it has granted options to directors, an employee and consultants to purchase an aggregate of 550,000 common shares of Temex Resources Corp. Each such option may be exercised at a price of $0.20 per share for a period of 5 years for the options granted to the directors and the employee, and for a period of 1 year for the options granted to the consultants.
The Company announces that it has issued an aggregate of 50,000 common shares due under an option agreement (the "Option Agreement"), pursuant to which the Company has an option to acquire a 100% interest in mining claims, known as the Croxall Property, located in Ogden, Price and Thorneloe Townships, in the Porcupine Mining Division. The securities issued are subject to a hold period expiring on October 15, 2012. The Option Agreement was previously announced by the Company on June 25, 2009. An aggregate cash payment of $30,000 due under the Option Agreement was paid in equal portions to the optionors by Mill City Gold Corp. ("Mill City") and Temex an amending agreement dated June 12, 2012 to an agreement announced September 22, 2010 under which Mill City has an option to acquire a 75% interest in the Croxall Property from Temex. Under the amending agreement, Mill City shall issue to Temex 300,000 common shares of Mill City.
On Behalf of the Board of Directors,
President and CEO
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.
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