TSX Venture Exchange: TME, Frankfurt Exchange: TQ1
TORONTO, March 1 /CNW/ - Temex Resources Corp. (TSX Venture Exchange:
TME, Frankfurt: TQ1) ("Temex" or "the Company") provides this exploration and
project update on its mineral properties. The Company currently has two active
drill programs in progress, one on its Whitney Township Gold Property located
in the Timmins Gold Camp, and another on its Juby North Property,
100 kilometres south of Timmins. A third drill is to be commissioned within a
few weeks to resume drilling on the Merico Ethel Property near Elk Lake, and
the Company is expediting programs to have a fourth drill turning on high
priority targets in the Webequie area near the Noront Double Eagle Project
discoveries, where Temex has amassed a land position of over 300,000 acres.
Commented Ian Campbell, "Our Company is heading into an extremely active
year, well financed and with substantial programs planned on all of our
precious metals projects in Eastern Ontario as well as rapidly advancing all
of our properties in the spectacular Noront nickel-copper-platinum group
element discovery area to the drill stage. We are well financed and have an
exceptional team in place to carry out our objectives and it promises to be a
very exciting time for our shareholders."
WHITNEY TOWNSHIP GOLD PROPERTY
- $2 million budget allocated for exploration on the Whitney Property
which encompasses several former gold producing mines including the
Hallnor Mine which yielded the highest ore grades in the Timmins gold
camp of 1.65 million ounces gold at 0.40 opt.
- 3D modelling program well underway on the Lower Hallnor Mine to
outline mineralized vein systems which had been identified but not
developed and to guide exploration.
- 2,500 metres of diamond drilling underway to follow up on shallow
high priority targets.
- Deep drilling program to commence this summer on the Broulan Reef and
Lower Hallnor Mines to identify extensions of the high grade Lower
Hallnor "hook veins" and explore for additional stacked vein sets;
exploration potential is considered to be excellent.
- Previous Temex drill results include 17.17 g/t gold over 12.0 metres
and 10.13 g/t gold over 4.5 metres.
- Historical Broulan Reef Mine resources to be re-evaluated and drill
tested for possible underground extraction from the existing head
frame or by open pit bulk mining methods.
- A 2,500 metre diamond drill program has just begun and will test a
variety of priority targets including following up on a historic
drill hole which intersected 2.74 metres grading 9.69 g/t gold, the
C Zone area, the west end of the Broulan Reef workings near surface
and to the west of hole TW 07-53 (10.29 g/t gold over 1.35 metres)
which may represent the western extension of the Broulan Reef vein
system. Several basal till gold anomalies, two of which returned
values of 11.27 g/t gold and 5.79 g/t gold and are considered to have
high potential to represent a proximal bedrock source, will also be
- A substantial deep drilling program is planned to test high grade
gold targets at depth in the Hallnor Mine area where previous
operators reported multiple high grade gold intersections,
highlighting the substantial potential to build new gold resources.
These include 40.84 opt gold over 9.5 feet, and 0.65 opt gold over
- 3D modelling of the gold-bearing horizons ongoing to delineate
extensions of partially mined veins, any known veins that were not
mined, and to define the corridor hosting the volcanic-hosted vein
systems. The projected extensions of two of the main Lower Hallnor
vein sets, the 11 and 19 veins, which produced 450,000 tons grading
0.30 opt gold and 650,000 tons grading 0.42 opt gold respectively,
are some of the targets that will be drill tested.
JUBY and JUBY NORTH GOLD PROPERTIES
- 2,000 metre drill program underway on the Juby North Project testing
for extensions of a 2007 high grade gold intersection of 15 g/t gold
over 2.15 metres and several other high priority targets.
- Juby Main Zone contains NI 43-101 compliant indicated resource of
479,000 ounces of gold grading 1.73 g/t gold at a cut-off grade of
1.0 g/t gold, including a core of 315,000 ounces of gold at 2.20 g/t
gold at a cut-off grade of 1.5 g/t gold, and an inferred resource of
120,000 ounces of gold grading 2.03 g/t gold at a cut-off grade of
1.5 g/t gold. This resource is defined from surface to a vertical
depth of 400 metres and the area is unexplored at depth.
- A 12 hole 2,000 metre diamond drill program is underway on the Juby
North Property as part of an approved $400,000 exploration program
and is being funded 60% by Temex and 40% by Goldeye Explorations Ltd.
- The current drill program is testing the strike and depth extensions
of several new gold zones discovered in the previous two drill
programs, which intersected 15.0 g/t gold over 2.15 metres including
33.74 g/t gold over 0.94 metres, and was the first hole to test a
650 metre long induced polarization ("IP") anomaly. In another area
to be tested, previous intersections include: hole JU 07-92
intersected 3.23 g/t gold over 9.37 metres; hole JU 07-93 intersected
3.31 g/t gold over 6.76 metres including 7.46 g/t gold over
2.52 metres; hole JU 04-57 intersected 4.77 g/t gold over 4.91 metres
within a broader gold bearing zone that averaged 1.19 g/t gold over a
core length of 29.53 metres. Several other high quality targets will
LATCHFORD GOLD PROJECT
- Project initiated following the discovery of a gold boulder
containing in excess of 6,200 g/t gold.
- Diamond drilling planned for recent property acquisition near
discovery of high grade boulder.
- $1 million exploration program being funded by Uranium Star on Merico
Ethel and Yarrow gold-copper-silver-uranium properties.
- 16 properties totalling 80,000 acres.
- Diamond drilling will resume shortly on Merico Ethel and Yarrow
Properties, part of a $1 million exploration program being funded by
Uranium Star to earn a 50% interest. These properties were acquired
based on a recommendation by the Ontario Geological Survey ("OGS")
which suggested similar regional and local geological features to
world class Iron-Oxide-Copper-Gold ("IOCG") deposits such as the
giant Olympic Dam deposit in Australia.
- Diamond drilling is also planned on the Brett Property, site of the
original discovery of the high grade gold boulder, and the recently
acquired adjacent Rib Lake Property which has a historical drill
intersection of 1.30 opt gold over 1.83 metres.
GOWGANDA SILVER PROJECT
- Tailings deposits contain a non NI 43-101 compliant 1.827 million
short tons grading 1.43 opt silver defined by over 700 auger holes -
see note 1 below.
- High grade drill intersections in unmined areas of the property on
600 metre target zone has returned several high grade intersections
from up to eight vein sets include 11,947 g/t silver over 3.5 ft to
4,560 g/t silver over 2.2 ft, and 8,314 g/t over 1.3 ft.
- Diamond drilling planned for 2008 as well as ongoing evaluation of
- Historical production of 40.7 million ounces silver at a grade of
22 opt silver; located 3 kilometres northeast of the historic silver
mining town of Gowganda - see note 1 below.
- Surface geological mapping by the Company in late 2007 identified
several areas with high potential for surface exposure of high grade
silver veins and these will be evaluated in the spring followed by
diamond drill testing.
- The Company will continue to evaluate the economic viability of the
tailings deposits and continue with the permitting process for a bulk
WEBEQUIE NICKEL-COPPER-PLATINUM GROUP ELEMENT PROJECT
- Temex is the largest land holder in the area of the Noront Double
Eagle Project near Webequie, with direct interests ranging from
residual royalties to 100% interest.
- Region has extremely high potential for near term discoveries of
various types of mineralization including nickel-copper-platinum
group element deposits (similar to Noront's Double Eagle),
volcanogenic copper-zinc deposits (similar to KWG Resources Inc. -
Spider Resources Inc.), gold targets (similar to Lake Shore Gold
Corp. and Superior Diamonds Inc.), diamonds (similar to De Beers
Canada Victor Mine).
- The Company and its partners have embarked on extensive airborne
geophysical surveys on nearly all of its properties.
- Extensive airborne geophysical surveys ongoing.
- Ground geophysics and diamond drilling of priority targets on
numerous properties set to begin immediately and continuing
throughout the year.
- Continue to evaluate all opportunities for land acquisition and
Note 1. Estimates reported are historical and are not in compliance with
National Instrument 43-101 "Standards of Disclosure for Mineral Deposits" ("NI
43-101"). In addition, Temex has not done the work necessary to verify the
classification of the resource, is not treating the estimates as NI 43-101
defined resources verified by a Qualified Person, and the historical estimates
should not be relied upon. However, Temex considers the historical estimates
and drill core intersections to be relevant based on the nature of the
orebodies and the published 70-year historic production figures of the Miller
Lake O'Brien Mine and the nature of other orebodies in the immediate area.
Temex considers the historical estimates related to the tailing deposits to be
reliable and relevant based on the methodology undertaken in the various work
programs and the confirmation sampling conducted by Temex. Temex has reported
assays in ounce per ton (opt) where they have been stated as such in the
literature and grams per tonne where they are reported from Temex exploration
Ian Campbell, P.Geo. is the designated Qualified Person responsible for
the preparation of this news release. Investors are invited to visit the Temex
IR Hub at http://www.agoracom.com/ir/Temex where they can post questions and
receive answers or review questions and answers already posted by other
investors. Alternatively, investors are able to e-mail all questions and
correspondence to mailto: TME@agoracom.com where they can also request to be
added to the investor e-mail list to receive all future press releases and
updates in real time.
Please visit Temex at Booth 2412 in the Investors Exchange, March 2-3 at
PDAC 2008, Metro Toronto Convention Centre - South Building. Temex is a
well-funded Canadian exploration company advancing its precious metal, nickel,
diamond and uranium projects in Ontario.
On behalf of the Board of Directors,
President and CEO
(*)The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release(*)
For further information:
For further information: contact Ian Campbell, or Bruce Durham, at (416)
862-2246, or visit www.temexcorp.com for more detailed information on each
project, and where the Company's latest presentation has been posted