TORONTO, June 11 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") provides an update on activities related to its gold properties in the Shining Tree area, northeastern Ontario. The Juby North JV Property ("Juby JV") consists of 40 claims covering 5,520 acres and is a joint venture between Temex and Goldeye Explorations Limited (TSX-V: GGY) in which Temex holds a 60% interest and is the operator of the joint venture.
The northern part of the Juby JV Property is 600 metres to the east of the Minto property gold-mineralized structure where Creso Exploration Inc. (TSX-V: CXT) recently announced drill results of 65.7 metres grading 18.2 g/t gold and 79.6 metres grading 4.61 g/t gold. Geological mapping on the Juby JV has identified several areas for Induced Polarization ("IP") geophysical surveying which is commencing immediately. Geochemical surveying, which has proven to be an effective exploration tool in the area, has been completed with over 850 samples sent for analyses.
The southern portion of the Juby JV, which surrounds the Company's 100% owned Juby Lease Property, was drill tested in 2008 with several gold zones requiring follow-up work. Previous results from drilling on the Juby JV include: 1.26 g/t gold over 61.60 metres including 2.47 g/t gold over 22.30 metres, 5.43 g/t gold over 3.65 metres, 2.33 g/t gold over 5.33 metres, 3.41 g/t gold over 2.94 metres and 15.0 g/t gold over 2.15 metres.
Temex has also initiated prospecting on the Mosher Lake Property which consists of 7 claims covering 2,040 acres recently staked in the immediate area of the Juby Lease Property as a result of heightened interest in the immediate area, bringing the Company's land holdings in the area to over 9,200 acres.
In addition, the Company is expecting that an updated NI 43-101 resource estimate commissioned in March by independent consultants Geovector Management Inc. of Ottawa will be delivered shortly on its 100% owned Juby Lease Property. The Main Zone contains a National Instrument 43-101 ("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 and an inferred resource of 186,000 ounces of gold grading 1.65 g/t gold at a cut-off grade of 1.0 g/t gold (news release Feb 16, 2005). At the time of the 2005 resource estimate, gold was quoted at $425 per ounce (USD). The updated resource will incorporate additional drilling completed since 2005. The deposit remains open at depth and along strike.
Ian Campbell, P. Geo., 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 northeastern Ontario, a world class mining district. The properties are located within the world-renowned Abitibi greenstone belt, some in proximity to the Porcupine-Destor Fault Zone. The portfolio includes the following projects: Timmins Gold; Juby Gold; Latchford Gold and Gowganda Silver. Temex's strategy is to focus on developing its flagship gold property, the Timmins Gold Project, and specifically the property known as Whitney Township. This property has historically produced over 2.5 million ounces of gold and contains the Hallnor Mine, the highest grade past producing multi-million ounce gold deposit in Canada's largest gold camp.
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.
SOURCE Temex Resources Corp.
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