TORONTO, July 13 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") provides an update on activities related to its precious metals portfolio in northeastern Ontario and on which exploration work is currently on-going on all four of the projects.
Timmins Gold Project - Whitney Township Property
- 10,000 metre drill program to test high priority exploration targets
in Upper and Lower Hallnor Mine areas, including high grade Q Zone
discovery and numerous targets in and around the Broulan Reef Mine
- Joint Venture Agreement ("JVA") with Goldcorp signed (news release
June 29, 2010). Temex holds 60% interest and Porcupine Gold Mines
("PGM", a joint venture between Goldcorp Inc. and Goldcorp Canada
Ltd. "Goldcorp") holds a 40% interest.
- Property has historic production of 2.3 million ounces of gold
including 1.7 million ounces with an average grade of 0.40 ounces per
ton gold from Hallnor Mine, the highest grade multi-million ounce
producer in Canada's largest gold camp, Timmins.
Juby Gold Project - Shining Tree Area
- Juby Lease Property: 100% Temex owned with National Instrument 43-101
("NI 43-101") compliant gold resource. The Main Zone (news release
June 15, 2010) contains an indicated resource of 614,000 ounces of
gold grading 1.36 g/t gold at a cut-off grade of 0.50 g/t gold and an
inferred resource of 602,000 ounces of gold grading 1.14 g/t gold at
a cut-off grade of 0.50 g/t gold. The deposit remains open at depth
and along strike and additional drilling is currently being planned
which will further test the Main Zone for extensions as well as high
priority exploration targets.
- Juby North JV Property: 60% Temex and 40% Goldeye Explorations
Limited. The Juby JV Property surrounds the Juby Lease Property and
extends to the north, within 600 metres of where Creso Exploration
Inc. recently announced high grade drill results including 65.7
metres grading 18.2 g/t gold. A field program of prospecting,
geological mapping, soil geochemical sampling and induced
polarization geophysical surveying was recently completed; additional
work including drill target development is on-going and assay results
are expected shortly. Previous results from drilling: 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.
- Mosher Lake: 100% Temex. As a result of heightened interest in the
area, Temex acquired by staking 7 claims covering 2,040 acres in the
immediate area of the Juby Lease Property, bringing the Company's
land holdings in the area to over 9,000 acres. Prospecting is in
Gowganda Silver Project
- Program of orientation soil surveying initiated late 2009 over known
vein systems using SGS proprietary MMI (Mobile Metal Ion) analysis
recorded good correlation with known mineralization and also outlined
new anomalies in area of property with no recorded work. 2010 work
includes the collection of 237 MMI soil samples taken from areas of
property with excellent potential for additional discoveries; results
will be released when received.
- The property had historical production of 40.7 million ounces silver
at a grade of 22 opt silver;
- Tailings deposits contain a non NI 43-101 compliant resource estimate
of 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 long target zone have returned several high grade
intersections from up to eight vein sets which 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
Latchford Gold Project
- Prospecting in 2009 discovered new occurrences of high grade gold in
bedrock with individual assays including 112.29 g/t, 49.75 g/t,
11.64 g/t, 9.14 g/t and 4.53 g/t gold. Program expanded the extent of
the gold mineralized trend in flat lying Proterozoic sediments
interpreted to be near the unconformity with underlying Archean
rocks. Gold mineralization within the large areal extent is
associated with anomalous copper, silver and iron oxide
- Induced Polarization ("IP") geophysical survey using Titan 24 DCIP
system conducted in late 2009 with inversion modeling recently
completed. Field work just completed includes prospecting and
collection of 197 MMI soil samples and results will be released when
Ian Campbell, P. Geo., President and CEO of the Company, is the designated "qualified person" (within the meaning of National Instrument 43-101) 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. Temex's strategy is to focus on developing its flagship project, the Timmins Gold Project, and specifically the property known as Whitney Township in partnership with Goldcorp. This property has historically produced over 2.3 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. Temex will also advance its 100% owned Juby Gold Project which contains a National Instrument 43-101 Indicated resource of 614,000 ounces of gold and an Inferred resource of 602,000 ounces of gold (news release June 15, 2010), the Gowganda Silver Project and the Latchford Gold Project.
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.
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"). 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 programs.
SOURCE Temex Resources Corp.
For further information: For further information: please visit www.temexcorp.com or email: firstname.lastname@example.org or phone: 416-862-2246, toll free: 866-373-6287