TORONTO, Sept. 4, 2013 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") is pleased to announce additional high grade gold intersections on the Upper Hallnor area of the Whitney Project located in Timmins, Ontario. These results continue to expand the mineralization with very high gold grades over substantial widths clearly demonstrating the outstanding potential of the multiple near-surface targets being tested for early production start-up opportunities.
The Hallnor Gold Mine was the highest grade past producing mine in the Timmins gold camp yielding 1.7 million ounces of gold at an average grade of 13.7 g/t gold.
Highlights (see Table 1 for downhole depths of significant intersections and Table 2 for details on drill hole locations)
- TW13-291: 71.20 g/t gold over 0.70 metres and 8.33 g/t gold over 4.50 metres
- TW13-299: 72.07 g/t gold over 3.00 metres including 152.00 g/t gold over 1.40 metres
- TW13-303: 15.83 g/t gold over 3.50 metres including 43.50 g/t gold over 0.80 metres
- TW13-304: 16.78 g/t gold over 2.20 metres including 41.67 g/t gold over 0.80 metres
- TW13-305: 6.99 g/t gold over 3.50 metres and 6.40 g/t gold over 6.90 metres including 24.04 g/t gold over 1.00 metres
"We are once again extremely pleased with the results from the current drilling campaign," commented Ian Campbell, President and CEO. "They continue to bolster our confidence in the project by demonstrating high grades and excellent continuity of multiple near surface structures in the Upper Hallnor Mine area. With a strong balance sheet and a focused cost-effective management team, we are well positioned to expeditiously advance this high grade gold project."
The drill results released today continue to demonstrate the excellent lateral and vertical continuity of four closely spaced, parallel gold-bearing structures including the VM, 155, 155 North, and 155 South veins that are approximately 10 to 50 metres north and south of the Hallnor Main Vein and have been identified over a combined strike length of 600 metres. The results shown in the attached table occur along a strike length of 400 metres length, and from vertical depths ranging from 15 to 125 metres below surface.
During the current approved program, a total of 93 holes have been drilled for an aggregate of 9,895 metres; analytical results are pending for 18 holes drilled in the past-producing Bonetal Mine and Broulan Reef mine areas. In addition, the Company has completed logging and sampling of 32 holes drilled for geotechnical investigations of the crown pillar areas at Bonetal and Broulan Reef; analytical results are pending for these holes.
The Company's immediate objective is to define a first phase of life mine plan with high economic return, low capital, and low operating cost gold zones capable of generating quick cash flow. Priority high grade, near surface such as the 110, VM, Main, 155, 155 North, and 155 South zones have been the focus of this portion of the drilling campaign.
With data collected during the current drill program the geological model is undergoing additional interpretation focusing on resource optimization of high grade structures within the lower grade envelope reported in the NI 43-101 resource estimate. Engineering mine design work has commenced and is examining both open pit and underground mining scenarios for an advanced exploration mining program. Environmental and permitting activities have also been initiated towards that purpose.
The drill program is also testing near surface, priority gold targets outside the current resource limits, extending a further 2 kilometres to the west along the mine trend encompassing the past producing Bonetal and Broulan Reef Mines. All drilling will be incorporated into future resource estimate updates expected later this year.
The Whitney Property is held under a joint venture in which Temex owns 60% and is operator, and Goldcorp Canada Ltd. ("Goldcorp") owns 40% (as manager and on behalf of the Porcupine Joint Venture, a joint venture between Goldcorp Inc. and Goldcorp Canada Ltd.).
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||From (m)||To (m)||Core Length (m)||Au (g/t)|
Notes: Temex has implemented a quality control (QA/QC) program that includes insertion of blanks, commercial standards and duplicate core samples in order to ensure best practice in sampling and analysis. Drill core samples are cut at Temex facilities using a diamond saw with the samples transported by Temex personnel in securely sealed bags to a bonded freighting company and from there directly to facilities operated by SGS Canada in Sudbury and Mississauga, Ontario for preparation and analysis. Core samples are analyzed for gold using fire assay on a 30 gram split with an ICP finish. Where initial results exceed 3 g/t gold, a second assay is completed on another 30 gram split using fire assay with a gravimetric finish. As part of in-house QA/QC SGS Canada inserted certified gold standards, blanks and pulp duplicate samples. Random additional repeats are also analyzed as required. Results from all internal QC samples and repeats are reported. Intervals reported are core lengths. True widths are unknown at this time.
Table 2. Location details for drill holes reported in this release
|Hole|| UTM Easting
| UTM Northing
About Temex Resources Corp.
Temex is a Canadian based exploration company focusing on its portfolio of precious metals properties in the world class mining district of northeastern Ontario. Temex (60% interest) is advancing the Timmins Whitney Gold Project, in partnership with Goldcorp Canada Ltd. (40% joint venture interest; no back-in rights), and exploring the Juby Gold Project (100% Temex).
The Whitney Property has open pit and underground NI 43-101 compliant resources on the Upper Hallnor of 3.0 million tonnes at a grade of 2.44 g/t gold for 234,300 ounces of gold in the Measured category plus 8.8 million tonnes at a grade of 1.97 g/t gold for 555,900 ounces of gold in the Indicated category and 4.1 million tonnes at a grade of 1.82 g/t gold for 241,000 ounces of gold in the Inferred category at a cut-off grade of 0.30 g/t gold for open pit and 2.0 g/t for underground (Note 1).
The Juby Main Zone has NI 43-101 compliant resources of 25.3 million tonnes at a grade of 1.28 g/t gold for 1,041,343 ounces of gold in the Indicated category and 74.2 million tonnes at a grade of 0.91 g/t gold for 2,174,193 ounces of gold in the Inferred category, both at a cut-off grade of 0.40 g/t gold (Note 2).
Temex also has a NI 43-101 compliant resource for tailings material on its Gowganda Silver Project. 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 (Note 3).
- Information regarding the mineral resource estimate on the Upper Hallnor is in the Company's news release dated September 5, 2012 and the technical report filed on SEDAR October 19, 2012. The Mineral Resource Statement was prepared for Temex by P&E Mining Consultants Inc. of Brampton, Ontario in accordance with NI 43-101 by Richard Sutcliffe, PhD, P.Geo., Eugene Puritch, P.Eng., David Burga, P.Geo., Yungang Wu, P.Geo., Tracy Armstrong, P.Geo., and Antoine Yassa, P.Geo., "independent qualified persons" as defined by NI 43-101.
- Information regarding the mineral resource estimate on the Juby Main Zone is in the Company's news release dated April 29, 2013 and the technical report filed on SEDAR June 12, 2013. The Mineral Resource Statement was prepared for Temex by GeoVector Management Inc., Ottawa, Ontario in accordance with NI 43-101 by Joe Campbell, BSc, P.Geo., Alan Sexton, MSc, P.Geo., and Duncan Studd, MSc, "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 in accordance with NI 43-101 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.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, mineral resource estimates, and the development of its projects as well as the timing related thereto. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, general business and economic uncertainties, future mineral prices, uncertainties in mineral resource estimates and adverse market conditions, as well as those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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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