TORONTO, March 22, 2012 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") is pleased to announce additional drill results from a resource definition program started in October 2011 targeting the Upper Hallnor Mine Zone which is located on the eastern portion of the Whitney Gold Project.
Temex is conducting an aggressive program to define near-surface gold resources typical of what has been mined at the adjacent Pamour and Hoyle mine sites. The Hallnor Mine was the highest grade past producing multi-million ounce gold mine in Timmins which remains Canada's largest gold producing area.
- TW11-171: 4.90 g/t gold over 7.35 m including 14.10 g/t gold over 0.75 m
- TW11-181: 1.03 g/t gold over 85.95 m including 24.90 g/t gold over 0.50 m
- TW11-182: 1.21 g/t gold over 18.20 m including 6.44 g/t gold over 0.85 m
- TW11-185: 1.27 g/t gold over 49.10 m including 4.02 g/t gold over 5.15 m
- TW12-198: 2.31 g/t gold over 20.00 m including 34.60 g/t gold over 1.00 m
The drill results reported today are from nine holes drilled on three sections on the eastern portion of the Upper Hallnor Mine area. Drilling intersected multiple zones of vein and vein stockworks which occur primarily in Timiskaming sedimentary rocks that hosted the Upper Hallnor mine horizons; the zones of gold mineralization are open in all directions. Significant results are shown in Table 1.
A total of 52 holes for 15,100 metres have been drilled to date in this campaign which is designed to define gold resources that may be mined near surface. Drill results will be reported over the next several months as the assays are received by the Company.
Whitney is an advanced gold project that includes 4 km of the prolific Timmins gold trend that has been mined for 100 years and remains the largest gold producing district of Canada. The Whitney property contains numerous near-surface gold targets including the Upper Hallnor; Upper Broulan Reef, C Zone, and Q Zone. The current drill program is being conducted under the joint venture between Temex (60%; operator) and Goldcorp Canada Ltd. (40%).
Karen Rees, P.Geo., Vice President, Exploration of Temex Resources Corp., 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. 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.
Table 1. Significant results from drill holes reported in this release
|Hole_ID||From (m)||To (m)|| Core
Notes: Temex implemented a quality control (QA/QC) program to ensure best practice in sampling and analysis. Samples of split NQ-size core are transported by Company personnel in securely sealed bags for preparation and analysis at ALS Chemex facilities. The remaining half of the core is kept as a permanent record and stored at a secure facility in Timmins. ALS Chemex is an ISO9001-2008 and ISO 17025-2005 registered laboratory. Core samples are analyzed for gold using a 30 gram fire assay with an AA finish and by gravimetric methods. Samples observed by Company personnel to contain visible gold are assayed by metallic screen gold assay. Intervals reported are core lengths. True widths are unknown at this time. Estimates if reported are historical in nature and are not in compliance with NI 43-101 "Standards of Disclosure for Mineral Deposits" and therefore should not be relied upon.
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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