Temex Begins Initial Drill Program on Recently Acquired Golden Lake Property, Juby Gold Project, Ontario
TORONTO, April 30, 2012 /CNW/ - Temex Resources Corp.
(FWB: TQ1) ('Temex' or 'the Company') is pleased to announce that an initial diamond drill program has started on the recently acquired Golden Lake Property located on strike and contiguous to the west of the Company's Juby Main Zone.The Juby Main Zone (news releases January 16 and February 28, 2012) contains a National Instrument 43-101 ('NI 43-101') compliant resource 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. This resource was defined along a strike length of 2,800 metres. With the recent acquisition of the Golden Lake Property, Temex now controls 4,500 metres of strike length along the prolific Tyrrell Structural Zone.
'We are very excited to begin drill testing this new strategic land package which has the potential to greatly expand the gold resource in the Juby area,' said Ian Campbell, President and CEO. 'The Juby Main Zone gold deposit trends directly onto the Golden Lake Property and affords us the immediate opportunity to begin adding significant near surface gold ounces to the Juby deposit.'
The Juby Gold Project is located in Tyrrell Township in northeastern Ontario, 100 km south of Timmins, Canada's largest gold camp, and is situated along the southwestern extension of the Larder Lake - Cadillac Fault Zone between the AuRico Gold Inc. Young-Davidson gold mine and the Trelawney Mining and Exploration Inc. Côté Lake gold deposit. A large gold mining company announced recently that it would acquire Trelawney for about $600 million, implying an acquisition price of $74 per in-situ ounce of gold.
Temex has the option to earn a 100% interest in the Golden Lake Property (news release January 18, 2012). Limited drilling in 1997 by the previous operator intersected widespread gold mineralization with multiple broad zones of alteration, veining and brecciation typical of the Juby Main Zone. These zones are open in all directions.
The historic drill logs record anomalous to high grade gold mineralization in nearly all of the rock types sampled. Highlights from the historic data include:
-- 0.98 g/t gold over 67.50 metres including 1.82 g/t gold over
12.00 metres
-- 2.41 g/t gold over 24.51 metres including 5.84 g/t gold over
4.00 metres
-- 1.95 g/t gold over 19.37 metres including 2.84 g/t gold over
10.50 metres
-- 1.91 g/t gold over 18.30 metres including 3.00 g/t gold over
9.88 metres
-- 1.01 g/t gold over 31.60 metres
Drilling by Temex between 2004 and 2011 up to the boundary of the Golden Lake Property demonstrated that this large gold system on the Tyrrell Structural Zone remains open for expansion to the northwest of the Juby Lease Property. Temex drill hole results within 100 metres of the Golden Lake Property boundary include:
-- 1.16 g/t gold over 21.20 metres including 3.31 g/t gold over
6.76 metres
-- 1.26 g/t gold over 61.60 metres including 2.47 g/t gold over
22.30 metres and 5.43 g/t gold over 3.65 metres
-- 1.19 g/t gold over 29.53 metres including 4.77 g/t gold over
4.91 metres
-- 0.80 g/t gold over 101.00 metres including 1.02 g/t gold over
35 metres and 1.00 g/t gold over 22.82 metres
Work Program
The first phase drill program, planned to be 3,000 metres in approximately 8 holes, will test the mineralized horizons on and proximal to the Tyrrell Structural Zone along a strike length of 600 metres. The objective of this and subsequent programs will be to provide sufficient density of drill data to estimate additional inferred resources which will ultimately lead to an increase in the NI 43-101 gold resource on the Juby Main Zone.
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.
Notes:
1. 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.
2. 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.
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.
Temex Resources Corp.
CONTACT: please visit www.temexcorp.com or email: info@temexcorp.com or
phone:
416-862-2246 toll free: 866-373-6287