Canada NewsWire, TORONTO, May 12/10, TSX Venture Exchange: TME, Frankfurt Exchange: TQ1
TORONTO, May 12 /CNW/ – Temex Resources Corp. (TSX Venture: TME, Frankfurt: TQ1) (“Temex” or “the Company”) provides an update on activities related to its precious metals portfolio in northeastern Ontario.
Timmins Gold Project – Whitney Township Property
– Joint Venture Agreement (“JVA”) with Goldcorp being finalized (news release Apr 15, 2010). – Temex to hold 60% interest and Porcupine Gold Mines (“PGM”, a joint venture between Goldcorp Inc. and Goldcorp Canada Ltd. “Goldcorp”) to hold a 40% interest. – The Property has historic production of 2.3 million ounces of gold including 1.6 million ounces with an average grade of 0.40 ounces per ton gold from the Hallnor Mine, the highest grade multi-million ounce producer in Canada’s largest gold camp. – High priority exploration targets in Upper and Lower Hallnor Mine areas, including high grade Q Zone discovery (news release May 14, 2009) as well as numerous targets in and around the Broulan Reef Mine to be tested.
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 Feb 16, 2005) contains an 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. The deposit remains open at depth and along strike. An updated NI 43-101 resource estimate has been commissioned and is expected shortly. – Juby North JV Property: Surface program of prospecting, geological mapping and soil geochemical sampling commenced in April (news release Mar 30, 2010). Diamond drilling to follow. Property is 60% Temex and 40% Goldeye Explorations Limited. – Previous results from drilling on JV Property: 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 recently acquired by staking 7 claims covering 2,040 acres in the immediate area of the Juby Lease Property as a result of heightened interest, bringing the Company’s land holdings in the area to over 9,000 acres.
Gowganda Silver Project
– 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 1.3 ft. – 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. Detailed follow-up sampling to be initiated later this month. – Temex had previously announced that it had entered into discussions with BacTech Mining Corporation to assess the mine tailings in conjunction with tailings from the nearby Castle Property held by Gold Bullion Development Corp. BacTech recently announced that it was unable to duplicate the reported metal content quoted by Gold Bullion Development Corp. at the Castle tailings and as a result BacTech has suspended work in the Gowganda area.
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 (news release Nov 24, 2009). – 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 mineralization. – Induced Polarization (“IP”) geophysical survey using Titan 24 DCIP system conducted in Dec 2009 (news release Dec 10, 2009) with inversion modeling recently completed. Anomalies identified will be field examined followed by diamond drilling.
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. Temex is a Canadian exploration company focused on advancing its precious metal projects in Northeastern Ontario.
On behalf of the Board of Directors,
President and CEO
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.