Temex mobilizes second drill rig, Whitney Property, Timmins
20 October 2011 - 12:00AM
PR Newswire (Canada)
TSXV:TME; FWB:TQ1 TORONTO, Oct. 19, 2011 /CNW/ - Temex Resources
Corp. (FWB: TQ1) ("Temex" or "the Company") reports that a second
drill rig has been mobilized to the Whitney Property. The drilling
program is intended to provide sufficient data to establish initial
National Instrument 43-101 ("NI 43-101") resources on several near
surface areas of the Property further described below. In addition,
the program is testing targets in the upper areas of the Broulan
Reef Mine and other high priority exploration targets. The drill
campaign is focusing on evaluating several targets with the primary
objective being to delineate NI 43-101 compliant gold resources at
the Hallnor 6 Vein area and the 1-55 North and South Veins in the
Upper Hallnor Mine based on excellent results obtained during a
first phase program completed by Temex earlier this year. The
program will also test the C Zone, which the Company views as a
target for delineation of a potentially open pittable gold resource
located between the Hallnor and Broulan Reef Mines as follow up on
the high grade intercepts received to date from the Upper Broulan
Reef veins. Upper Hallnor 6 Vein Area The Hallnor 6 Vein area is
located in the footwall of the Hallnor deposit north and northeast
of the Hallnor shaft and has been identified to date over a strike
length of approximately 230 metres at depths ranging from
approximately 150 to 300 metres from surface. An initial phase of
drill testing yielded excellent results with all nine holes cutting
broad intervals of north and south dipping quartz veins, highly
anomalous gold, with occasional fine-grained visible gold (news
release March 2, 2011). The gold mineralization in the 6 Vein area
is open for expansion and is viewed as a potential bulk tonnage
underground target. Highlight drill results include: -- 6.47 g/t
gold over 5.70 metres including 8.06 g/t gold over 4.20 metres --
9.97 g/t gold over 6.70 metres including 66.00 g/t gold over 0.80
metres -- 3.72 g/t gold over 14.40 metres including 8.55 g/t gold
over 3.10 metres -- 4.12 g/t gold over 19.30 metres including 5.81
g/t gold over 11.40 metres -- 2.03 g/t gold over 20.90 metres
including 3.04 g/t gold over 10.00 metres Upper Hallnor 1-55 Zone
The 1-55 veins occur in the footwall of the main Hallnor deposit
and have both open pit and underground mining potential. The veins
have been identified over a strike length of 350 metres and extend
from surface to approximately 150 metres vertical depth where the
gold-bearing structures pass into Timiskaming sediments and then
re-emerge in the Q Zone quartzite. Additional drilling is designed
to confirm continuity, expand the gold mineralization and also
provide grade verification in stope sized blocks. Highlight drill
results include: -- 3.32 g/t gold over 7.00 metres including 10.63
g/t gold over 1.60 metres -- 2.28 g/t gold over 12.00 metres
including 5.46 g/t gold over 4.90 metres -- 18.74 g/t gold over
2.10 metres including 50.10 g/t gold over 0.70 metres C Zone The C
Zone is potentially open pittable gold mineralization located
east-northeast of the former Broulan Reef Mine and appears to
represent classic hook vein geometry similar to the high grade
veins mined in the volcanic rocks at Lower Hallnor. Drilling will
test for continuity. Highlight drill results include: -- 3.64 g/t
gold over 13.50 metres including 10.13 g/t gold over 4.50 metres --
8.24 g/t gold over 4.00 metres including 21.16 g/t gold over 1.00
metres -- 4.47 g/t gold over 22.20 metres including 5.79 g/t gold
over 11.00 metres Upper Broulan Reef Drilling is designed to
confirm continuity and expand gold mineralization (news release
September 28, 2011) intersected by testing of shallow targets and
the hanging wall and footwall areas of the former Broulan Reef Mine
workings to explore for additional near surface flat vein and
quartz stockwork zones outside areas where remaining historical,
non-compliant with National Instrument 43-101 ("NI 43-101")
resource blocks defined by previous operators exist. These
types of zones have historically had nugget-type gold
mineralization that were successfully bulk mined from underground
with significantly higher grades being obtained from mining than
those indicated by drilling. Highlight drill results include: --
4.51 g/t gold over 3.00 metres including 13.37 g/t gold over 1.00
metre -- 3.97 g/t gold over 6.80 metres including 10.53 g/t gold
over 2.10 metres -- 37.90 g/t gold over 8.80 metres including
648.13 g/t gold over 0.50 metres -- 5.44 g/t gold over 6.00 metres
including 13.65 g/t gold over 0.90 metres -- 8.79 g/t gold over
2.30 metres including 38.01 g/t gold over 0.50 metres -- 13.55 g/t
gold over 4.00 metres including 44.04 g/t gold over 0.50 metres --
33.46 g/t gold over 5.40 metres including 62.99 g/t gold over 2.80
metres The Property, located in the centre of the Timmins gold
camp, hosts three past producing mines including the high grade
Hallnor Mine which produced 1.7 million ounces of gold at an
average grade of 0.40 oz/ton (13.7 g/t) gold. The exploration
program is being conducted under the terms of the joint venture
agreement between Temex (60%) and Goldcorp Canada Ltd. (40%,
"Goldcorp"). During the option period prior to earn-in, the
Company completed 88 drill holes for 20,574 metres. Upon
forming the joint venture with Goldcorp and approving the initial
budget of $1.5 million in June 2010, 46 drill holes for 14,205
metres were completed in 2010. The Company has thus far in 2011
completed an additional 38 drill holes for 8,097 metres of an
approved 12,000 metre program; the remainder of this approved $1
million program is currently in progress. The Company is also
planning an additional $1.5 million drill program to commence
before the end of the year. 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. Temex is exploring its Timmins Whitney
Property, in partnership with Goldcorp, and expanding its NI 43-101
gold resource at the Juby Gold Project (Note 1) with an updated
resource estimate planned for fall 2011. The Juby Main Zone
has a resource of 14.1 million tonnes at a grade of 1.36 g/t gold
for 614,000 ounces of gold in the Indicated category and 18.3
million tonnes at a grade of 1.14 g/t gold for 602,000 ounces of
gold in the Inferred category, both at a cut-off grade of 0.50 g/t
gold. Temex also has a NI 43-101 compliant resource for
tailings material on its Gowganda Silver Project (Note 2).
The tailings piles contain 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 June 15, 2010 and the technical report
filed on SEDAR July 30, 2010. 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,
Ph.D., P. Geol., and Joe Campbell, B.Sc., P.Geo., "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, Ph.D., P.
Geol., Alan Sexton, M.Sc., P.Geo. and Joe Campbell, B.Sc., 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: For more
information please visit www.temexcorp.com oremail:
info@temexcorp.com orphone: 416-862-2246 toll free: 866-373-6287
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