Temex Intersects 2.22 g/t Gold over 35.70 Metres, 10.15 g/t Gold over 3.30 Metres Near Surface at Hallnor Mine, Whitney Prope...
15 November 2011 - 1:00AM
PR Newswire (Canada)
TSX-V:TME; FWB:TQ1 TORONTO, Nov. 14, 2011 /CNW/ - Temex Resources
Corp. ("Temex" or "the Company") reports that near surface
exploration drilling on the Upper Hallnor Mine area of the Whitney
Property (the "Property") intersected 2.22 g/t gold over 35.70
metres including 2.78 g/t gold over 15.80 metres and 10.15 g/t gold
over 3.30 metres in hole TW11-163 at shallow depths. Hole TW11-163
intersected several near surface quartz and quartz-carbonate
stockwork zones 30 metres downhole, hosted within the footwall
Timiskaming sediments near the unconformable contact with Tisdale
volcanic rocks to the north of the Upper Hallnor Mine. This is the
same contact zone that has seen significant production at Hallnor
and from both underground and large open pit mining operations
directly along strike and on the adjoining property to the east
with the past producing Hoyle and Pamour Mines, comprising a 4
kilometre long corridor with past production of over 10 million
ounces of gold. The zones intersected in hole TW11-163 may
represent the eastward extension of the 1-55 North and South Veins
from which Temex has previously reported numerous high grade gold
intersections. Additional diamond drilling underway will test
both the strike and down-dip extension to this broad zone of gold
mineralization. "These results demonstrate the excellent potential
for us to define gold resources with both open pit and underground
potential right in the centre of Canada's largest gold mining
camp," commented Ian Campbell, President and CEO. The results
reported today are from a 12,000 metre drill program initiated
earlier this year which is testing priority targets in the upper
areas of the Broulan Reef and Hallnor Mines as well as other high
priority exploration targets on the Property. Assays are
pending on several other holes. Drilling is ongoing with two rigs
working on the Upper Hallnor property testing several targets with
the primary objective being the delineation of National Instrument
43-101 compliant gold resources at the Hallnor 6 Vein area and the
1-55 North and South Veins. This work is designed to follow
up on the excellent results obtained during the first phase
program. The Property 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 ounce per ton (13.7 g/t)
gold. Exploration is being conducted by the Company under the
terms of a joint venture agreement between Temex (60%) and Goldcorp
Canada Ltd. (40%). During the option period prior to earn-in,
the Company completed 88 drill holes for 20,574 metres. The joint
venture with Goldcorp was formed in June 2010, and during the first
year of the agreement 84 drill holes totalling 22,302 metres were
completed. The current campaign has completed an additional
13 drill holes for 4,267 metres for an aggregate of $2.5 million in
exploration expenditures. The Company and Goldcorp recently
approved a $1.5 million budget to commence immediately and it is
anticipated that two rigs will be operating well into the new year
for an aggregate of $4.0 million in exploration expenditures by the
end of the second anniversary of the agreement. 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. Table
1. Significant results from drill holes reported in this
release
_____________________________________________________________________
| Hole_ID | From | To (m) | Core Length| Au (g/t) | | | (m) | | (m)
| |
|__________________|________|____________|_____________|______________|
|Upper Hallnor - Footwall Zone |
|_____________________________________________________________________|
| TW11-163 | 30.00 | 65.70 | 35.70 | 2.22 |
|__________________|________|____________|_____________|______________|
| includes | 30.00 | 45.80 | 15.80 | 2.46 |
|__________________|________|____________|_____________|______________|
| includes | 58.70 | 65.70 | 7.00 | 5.67 |
|__________________|________|____________|_____________|______________|
| includes | 58.70 | 62.00 | 3.30 | 10.15 |
|__________________|________|____________|_____________|______________|
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 is 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 a
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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