Temex Announces Substantial Increase in the Gold Resource Estimate for Juby Main Zone
17 January 2012 - 12:00AM
PR Newswire (Canada)
TORONTO, Jan. 16, 2012 /CNW/ - Temex Resources Corp. ("Temex" or
"the Company") announces the updated National Instrument 43-101
("NI 43-101") resource estimate on the Juby Main Zone located in
the Shining Tree area of Eastern Ontario. The updated mineral
estimate, which now includes diamond drill results from the
Company's 2010 and 2011 exploration campaigns, is 50% larger than
the Company's previous resource estimate published in June 2010.
Highlights: -- Indicated resource is 934,645 ounces gold grading
1.30 g/t at 0.40 g/t cut-off -- Inferred resource is 905,621 ounces
gold grading 1.00 g/t at 0.40 g/t cut-off -- Known strike length of
2.8 kilometres; deposit remains open for expansion at depth and
along strike "This important increase in resources demonstrates the
significant potential to increase the size of the deposit," said
Ian Campbell, President and CEO. "Significant upside exists
to add to our resource base on the gold zones identified to date
plus several nearby high priority gold exploration targets.
It is our intention to continue expanding the deposit by diamond
drilling and immediately embark on preliminary metallurgical work
and environmental baseline studies, the results of which will be
incorporated into a preliminary economic assessment. The Juby
Project is one of our core assets - it is easily accessible by road
and is situated in the center of a world class mining area." The
resource is tabulated below with Table 1 including data for the
total gold resources located along the Juby Main Zone and Table 2
stating data for the gold resources which occur on the Juby Joint
Venture Property (Temex 60% / Goldeye Explorations Limited 40%).
Table 1. January 2012 Resource Estimate - Total Juby Main
Zone Cut-off Grade Tonnage Gold Grade Total Ounces (g/t) (g/t)
Indicated Resource 0.30 g/t 26,733,332 1.14 983,696 0.40 g/t
22,341,850 1.30 934,645 0.50 g/t 19,350,548 1.43 891,711 1.00 g/t
11,608,973 1.91 712,803 Inferred Resource 0.30 g/t 35,611,895 0.86
989,090 0.40 g/t 28,182,894 1.00 905,621 0.50 g/t 23,119,340 1.12
832,486 1.00 g/t 10,994,670 1.56 550,482 The increase to the
resource reported in June 2010 is due to the incorporation of data
from diamond drill holes completed by Temex during the 2010 to 2011
winter drill program and the utilization of a 0.40 g/t gold cut-off
grade. The previous Indicated and Inferred resources were
reported at a cut-off grade of 0.50 g/t. The gold in the
deposit is very evenly distributed and there is no significant
difference between capped and uncapped assays. Table 2.
January 2012 Resource Estimate - Portion of Total Juby Main Zone
(Table 1) that Occurs on the Juby Joint Venture Property (Temex's
60% share shown) Cut-off Grade Tonnage Gold Grade Total Ounces
(g/t) (Temex) (g/t) (Temex) Indicated Resource 0.3 g/t 1,005,884
1.29 41,758 0.4 g/t 867,564 1.44 40,197 0.5 g/t 718,109 1.65 38,046
1.0 g/t 435,901 2.26 31,654 Inferred Resource 0.3 g/t 2,538,165
0.72 59,167 0.4 g/t 2,317,534 0.76 56,687 0.5 g/t 2,005,120 0.81
52,087 1.0 g/t 275,393 1.14 10,139 Resource Estimate Parameters The
current resource estimate is based on 98 NQ-sized surface diamond
drill holes totalling 27,670 metres drilled by Temex in six drill
campaigns conducted between 2002 and 2011 on the Juby Lease
Property; 7 NQ surface drill holes totalling 1,715 metres drilled
by Temex in three drill campaigns conducted between 2004 and 2011
on the Juby Joint Venture Property; 22 BQ surface drill holes
totalling 8,033 metres drilled by Inmet Mining Corporation in 1999
and 2000 on the Juby Lease Property. These 127 drill holes
are spaced 15 to 225 metres apart, with an average spacing of 50
metres and along a strike length of 2,800 metres. The width
of the Core and Halo zones averages 25 metres with a maximum width
of 80 metres in the central portion of the mineralized zones.
The drill holes primarily tested to a vertical depth of 300 metres,
with the maximum depth tested being 600 metres in the eastern end
of the deposit. A block model with block dimensions of 5 x 2 x 5
metres was placed over resource model solids with the proportion of
each block below the topographic surface and inside the solid
recorded. Two different search ellipses were used to constrain an
IDW(3) (Inverse Distance Weighting) approach and were based on the
ranges determined by variography. One metre composite samples
were used in the resource estimation. Gemcom software was used to
complete the resource estimate. An average specific gravity
(SG) of 2.77 was used based on 357 SG tests of representative
core. It was noted that mineralized intersections only varied
from an SG of 2.73 to 2.81 g/cm(3) within each and all mineralized
domains, and that the population was normal with a mean of 2.77
g/cm(3). High grade composite assays are capped to 30 g/t
gold. The updated mineral resource estimate was prepared by
GeoVector Management Inc. ("GeoVector") and is reported in
accordance with Canadian Securities Administrator's National
Instrument 43-101 ("NI 43-101") and was estimated in conformity
with generally accepted CIM "Estimation of Mineral Resource and
Mineral Reserves Best practices" guidelines, including the critical
requirement that all mineral resources "have reasonable prospects
for economic extraction". Temex is currently developing parameters
for carrying out Whittle pit optimizations on the Juby resources as
a precursor to conducting preliminary economic studies. Joe
Campbell, BSc, P.Geo., Alan Sexton, MSc, P.Geol., and Allan
Armitage, PhD, P.Geol., of GeoVector Management Inc. are
responsible for the technical comments related to the resource
estimate and its parameters and are "independent qualified persons"
for the purposes of National Instrument 43-101 Standards of
Disclosure for Mineral Projects of the Canadian Securities
Administrators and have verified the data disclosed in this
release. 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 a 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 (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 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; the technical report will be filed
on SEDAR within 45 days of this date. 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, 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: please visit www.temexcorp.com or email:
info@temexcorp.com orphone: 416-862-2246 toll free: 866-373-6287
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