Temex Begins Initial Drill Program on Recently Acquired Golden Lake Property, Juby Gold Project, Ontario
30 April 2012 - 11:00PM
PR Newswire (Canada)
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 orphone:416-862-2246 toll free: 866-373-6287
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