Temex Files NI 43-101 Technical Report for the Upper Hallnor
Deposit Whitney Gold Project, Ontario
TORONTO, Oct. 23, 2012 /CNW/ - Temex Resources Corp.
(TSXV: TME), (FWB: TQ1) ("Temex" or "the Company") announces that
it has made the regulatory filing of the report entitled "Technical
Report and Resource Estimate on the Upper Hallnor Deposit, Whitney
Gold Property, Timmins Area,
Ontario, Canada". The
report, dated October 18, 2012 was
authored by P&E Mining Consultants Inc. ("P&E") of
Brampton, Ontario in accordance
with National Instrument 43-101 ("NI 43-101"), and describes the
initial resource estimate on the Upper Hallnor Mine portion of the
Whitney Gold Property (the "Property") located in Timmins, Ontario. The Hallnor Mine, the
highest grade gold mine of those that have produced more than 1
million ounces of gold in the Timmins camp, yielded 1.7 million ounces of
gold at an average grade of 0.40 ounces per ton gold.
The Property is held under a joint venture under
which Temex owns 60% and is operator and Goldcorp Canada Ltd. owns
40% ("Goldcorp") (as manager, and on behalf, of the Porcupine Gold
Mines Joint Venture (a joint venture between Goldcorp Inc. and
Goldcorp)); Temex is the operator of the joint venture. The
results are summarized below shown on 100% basis; the resource
estimate parameters are detailed at the end of this release.
Mineral Resource Upper Hallnor In-pit at 0.30
g/t Au cut-off grade
- Measured ("M"): 232,100 ounces contained in 2,964,000
tonnes at a grade of 2.44 g/t gold
- Indicated ("I"): 544,000 ounces contained in 8,664,000
tonnes at a grade of 1.95 g/t gold
- TOTAL M+I: 776,100 ounces Measured and Indicated at a grade
of 2.07 g/t gold
- Inferred: 231,900 ounces contained in 4,024,000 tonnes
at a grade of 1.79 g/t gold
Technical Report Recommendations
Given the success of defining a bulk tonnage, potentially open-pit
mineable resource at the past-producing Hallnor mine, P&E has
recommended that an extensive diamond drilling program be conducted
along the entire Hallnor-Bonetal-Broulan Reef mine trend a further
1.5 kilometres to the west-southwest where preliminary drilling by
Temex has already intersected substantial gold mineralization
demonstrating the excellent potential to expand the current in-pit
resources with drill intersection highlights from Temex drilling
that include:
- Upper Hallnor: 2.30 g/t gold over 16.00 metres and 4.12 g/t
gold over 19.30 metres
- Q Zone: 17.71 g/t gold over 2.90 metres and 6.38 g/t gold over
3.78 metres
- C Zone: 4.47 g/t gold over 22.20 metres and 12.92 g/t gold over
7.00 metres
- Broulan Reef: 37.90 g/t gold over 8.80 metres and 3.58 g/t gold
over 16.66 metres
Additional recommendations include:
- Resource modelling to be undertaken to evaluate the potential
viability of a starter pit(s) and a combined open pit/underground
operation scenario on the Upper Hallnor resource.
- Metallurgical studies to test recovery of lower-grade bulk
tonnage mineralization
- Initiating engineering studies to obtain requisite technical
data for the preparation of pre-feasibility work including but not
limited to environmental and permitting work, and geotechnical
studies.
Next Steps
Temex is well financed with $10M in
the treasury and will commence diamond drilling based on the
P&E recommendations. The resource drilling program is
planning a minimum of 25,000 metres of drilling at the Broulan Reef
and C Zone and an additional 10,000 metres allocated for the
resource expansion at the Upper Hallnor/Bonetal mines. Specific
areas which will be the focus of the drilling include:
- Resource expansion in Upper Hallnor within the current in-pit
resource where historic holes have intersected high grade gold
mineralization and which require a higher drill density to
incorporate into resource data.
- Resource expansion outside the Upper Hallnor in-pit area on the
western portion of the current resource area and the past-producing
high grade Bonetal Mine where the current resource is wide
open.
- Resource drilling on the past-producing Broulan Reef mine,
located approximately 1.5 km along mine trend west-southwest of the
Upper Hallnor/Bonetal resource area.
- Resource drilling on C Zone, located on the mine trend between
Upper Hallnor/Bonetal and Broulan Reef mines.
Temex will also immediately begin additional
resource modelling, metallurgical work, engineering and preliminary
environmental and geotechnical studies as per the above detailed
recommendations.
The contents of this news release have been
reviewed and approved by Qualified Persons Ian Campbell, P.Geo.,
President and CEO of Temex Resources Corp. and Karen Rees, P.Geo., Vice President, Exploration
of Temex Resources Corp.
About the Resource (news release
September 5, 2012)
The initial mineral resource (see Table 1) statement was prepared
in accordance with NI 43-101 standards by P&E Mining
Consultants Inc., ("P&E") of Brampton, Ontario, with a database
incorporating 247 surface diamond drill holes (70,094 metres)
drilled by Temex between 2005 and 2012, and 9,870 historic drill
holes (477,694 metres) drilled by previous operators. Of
these holes, 85 Temex holes totalling 24,044 metres and 2,991
historic holes totalling 101,331 metres were actually utilized in
the resource calculation. Measured, Indicated and Inferred
mineral resources have been delineated within 17 domains on the
Upper Hallnor portion of the Whitney Property in an area adjacent
and proximal to the past-producing Hallnor Mine, covering an area
of 1,100 metres long by 125 metres wide by 550 metres deep.
The in-pit mineralization is defined to a depth of 480 metres from
surface.
The mineral resource estimate was prepared with
the objective of defining gold resources which would be amenable to
open-pit mining methods, similar to open pits that have been mined
subsequent to previous underground operations on strike directly to
the east. P&E also performed a sensitivity analysis on
the resource model using different cut-off grades. This
analysis revealed a substantial higher grade mineral inventory that
may be amenable to stand-alone underground mining operations which
are more selective than open pit mining methods. The results
of this sensitivity analysis are presented in Table 2.
Table 1: Upper Hallnor Resource Estimate
(1)(2)(3)(4)(5)(6)(7)(8)(9)
Capped |
MEASURED |
INDICATED |
MEASURED +
INDICATED |
INFERRED |
Cut-off
Au g/t |
Tonnes |
Au
g/t |
Au
oz |
Tonnes |
Au
g/t |
Au
oz |
Tonnes |
Au
g/t |
Au
oz |
Tonnes |
Au
g/t |
Au
oz |
Pit 0.30 g/t |
2,964,000 |
2.44 |
232,100 |
8,664,000 |
1.95 |
544,000 |
11,628,000 |
2.07 |
776,100 |
4,024,000 |
1.79 |
231,900 |
UG below
pit 2.0 g/t |
18,000 |
3.81 |
2,200 |
94,000 |
3.91 |
11,900 |
112,000 |
3.89 |
14,100 |
91,000 |
3.09 |
9,100 |
TOTAL |
2,982,000 |
2.44 |
234,300 |
8,758,000 |
1.97 |
555,900 |
11,740,000 |
2.09 |
790,200 |
4,115,000 |
1.82 |
241,000 |
Resource Estimate Notes and
Parameters
- Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral
resources may be materially affected by environmental, permitting,
legal, title, taxation, socio-political, marketing, or other
relevant issues, although the Company is not aware of any such
issues.
- The quantity and grade of reported Inferred resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define these Inferred resources as an Indicated or
Measured mineral resource and it is uncertain if further
exploration will result in upgrading them to an Indicated or
Measured mineral resource category.
- The mineral resources in this news release were estimated using
the Canadian Institute of Mining, Metallurgy and Petroleum (CIM),
CIM Standards on Mineral Resources and Reserves, Definitions and
Guidelines prepared by the CIM Standing Committee on Reserve
Definitions and adopted by the CIM Council.
- Variable grade capping by mineralized domain was accomplished
at Au values ranging from 9 g/t to 100 g/t
- The Gemcom block model is defined by 5m x 5m x 5m blocks. A
bulk density of 2.84 t/m3 was used for all tonnage
calculations.
- A July 31, 2012 two year trailing
gold price of US$1,525/oz and an
exchange rate of US$1=CDN$1 was utilized in the Au cut-off grade
calculations of 0.30 g/t for open pit and 2.0 g/t for
underground. Open pit mining costs were assumed at
C$1.75/t for mineralized material and
waste rock, and C$1.25/t for
overburden, with process costs of $10/t and G&A of $2.50/t. Process recovery was assumed at
95%.
- Values in the table may differ due to rounding.
- The search ellipse dimensions for the Measured category was 10m
x 10m x 5m from a block centroid, with a minimum 3 drill holes and
maximum of 20 samples; the area of influence of the Indicated
category is 20m x 20m x 10m from a block centroid with a minimum of
2 drill holes and maximum of 20 samples; Remaining blocks within
the constraining domain wireframes were coded as Inferred.
- The open pit resource is reported within a Whittle optimized
pit shell with 50 degree slopes.
Table 2: Upper Hallnor Underground Only
Sensitivity to Resource
Capped |
MEASURED |
INDICATED |
MEASURED +
INDICATED |
INFERRED |
Cut-off
Au g/t |
Tonnes |
Au
g/t |
Au
oz |
Tonnes |
Au
g/t |
Au
oz |
Tonnes |
Au
g/t |
Au
oz |
Tonnes |
Au
g/t |
Au
oz |
5.0 g/t |
324,000 |
9.99 |
104,000 |
556,000 |
9.65 |
172,500 |
880,000 |
9.78 |
276,500 |
247,000 |
8.10 |
64,400 |
4.0 g/t |
396,000 |
8.94 |
113,800 |
690,000 |
8.59 |
190,800 |
1,086,000 |
8.72 |
304,600 |
325,000 |
7.18 |
75,000 |
3.0 g/t |
610,000 |
7.02 |
137,500 |
1,141,000 |
6.57 |
240,800 |
1,751,000 |
6.72 |
378,300 |
614,000 |
5.41 |
106,800 |
2.0 g/t |
990,000 |
5.26 |
167,600 |
2,114,000 |
4.66 |
316,900 |
3,104,000 |
4.85 |
484,500 |
1,388,000 |
3.75 |
167,500 |
About Whitney
The Whitney Property is situated along a four kilometre section of
the Porcupine-Destor Fault in a 10 million ounce mine trend within
Canada's largest gold camp (over
70 million ounces of gold produced). The Whitney Property
hosts five past-producing mines: Hallnor, Bonetal, Broulan Reef,
Bonwhit and Hugh Pam, which together
produced an aggregate of 2.43 million ounces of gold. The
Hallnor Mine, the highest grade gold mine of those that have
produced more than 1 million ounces of gold in the Timmins camp, yielded 1.7 million ounces of
gold at an average grade of 0.40 ounces per ton gold. The
Property is operated by Temex under a joint venture whereby Temex
owns 60% and Goldcorp Canada Ltd. owns 40% ("Goldcorp") (as
manager, and on behalf, of the Porcupine Gold Mines Joint Venture
(a joint venture between Goldcorp Inc. and Goldcorp)).
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 the Timmins Whitney Property, in
partnership with Goldcorp, and the Juby Gold Project.
The Whitney Property has NI 43-101 compliant
resources on the Upper Hallnor of 3.0 million tonnes at a grade of
2.44 g/t gold for 234,300 ounces of gold in the Measured category,
8.8 million tonnes at a grade of 1.97 g/t gold for 555,900 ounces
of gold in the Indicated category, and 4.1 million tonnes at a
grade of 1.82 g/t gold for 241,000 ounces of gold in the Inferred
category, all at a cut-off grade of 0.30 g/t gold (Note 1).
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 2).
The Gowganda Silver Project has a NI 43-101
compliant resource in tailings piles 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 (Note 3).
Notes:
- Information regarding the mineral resource estimate on the
Upper Hallnor is in the Company's news release dated September 5, 2012 and the technical report filed
on SEDAR October 19, 2012. The
Mineral Resource Statement was prepared for Temex by P&E Mining
Consultants Inc. of Brampton,
Ontario in accordance with NI 43-101 by Richard Sutcliffe, PhD, P.Geo., Eugene Puritch, P.Eng., David Burga, P.Geo., Yungang Wu, P.Geo.,
Tracy Armstrong, P.Geo., and
Antoine Yassa, P.Geo., "independent
qualified persons" as defined by NI 43-101.
- 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
in accordance with NI 43-101 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.
- 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 in accordance with
NI 43-101 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.
SOURCE Temex Resources Corp.