TEMEX INTERSECTS HIGH GRADE GOLD on HALLNOR 1-55 ZONE WHITNEY JV PROPERTY, TIMMINS
January 04 2011 - 8:00AM
PR Newswire (Canada)
TORONTO, Jan. 4 /CNW/ -- TSX-V:TME; FWB:TQ1 TORONTO, Jan. 4 /CNW/ -
Temex Resources Corp. (TSX-V: TME, FWB: TQ1) "Temex" or "the
Company" reports that significant gold intersections were recorded
from 13 short holes drilled at the Hallnor 1-55 vein system on the
Whitney JV Property, located in the heart of the Timmins Gold Camp.
The Hallnor 1-55 Zone is one of several high priority gold targets
on the Whitney Property currently being explored by the Company
under the terms of a joint venture agreement between Temex (60%)
and Goldcorp Canada Ltd. (40%). Highlights: -- All 13 holes drilled
into the Hallnor 1-55 Zone encountered gold mineralization at
shallow depths including: 50.10 g/t Au over 0.70 metres in
TW10-102; 24.75 g/t Au over 0.70 metres in TW10-96; 2.28 g/t Au
over 12.00 metres in TW10-98; and 3.32 g/t Au over 7.00 metres in
TW10-97. -- The near-surface 1-55 vein system is one of several
gold zones considered by the Company to have high potential for the
definition of economic bulk tonnage gold resources. -- Priority
exploration targets to be tested early in 2011. Thirteen drill
holes, averaging 165 metres in length, all intersected significant
gold mineralization at shallow depths. Results include high-grade
intercepts in drill hole TW10-102 which cut 50.10 g/t Au over 0.70
metres at a depth of 62.70 metres and wider gold intersections
including TW10-98 which yielded 2.28 g/t Au over 12.00 metres at a
depth of 58.00 metres and TW10-97 which assayed 3.32 g/t Au over
7.00 metres at a depth of 76.30 metres. All significant
intersections are reported in the attached table of results.
The Hallnor 1-55 vein system was identified in 2003 by the previous
operators of the Porcupine Joint Venture, (Placer Dome Limited and
Kinross Gold Corporation), as "having high potential for the
definition of gold resources that could possibly be exploited by
open pit mining methods". The zone consists of closely spaced,
sub-vertical gold-bearing veins with a potential strike length of
500 metres. The 1-55 vein system is one of several near-surface
gold zones on the Whitney Property with near surface resources (not
in compliance with National Instrument 43-101). Commented Ian
Campbell, President and CEO, "In addition to the high discovery
potential at deep levels below the Hallnor deposit the 1-55 vein
system is one of several promising near surface gold zones we are
evaluating as part of our global gold resource tally on the Whitney
Property. This is an integral part of our strategy continuing
in 2011 along with testing new priority targets that have been
identified. Our current program is confirming gold grades and is
demonstrating excellent continuity as every drill hole cut gold
mineralization which is a high gold hit ratio in the Timmins camp."
The current drilling is part of the Company's on-going 40-hole,
10,000 metre minimum diamond drill program on the Whitney JV
Property. Assays are pending for approximately 25 additional drill
holes and once received and compiled they will be released prior to
resumption of drilling in early 2011. The Whitney Property has
historic gold production from the Broulan Reef, Bonetal and Hallnor
mines, the latter of which is the highest grade mine (of those that
produced 1 million ounces) in the 70 million ounce Porcupine Gold
Camp. Gold production from the Hallnor Mine amounted to more
than 1.7 million ounces of gold at an average grade of 0.40 opt
(13.71 g/t) gold while the Broulan Reef produced 490,000 ounces of
gold at an average grade of 0.23 opt (7.88 g/t) gold. The Property
is located central to a 10 million ounce gold mine trend and is
surrounded by Goldcorp to the east, Lake Shore Gold Corp. to the
north, and a joint venture between San Gold Corporation, Lexam
Explorations Inc., and VG Gold Corp. to the west. To view a
map of the Whitney JV Property please visit:
http://files.newswire.ca/322/temex.pdf Jari Paakki, P. Geo.,
Vice-President, Exploration 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 well-financed 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 Gold Project, and
specifically the property known as Whitney, in partnership with
Goldcorp and at the same time advancing its Juby Gold Project, one
component of which is the 100% owned Juby Lease Property which
contains a National Instrument 43-101 Indicated resource of 614,000
ounces of gold and an Inferred resource of 602,000 ounces of
gold. Table 1: Significant results from drill holes reported
in this news release Drill Hole From (m) To (m) Core Length Au
(g/t) (m) TW10-90 117.20 120.20 3.00 1.87 TW10-91 49.40 54.30 4.90
1.47 including 53.50 54.30 0.80 3.55 and 158.70 159.20 0.50 9.20
TW10-92 138.60 139.30 0.70 16.70 TW10-93 129.50 132.40 2.90 3.11
TW10-95 79.20 81.25 2.05 10.12 TW10-96 54.10 72.10 18.00 0.92
including 56.50 58.40 1.90 4.05 including 70.50 71.40 0.90 5.11 and
124.40 128.00 3.60 5.16 including 127.30 128.00 0.70 24.75 TW10-97
76.30 83.30 7.00 3.32 including 76.30 77.90 1.60 10.63 including
82.30 83.30 1.00 5.34 TW10-98 58.00 70.00 12.00 2.28 including
65.10 70.00 4.90 5.46 and 132.40 142.00 9.60 1.64 including 136.40
139.20 2.80 4.28 TW10-99 53.70 54.30 0.60 2.91 and 131.00 134.00
3.00 2.36 TW10-100 178.50 185.70 7.20 2.79 including 182.00 184.70
2.70 6.09 TW10-101 159.90 160.80 0.90 5.29 TW10-102 61.30 63.40
2.10 18.74 including 62.70 63.40 0.70 50.10 Notes: Temex has
implemented a quality control (QA/QC) program which includes the
use of standards and blanks. Samples of split NQ core are
transported by Company personnel to Activation Laboratories in
Timmins, Ontario in sealed bags. The remaining half of the
core is kept as a permanent record and stored at a secure facility
in Timmins. The core samples are analyzed using a 30 gram
standard fire assay method. Pulp metallic gold assaying is
performed as required on samples where visible gold is
observed. Intervals reported are core lengths. True
widths are unknown at this time. *Estimates reported are historical
in nature and are not in compliance with NI 43-101 "Standards of
Disclosure for Mineral Deposits" and therefore should not be relied
upon. Table 2: Significant results from drill holes reported
October 6, 2010 Drill Hole From (m) To (m) Core Length Au (g/t) (m)
TW10-80 163.20 165.20 2.00 6.05 including 163.20 164.20 1.00 10.80
203.90 204.40 0.50 2.75 TW10-81 147.00 155.70 8.70 5.61 including
150.70 153.10 2.40 9.25 and 147.00 147.50 0.50 7.58 and 148.00
149.00 1.00 6.08 and 151.40 152.30 0.90 13.80 and 152.30 153.10
0.80 8.00 171.20 173.10 1.90 5.37 including 172.20 173.10 0.90
10.90 TW10-82 148.40 151.60 3.20 6.32 including 148.40 153.60 5.20
4.52 and 148.40 149.20 0.80 8.57 156.50 157.20 0.70 7.07 162.40
164.40 2.00 8.71 including 163.40 164.40 1.00 15.80 168.40 169.00
0.60 17.20 TW10-83 151.70 154.10 2.40 3.27 including 152.50 153.10
0.60 6.81 174.00 175.60 1.60 2.32 TW10-84 160.40 163.60 3.20 3.04
including 161.90 162.70 0.80 5.54 178.00 181.00 3.00 1.48 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
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