TEMEX ANNOUNCES NI 43-101 RESOURCE ESTIMATE
June 08 2011 - 9:00AM
PR Newswire (Canada)
TORONTO, June 8, 2011 /CNW/ -- TSX-V:TME; FWB:TQ1 TORONTO, June 8,
2011 /CNW/ - Temex Resources Corp. (TSX Venture Exchange:TME,
Frankfurt:TQ1) ("Temex" or "the Company") is pleased to announce
that a NI 43-101 compliant resource estimate has been prepared for
tailings material at the Gowganda Silver Project (the "Project or
the "Property") by GeoVector Management Inc. ("GeoVector") of
Ottawa, Ontario. The tailings were generated from the Miller Lake
O'Brien Silver Mine, Ontario's largest past-producing Cobalt-style
silver mine outside of Cobalt, Ontario with historical production
of 40.7 million ounces of silver at an average grade of 22 ounces
per ton silver (DMBW, 1990) between 1910 and 1972. The project is
located 3 kilometres northeast of Gowganda, Ontario and has
excellent access and infrastructure. Temex holds a 100% interest in
the Property with no underlying royalties. 2011 Mineral Resource
Estimate The 2011 mineral resource estimate is based on 764 auger,
drive pipe and sonic drill holes (3,012 metres) and 2,039 assay
values. Drilling of tailings was conducted in 1981, 1987 and 2000.
The resource estimate is categorized as indicated as defined by the
CIM guidelines for resource reporting. Mineral resources do not
demonstrate economic viability, and there is no certainty that the
mineral resource will be converted into mineable reserves once
economic considerations are applied. The resource estimate for the
tailings piles at a silver cut-off grade of 10.0 grams per tonne
("g/t") is ~1,940,000 tonnes grading 47.5 g/t silver for ~2,960,000
contained ounces of silver in an Indicated category (Table 1).
Table 1: Mineral Resource Estimate for the Gowganda Project
Tailings Piles. Metallurgical recoveries are assumed to be 100%.
_____________________________________________ |Cut-off Grade|
Tonnes | Silver | |(Silver g/t) | |_____________________| | |
|Grade (g/t)| Ozs | |_____________|_________|___________|_________|
| 10 g/t |1,937,520| 47.5 |2,959,487|
|_____________|_________|___________|_________| | 20 g/t
|1,903,081| 48.1 |2,941,810|
|_____________|_________|___________|_________| | 30 g/t
|1,743,690| 50.1 |2,806,483|
|_____________|_________|___________|_________| About the Gowganda
Silver Project The Property hosts the Miller Lake O'Brien Silver
Mine which produced approximately 42 million ounces of silver
between 1910 and 1972. The Miller Lake O'Brien Silver Mine is the
largest past-producing Cobalt-style silver mine outside of Cobalt,
Ontario. From 1910 to 1944 approximately 16 million ounces of
silver was produced by Miller Lake O'Brien Mines. From 1945 to 1972
Siscoe Metals produced approximately 25.5 million ounces of silver
from about 1.15 million tons of ore at an average grade of 22
oz/ton silver. It was recognized in the early 1980s that the
tailings contained silver grades that were potentially recoverable.
In 1981 Watts, Griffis and McOuat Limited ("WGM") completed 545
auger holes for 1,570 metres and 26 drive pipe holes for 191 metres
within the tailings. In 1986 WGM completed an additional 152 sonic
drill holes for 910 metres. From these drill holes, WGM estimated
the tailings to contain 1.827 million tons grading 1.43 opt silver
(see Note 1 below). In 2000, a 32 hole (326 metres) sonic drill
program was conducted on the tailings by Sandy K Mines Ltd. ("SKM")
to better define the tailings in the core area. It was found that
the average grade for the dry tailings from this drill program was
about 2.0 oz/ton (62.6 g/tonne) silver. It was concluded based on
this sonic drill program that the results of the WGM historic
resource may be underestimated by a minimum of 25%. Gravity and
metallurgical test work was carried out on the tailings by
Lakefield Research Limited (1999) and by Process Research
Associates Ltd. (2000). In April 2006, Temex completed the
acquisition of the Miller Lake O'Brien Silver Property and related
assets and facilities from Sandy K. Mines Limited ("SKM"), a
private Ontario corporation. In the summer of 2006, Temex completed
initial sampling of the tailings deposits and subsequent
metallurgical test work on the silver recoveries (see news release
February 21, 2007). Following this initial work Temex commissioned
GeoVector to complete a NI 43-101 compliant resource estimate. Note
1: Estimates reported are historical and are not in
compliance with NI 43-101 "Standards of Disclosure for Mineral
Deposits". In addition, the Company has not done the work
necessary to verify the classification of the resource and is not
treating the estimates as NI 43-101 defined resources verified by a
Qualified Person. The historical estimates should not be
relied upon. 2011 Mineral Resource Estimate of the Tailings Piles
Assay values used in the resource estimate were verified against
assays on drill logs contained in historic drill reports and assay
certificates. A site visit was carried out by Alan Sexton, P.Geo.
and Vice President of GeoVector to verify drill collar locations,
tailings extent and mine infrastructure. Digital data files of hole
collar locations and down-hole surveys were checked and
verified. The mineral resource was estimated using 1.5 metre
composites (2,504 composites) of assay values (2,039 assays) from
764 auger and sonic drill holes totaling 3,012 metres. The drill
holes were completed in 1981 (571 holes), 1986 to 1987 (154 drill
holes) and 2000 (39 drill holes). A block model, with the origin at
518550E, 5280050N, 430 metres elevation, and oriented at 300°, was
constructed using 4 x 4 x 1 metre blocks in the X, Y, Z direction
respectively. Grades for silver were interpolated into the blocks
by the inverse distance squared method using between four and
twenty composites in a minimum of 2 drill holes to generate block
grades. Based on a statistical analysis of the composite database
from each resource model, it was decided that no capping was
required on the composite populations to limit high values. The
size of the search ellipse was set at 42 x 42 x 3 metres in the X,
Y, Z direction respectively for the indicated resource. The
Principal azimuth is oriented at 155º (trend of the tailings
piles), the Principal dip is oriented at 0° and the Intermediate
azimuth is oriented at 65°. Specific gravity (SG) testing was
previously carried out on 11 representative samples of tailings and
the calculated average SG value of 2.12 was applied to all blocks
within the updated block model. The Indicated Mineral Resource
Estimate has been prepared in compliance with the standards of NI
43-101 by A. Armitage, Ph.D., P. Geol.; Alan Sexton, P.Geo. and J.
Campbell, BSc., P. Geo., all of GeoVector. GeoVector is a
consulting firm based in Ottawa, Ontario specializing in resource
estimation, project assessment and project management. A NI 43-101
report will be finalized and filed on SEDAR within 45 days of the
date of this news release. Current Exploration Work Temex has
commenced a 2000 metre diamond drill program designed to confirm
and test for the extensions of several high grade silver veins
reported by the previous operator SKM which were discovered from an
underground exploration program conducted by SKM (1988 to 1995) and
which occur in an area of the Property that had not previously been
developed. Several of the veins intersected in that program
are typical of those mined during its more than 62 year mining
history. In addition, several holes have been planned to test other
near-surface targets from a soil sampling program conducted by
Temex during the 2010 field program. All of the holes in the
upcoming program will be drilled from surface and will range from
50 to 200 metres in length. A program of soil sampling and
prospecting is also ongoing. Alan Sexton, MSc., P. Geo., is the
Qualified Person, as defined by NI 43-101, for the Project, and has
reviewed the technical information in this release. GeoVector has
reviewed and approved the information in 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. The
Gowganda Silver Property is located 20 kilometres east of the 100%
owned Juby Lease Property where the Company is currently working to
expand the National Instrument 43-101 ("NI 43-101") compliant
resource of 14.1 Mt at a grade of 1.36 g/t gold for 614,000 ounces
of gold in the indicated category plus 16.5 Mt at a grade of 1.14
g/t gold for 602,000 ounces of gold in inferred resources, both at
a cut-off grade of 0.50 g/t gold (news release June 15, 2010).
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. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/June2011/08/c3823.html p
please visit a
href="http://www.temexcorp.com"www.temexcorp.com/a or email: a
href="mailto:info@temexcorp.com"info@temexcorp.com/a orbr/ phone:
416-862-2246 toll free: 866-373-6287 /p
Copyright