Temex Intersects Multiple Zones of High Grade Silver
August 03 2011 - 9:00AM
PR Newswire (Canada)
TORONTO, Aug. 3, 2011 /CNW/ -- TORONTO, Aug. 3, 2011 /CNW/ - Temex
Resources Corp. (TSX-V: TME) (FWB: TQ1) ("Temex" or "the Company")
announces it has intersected multiple zones of high grade silver on
its 100% owned Gowganda Silver Project ("the Property") located 3
kilometres northeast of the historic silver mining town of
Gowganda, Ontario and has excellent access and infrastructure. The
Property hosts past producing silver mines operated by Miller Lake
O'Brien Mines (1910-1944) and Siscoe Metals (1945-1972) with
combined historical production of 40.7 million ounces of silver at
an average grade of 22 ounces per ton silver (Derry, Michener,
Booth & Wahl, 1990). Drilling Highlights -- 5,510 grams per
tonne ("g/t") silver (160.7 ounces per short ton ("opt")) over 0.73
metres including 10,267 g/t silver over 0.30 metres (299.5 opt) --
238 g/t silver (6.9 opt) over 2.75 metres including 1,144 g/t over
0.44 metres (33.4 opt) -- 624 g/t silver (18.2 opt) over 0.62
metres "We are very pleased with our initial test of the Millerett
area and specifically that three separate and shallow zones of
calcite veining were intersected in the hole reported today. Within
those zones several calcite veins typical of what were mined in the
past were intersected, some containing strong native silver
mineralization and several other veins containing anomalous silver
mineralization. These zones and individual veins remain open at
depth where further drilling is required to test for extensions of
specific veins and structural zones, and also the possibility that
some of the structural zones may have bulk tonnage potential,"
commented Ian Campbell, President and CEO of Temex. Drill hole
GS-11-04 testing the Millerett #7 and #8 area intersected multiple
high grade intersections of silver mineralization within three
separate but distinct zones of calcite veining within 80 metres
from surface and contained in the upper portion of the Nipissing
diabase sill which hosts almost all of the historically mined 65
million ounces of silver within a 1.5 kilometre strike length. The
lowermost zone contained bonanza grades assaying 5,510 g/t silver
over 0.73 metres including 10,267 g/t over 0.30 metres from within
a 6.2 metre wide zone from 108.50 to 114.70 metres downhole defined
by a higher density of calcite veins, some of which contained
highly anomalous silver values and requiring further drill testing.
The intersections are within zones of higher density calcite
veining, were highlighted by sections assaying 238 g/t silver (6.9
opt silver) over 2.75 metres, and 624 g/t (18.2 opt silver) over
0.62 metres. Previous drilling in the area by Sandy K Mines in
1988-1989 had discovered several veins highlighted by drill
intersections that included 154.2 opt silver over 2.0 feet, 291.4
opt silver over 1 foot and 348.5 opt silver over 3.5 feet including
1,039 opt silver over 1 foot. The Millerett #7 and #8 areas
is located approximately 300 metres northwest of the Miller Lake
O'Brien Mine and 500 metres south of the Castle Mine, the latter
which produced over 10 million ounces of silver at an average grade
exceeding 40 ounces per ton silver and was closed by Agnico Eagle
Mines Ltd. in 1989 due to low silver prices. The Millerett #7 and
#8 area is overlain by the historic tailings from which Temex
recently announced (news release June 8, 2011) a National
Instrument 43-101 ("NI 43-101") compliant resource estimate 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.(1 )
Past-producing silver veins are characterized by native silver
mineralization that is subject to extreme heterogeneity in grades,
whereby certain portions of the veins have spectacular native
silver mineralization, and other portions of the same veins have
little or no silver mineralization. The distribution of
silver mineralization within specific veins is generally
unpredictable however the presence of high grade silver in any
portion of a vein was historically proven to indicate a potentially
mineable structure. 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 NI 43-101 compliant
resource of 14.1 million tonnes at a grade of 1.36 g/t gold for
614,000 ounces of gold in the Indicated category and 18.3 million
tonnes at a grade of 1.14 g/t gold for 602,000 ounces of gold in
the Inferred category, both at a cut-off grade of 0.50 g/t gold
(news release June 15, 2010).(2 ) Ian Campbell, P. Geo., President
and CEO 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 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 expanding its
NI 43-101 gold resource at the Juby Gold Project (news release June
15, 2010; SEDAR July 30, 2010) with an updated resource estimate
planned for fall 2011. Temex also has a NI 43-101 compliant
resource for tailings material on its Gowganda Silver Project (news
release June 8, 2011; SEDAR July 21, 2011). Notes: 1. Information
regarding the mineral resource estimate in the tailings piles
located on the Gowganda Silver Project can be found 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. 2. Information regarding the mineral resource estimate on
the Juby Main Zone can be found in the Company's news release dated
June 15, 2010 and the technical report filed on SEDAR July 30,
2010. 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.,
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. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/August2011/03/c9028.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
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