Temex Files Resource Report for the Juby Gold Project, Ontario
February 27 2012 - 5:53AM
PR Newswire (Canada)
TORONTO, Feb. 28, 2012 /CNW/ - Temex Resources Corp. ("Temex" or
"the Company") announces that it has made the regulatory filing of
the report entitled "Technical Report on the Updated Resource
Estimate on the Juby Mesothermal Gold Project, Tyrrell Township,
Shining Tree Area, Ontario". The report, dated February 28,
2012 was authored by Allan Armitage, Ph.D., P.Geol., Joe Campbell,
B.Sc., P.Geo., and Alan Sexton, M.Sc., P.Geo., all of GeoVector
Management Inc. ("GeoVector"). GeoVector is a consulting firm
based in Ottawa, Ontario specializing in resource estimation
project assessment and project management. The updated mineral
estimate, which includes diamond drill results from the Company's
2010 and 2011 exploration campaigns, is 50% larger than the
Company's previous resource estimate published in June 2010.
Highlights: -- Indicated resource is 934,645 ounces gold grading
1.30 g/t at 0.40 g/t cut-off -- Inferred resource is 905,621 ounces
gold grading 1.00 g/t at 0.40 g/t cut-off -- Deposit remains open
for expansion at depth and along strike -- Drilling set to begin on
adjacent Golden Lake Property "We are extremely pleased with the
significant increase in gold resources which is an important step
forward on the Juby Project," said Ian Campbell, President and
CEO. "Further, there is potential to rapidly increase the
size of the deposit not only at depth, but along strike, based on
our recent strategic acquisition of the Golden Lake Property
announced January 18, 2012. This property has increased Temex's
control to 4.5 km of strike length of the gold-enriched Tyrrell
Structural Zone, host to the Juby Main Zone and has several similar
style gold mineralized drill intercepts. We intend to conduct an
aggressive drill program on both Golden Lake and Juby to expand our
gold resources, while initiating metallurgical and environmental
baseline work which will be incorporated into a preliminary
economic assessment of the Main Zone." The resource is tabulated
below with Table 1 including data for the total gold resources
located along the Juby Main Zone and Table 2 stating data for the
gold resources which occur on the Juby Joint Venture Property
(Temex 60% / Goldeye Explorations Limited 40%). Table 1.
January 2012 Resource Estimate - Total Juby Main Zone Cut-off Grade
Tonnage Gold Grade Total Ounces (g/t) (g/t) Indicated Resource 0.30
g/t 26,733,332 1.14 983,696 0.40 g/t 22,341,850 1.30 934,645 0.50
g/t 19,350,548 1.43 891,711 1.00 g/t 11,608,973 1.91 712,803
Inferred Resource 0.30 g/t 35,611,895 0.86 989,090 0.40 g/t
28,182,894 1.00 905,621 0.50 g/t 23,119,340 1.12 832,486 1.00 g/t
10,994,670 1.56 550,482 The increase to the resource reported in
June 2010 is due to the incorporation of data from diamond drill
holes completed by Temex during the 2010 to 2011 winter drill
program and the utilization of a 0.40 g/t gold cut-off grade.
The previous Indicated and Inferred resources were reported at a
cut-off grade of 0.50 g/t. The gold in the deposit is very
evenly distributed and there is no significant difference between
capped and uncapped assays. Table 2. January 2012 Resource
Estimate - Portion of Total Juby Main Zone (Table 1) that Occurs on
the Juby Joint Venture Property (Temex's 60% share shown) Cut-off
Grade Tonnage Gold Grade Total Ounces (g/t) (Temex) (g/t) (Temex)
Indicated Resource 0.3 g/t 1,005,884 1.29 41,758 0.4 g/t 867,564
1.44 40,197 0.5 g/t 718,109 1.65 38,046 1.0 g/t 435,901 2.26 31,654
Inferred Resource 0.3 g/t 2,538,165 0.72 59,167 0.4 g/t 2,317,534
0.76 56,687 0.5 g/t 2,005,120 0.81 52,087 1.0 g/t 275,393 1.14
10,139 Resource Estimate Parameters The current resource estimate
is based on 98 NQ-sized surface diamond drill holes totalling
27,670 metres drilled by Temex in six drill campaigns conducted
between 2002 and 2011 on the Juby Lease Property; 7 NQ surface
drill holes totalling 1,715 metres drilled by Temex in three drill
campaigns conducted between 2004 and 2011 on the Juby Joint Venture
Property; 22 BQ surface drill holes totalling 8,033 metres drilled
by Inmet Mining Corporation in 1999 and 2000 on the Juby Lease
Property. These 127 drill holes are spaced 15 to 225 metres
apart, with an average spacing of 50 metres and along a strike
length of 2,800 metres. The width of the Core and Halo zones
averages 25 metres with a maximum width of 80 metres in the central
portion of the mineralized zones. The drill holes primarily
tested to a vertical depth of 300 metres, with the maximum depth
tested being 600 metres in the eastern end of the deposit. A block
model with block dimensions of 5 x 2 x 5 metres was placed over
resource model solids with the proportion of each block below the
topographic surface and inside the solid recorded. Two different
search ellipses were used to constrain an IDW(3) (Inverse Distance
Weighting) approach and were based on the ranges determined by
variography. One metre composite samples were used in the
resource estimation. Gemcom software was used to complete the
resource estimate. An average specific gravity (SG) of 2.77
was used based on 357 SG tests of representative core. It was
noted that mineralized intersections only varied from an SG of 2.73
to 2.81 g/cm(3) within each and all mineralized domains, and that
the population was normal with a mean of 2.77 g/cm(3). High
grade composite assays are capped to 30 g/t gold. The updated
mineral resource estimate was prepared by GeoVector Management Inc.
("GeoVector") and is reported in accordance with Canadian
Securities Administrator's National Instrument 43-101 ("NI 43-101")
and was estimated in conformity with generally accepted CIM
"Estimation of Mineral Resource and Mineral Reserves Best
practices" guidelines, including the critical requirement that all
mineral resources "have reasonable prospects for economic
extraction". Temex is currently developing parameters for carrying
out Whittle pit optimizations on the Juby resources as a precursor
to conducting preliminary economic studies. Joe Campbell, BSc,
P.Geo., Alan Sexton, MSc, P.Geol., and Allan Armitage, PhD,
P.Geol., of GeoVector Management Inc. are responsible for the
technical comments related to the resource estimate and its
parameters and are "independent qualified persons" for the purposes
of National Instrument 43-101 Standards of Disclosure for Mineral
Projects of the Canadian Securities Administrators and have
verified the data disclosed in this release. 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, 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. 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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