TORONTO, July 8, 2014 /CNW/ - Temex Resources Corp.
(TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") announces results
from the definition drill campaign on the Whitney Gold Project (the
"Property") located in Timmins,
Ontario. The Property is held under a joint venture in
which Temex owns 60% and is the operator, and Goldcorp Canada Ltd.
owns 40%.
Highlights (see Table 1 for downhole
depths of significant intersections and Table 2 for details on
drill hole locations):
- TW14-371: 8.91 g/t gold over 16.40 metres
(8.04 g/t gold at a capped grade of 55.00 g/t gold) including
20.06 g/t gold over 3.60 metres and 35.65 g/t gold over
1.60 g/t (26.74 g/t gold at a capped grade of 55.00 g/t gold)
and 83.50 g/t gold over 0.50 metres (55.00 g/t gold capped)
starting at 34.0 metres from surface
- TW14-375: 4.57 g/t gold over 7.40 metres
including 40.10 g/t gold over 0.50 metres (40.60 to 48.00
metres downhole)
- TW14-374: 3.32 g/t gold over 9.30 metres including
6.49 g/t gold over 2.50 metres (39.00 to 48.30 metres
downhole)
- TW14-361: 2.37 g/t gold over 8.40 metres including
7.56 g/t gold over 2.20 metres (31.20 to 39.60 metres
downhole)
Commented Ian
Campbell, President and CEO, Temex Resources Corp., "These
drill holes, along with our other recent results all of which are
excellent near-surface high grade gold mineralization over
significant widths, solidify our confidence on the 110 Zone,
selected as the initial start-up for our advanced exploration
program, and further demonstrates the tremendous opportunity for
low capital expenditure/early start-up operations in the heart of
the Timmins gold camp."
The program is focused on the 110 Zone, located
on the eastern part of the Property, and was selected as optimal
for advanced exploration bulk sampling through an open pit due to
anticipated low capital and operating costs based on ease of
access, surface exposure and shallow dip. The 110 Zone is
ideally suited to open pit extraction due to its unique shallow 40
degree north dipping structure and shallow exposure at the bedrock
surface. This latest pass of drilling further defines the geometry
to a vertical depth of 50 metres and provides geotechnical
information to facilitate detailed engineering and geotechnical
work.
The 110 Zone is comprised of sheeted extension
vein stockworks containing high grade gold mineralization that are
an extension of the vein systems historically mined at the Hallnor
Mine 150 metres to the north. The vein systems are
accompanied by quartz, sericite and disseminated pyrite alteration
haloes with preliminary metallurgical studies indicating excellent
recoveries (news release February 27,
2013).
Eleven holes were recently drilled within the
110 Zone, seven of which (TW14-361, 363, 371-375), successfully
intercepted the vein structure. Four holes intersected
visible gold (Table 1). To date 31 of the 44 holes drilled in
this program intersected the 110 Zone quartz vein structure, which
continues to demonstrate excellent continuity of the Zone over the
230 metres of strike length now tested. Drill hole TW14-371
extended the Zone beyond the 50 metre vertical depth where it
remains open on the westernmost section intercepting 8.91 g/t gold
(uncapped) over 16.40 metres including 20.06 g/t gold over 3.60
metres and 35.65 g/t gold (uncapped) over 1.60 g/t including 83.50
g/t gold over 0.50 metres (55.00 g/t gold capped grade).
Eight geotechnical holes, TW14-361 to TW14-368,
were drilled to evaluate geotechnical and rock mechanics conditions
required for detailed engineering and permitting in advance of an
open pit bulk sample on the 110 Zone as well as future underground
exploration programs on the 155 and Main Zones. Most of these
holes were collared outside of anticipated mineralization and as
such did not intercept significant gold mineralization, with the
exception of drill hole TW14-367 which intersected 6.79 g/t gold
over 2.60 metres in the Hallnor Main Zone. This phase of drilling
is now complete. Geotechnical analyses are underway on the drill
core while interpretation of data derived from the drilling program
is ongoing.
The 2014 program, unanimously approved at a
meeting of the management committee of the joint venture in late
January, was described in the Company's news release of
April 8, 2014.
Kim Tyler, P.Geo.
Project Manager and Karen Rees,
P.Geo., Vice President, Exploration of Temex Resources Corp., are
the designated qualified persons responsible for the preparation of
this news release.
Table 1. Significant results from drill holes
reported in this release
Hole |
From (m) |
To (m) |
Core Length (m) |
Au (g/t)
(Uncapped) |
Au (g/t)
Capped at
55 g/t Au |
TW14-361 |
31.20 |
39.60 |
8.40 |
2.37 |
|
including |
36.00 |
38.20 |
2.20 |
7.56 |
|
TW14-363 |
32.10 |
35.80 |
3.70 |
1.91 |
|
including |
32.10 |
32.70 |
0.60 |
4.59 |
|
TW14-367* |
73.90 |
76.50 |
2.60 |
6.79 |
|
including |
75.20 |
75.80 |
0.60 |
17.40 |
|
TW14-371* |
34.00 |
50.40 |
16.40 |
8.91 |
8.04 |
including |
36.80 |
40.40 |
3.60 |
20.06 |
|
including |
38.70 |
40.40 |
1.70 |
33.62 |
|
and |
48.80 |
50.40 |
1.60 |
35.65 |
26.74 |
Including |
49.90 |
50.40 |
0.50 |
83.50 |
55.00 |
TW14-372 |
14.20 |
18.00 |
3.80 |
2.32 |
|
TW14-373 |
27.00 |
36.00 |
9.00 |
1.47 |
|
including |
32.50 |
34.50 |
2.00 |
6.24 |
|
TW14-374* |
39.00 |
48.30 |
9.30 |
3.32 |
|
including |
42.10 |
44.60 |
2.50 |
6.49 |
|
and |
46.80 |
48.30 |
1.50 |
5.63 |
|
TW14-375* |
40.60 |
48.00 |
7.40 |
4.57 |
|
including |
41.40 |
44.00 |
2.60 |
10.78 |
|
including |
43.50 |
44.00 |
0.50 |
40.10 |
|
Notes:
*Denotes visible gold in core.
Temex has implemented a quality control (QA/QC) program that
includes insertion of blanks, commercial standards and duplicate
core samples in order to ensure best practice in sampling and
analysis. Drill core samples are cut at Temex on-site facilities
using a diamond saw with the samples transported by Temex personnel
in securely sealed bags directly to Activation Laboratories
(Actlabs) facilities in Timmins,
Ontario for preparation and analysis. Core samples are
analyzed for gold using fire assay on a 30 gram split with an ICP
finish. Where initial results exceed 3 g/t gold, a second
assay is completed on another 30 gram split using fire assay with a
gravimetric finish. When visible gold is noted in the drill
core, samples are analyzed with screen metallic and the procedure
is up to 1000 g split is taken and sieved at 100 mesh; the entire
+100 mesh fraction is fired and the -100 mesh is fired in
duplicate. As part of in-house QA/QC Actlabs inserts certified gold
standards, blanks and pulp duplicate samples. Random
additional repeats are also analyzed as required.
Additionally Temex routinely inserts its own internal certified
gold standards and blanks. Results from all internal QC
samples and repeats are reported. Intervals reported are core
lengths. True widths are unknown at this time.
Table 2. Location details for drill holes reported in this
release
Hole |
UTM Easting
NAD27 Z17 |
UTM Northing
NAD27 Z17 |
Length
(m) |
Azimuth |
Dip |
TW14-361 |
489371.26 |
5373593.15 |
81.00 |
160 |
-57.00 |
TW14-362 |
489470.50 |
5373557.74 |
51.00 |
155 |
-60.00 |
TW14-363 |
489456.14 |
5373586.41 |
51.00 |
155 |
-60.00 |
TW14-364 |
489389.96 |
5373532.94 |
51.00 |
235 |
-60.00 |
TW14-365 |
489309.41 |
5373641.36 |
75.00 |
335 |
-50.00 |
TW14-366 |
489094.40 |
5373535.96 |
72.00 |
335 |
-50.00 |
TW14-367 |
489957.96 |
5373521.70 |
76.50 |
260 |
-60.00 |
TW14-368 |
489868.08 |
5373457.60 |
75.00 |
335 |
-45.00 |
TW14-369 |
489342.02 |
5373547.37 |
45.00 |
155 |
-87.00 |
TW14-370 |
489330.67 |
5373571.97 |
51.00 |
155 |
-70.00 |
TW14-371 |
489331.48 |
5373571.04 |
55.70 |
155 |
-90.00 |
TW14-372 |
489351.53 |
5373549.59 |
36.00 |
209 |
-90.00 |
TW14-373 |
489343.17 |
5373569.27 |
45.00 |
155 |
-80.00 |
TW14-374 |
489438.95 |
5373575.96 |
57.00 |
335 |
-80.00 |
TW14-375 |
489359.86 |
5373604.06 |
66.00 |
155 |
-55.00 |
About Temex Resources Corp.
Temex is a Canadian based exploration company focusing on its
portfolio of precious metals properties in the world class mining
district of northeastern Ontario. Temex (60% interest) is
advancing the Timmins Whitney Gold
Project, in partnership with Goldcorp Canada Ltd. (40% joint
venture interest; no back-in rights), and exploring the Juby Gold
Project (100% Temex).
The Whitney Property has a NI 43-101 compliant
resources on the Upper Whitney of 0.97 million tonnes at a grade of
7.02 g/t gold for 218,100 ounces of gold in the Measured category
plus 2.3 million tonnes at a grade of 6.77 g/t gold for 490,500
ounces of gold in the Indicated category and 1.0 million tonnes at
a grade of 5.34 g/t gold for 170,700 ounces of gold in the Inferred
category at a cut-off grade of 3.0 g/t gold (Note 1).
The Juby Gold Project has NI 43-101 compliant
resources of 26.6 million tonnes at a grade of 1.28 g/t gold for
1,090,400 ounces of gold in the Indicated category and 96.2 million
tonnes at a grade of 0.94 g/t gold for 2,908,800 ounces of gold in
the Inferred category, both at a cut-off grade of 0.40 g/t gold
(Note 2).
Temex also has a NI 43-101 compliant resource
for tailings material on its Gowganda Silver Project. 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 (Note
3).
Notes:
- Information regarding the mineral resource estimate on the
Upper Whitney is in the Company's news release dated January 14, 2014 and the technical report filed
on SEDAR on February 27, 2014.
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
Gold Project is in the Company's news releases dated April 29, 2013 and January
15, 2014 and the technical report filed on SEDAR
February 26, 2014. 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.Geo., and Duncan Studd, MSc,
P.Geo., "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 Information:
This news release contains forward-looking information which is
not comprised of historical facts. Forward-looking information
involves risks, uncertainties and other factors that could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this
news release includes, but is not limited to, mineral resource
estimates, and the development of its projects as well as the
timing related thereto. Factors that could cause actual results to
differ materially from such forward-looking information include,
but are not limited to, general business and economic
uncertainties, future mineral prices, uncertainties in mineral
resource estimates and adverse market conditions, as well as those
risks set out in the Company's public documents filed on SEDAR.
Although the Company believes that the assumptions and factors used
in preparing the forward-looking information in this news release
are reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
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.