TORONTO, Dec. 8, 2014 /CNW/ - Temex Resources Corp.
(TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") announces that it
has signed an agreement to purchase from Silver Eagle Mines Inc.
("Silver Eagle"), a subsidiary of Excellon Resources Inc., a 100%
interest in the Byberg Property ("Byberg") located in the west
central area of the Juby Gold Project (the "Project"). The
Byberg location is shown on a map accessed via link at the end of
this news release and is also available on the Company's website at
www.temexcorp.com. The Juby Gold Project is located in
Tyrrell Township, northeastern Ontario 45 kilometres southwest of AuRico's
Young Davidson Mine.
Commented Ian Campbell, President
and CEO, "The Byberg purchase further consolidates our dominant
landholdings in this emerging gold district. It is a
strategic property, located proximal to the Tyrrell Structural Zone
and adjacent to our Big Dome and Hydro Creek gold zones with high
grade gold intercepts in drill core providing direct evidence of
enriched gold systems in this area of the Juby Project.
Furthermore, the acquisition immediately adds excellent
exploration potential for near surface gold discoveries as our
exploration team has already defined a major new gold trend over
several kilometres, and projected to cross the southern half of
Byberg, and which has yet to see a drill bit."
The Byberg Property, which consists of 6 mining claims held
under mining leases and covering 290 acres, is important as it
solidifies Temex's 100% ownership of the important Tyrrell
Structural Zone ("TSZ") and related gold bearing structures.
The TSZ contains all of the NI 43-101 gold resources outlined
to date although Temex has only explored about one third of its
extent on the Project. The TSZ and related structures
represent a major structural feature similar in many geological
respects to the regionally extensive Larder Lake–Cadillac and
Porcupine–Destor faults zones which are host to the world class
Kirkland Lake, Matachewan and Timmins gold camps.
Despite limited historical work, gold mineralization is
widespread on Byberg and includes drill intersections that
demonstrate the potential for mesothermal gold deposits similar to
those in Kirkland Lake and
Timmins in addition to the
potential for bulk tonnage gold deposits. Drill intersections
in the 1980s reported by Dome Exploration Canada include:
- 504.34 g/t gold over 0.30 metres
- 6.65 g/t gold over 9.36 metres including 117.09 g/t gold over
0.30 metres
- 2.87 g/t gold over 15.06 metres
- 1.48 g/t gold over 45.60 metres
Major gold zones within the Juby Gold Project in the immediate
area include the south dipping Big Dome and Hydro Creek gold zones
from which Temex reported in January
2014 NI 43-101 gold resources which include drill
intersections of 217.50 g/t gold over 2.10 metres, 13.10 g/t gold
over 3.00 metres, 80.70 g/t gold over 2.10 metres, 5.89 g/t gold
over 12.50 metres, 3.58 g/t gold over 20.20 metres and 4.28 g/t
gold over 14.00 metres.
Juby Project NI 43-101 Global Resources
Global NI 43-101 gold resources on the Juby Gold Project, which
were updated January 2014, are shown
in the table below:
|
|
|
|
|
Category /
Zone
|
Tonnage
(x
1000)
|
Gold
Grade
(g/t)
|
Contained
Ounces
|
|
|
Indicated
Resources at Cut-off Grade of 0.40 g/t Gold
|
|
|
Juby Main
Zone
|
25,300
|
1.28
|
1,041,300
|
|
Hydro
Creek
|
1,300
|
1.19
|
49,100
|
|
Total
Indicated
|
26,600
|
1.28
|
1,090,400
|
|
|
|
Inferred Resources
at Cut-off Grade of 0.40 g/t Gold
|
|
|
Juby Main
Zone
|
74,200
|
0.91
|
2,174,200
|
|
Hydro
Creek
|
13,400
|
1.07
|
460,100
|
|
Big Dome
|
8,600
|
0.99
|
274,500
|
|
Total
Inferred
|
96,200
|
0.94
|
2,908,800
|
|
Note: Figures for Tonnage and Contained Ounces have been
rounded.
As consideration for Temex's acquisition of the acquired
interests, Temex has agreed to issue to Silver Eagle 750,000 common
shares of Temex (each, a "Common Share"). The Common Shares
to be issued by Temex are subject to a hold period which will
expire 4 months plus a day from the date of issue. In
addition, Temex has granted Silver Eagle a 1% Net Smelter Returns
Royalty of which Temex retains the right to buy back one half of
the Royalty for $500,000 at any
time. The share issuance is subject to approval by the TSX
Venture Exchange.
On behalf of the Board of Directors
"Ian Campbell"
President and CEO
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:
1.
|
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.
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|
|
2.
|
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.
|
|
|
3.
|
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.