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Re: News Releases - Wednesday, September 26, 2007
TEMEX ANNOUNCES URANIUM STAR TO SPEND $1 MILLION on MERICO ETHEL
and YARROW GOLD-COPPER-URANIUM PROPERTIES
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NEWS RELEASE NR15-2007
TSX Venture Exchange:TME, Frankfurt Exchange:TQ1
TORONTO, ONTARIO: Temex Resources Corp. (TSX Venture Exchange:TME,
Frankfurt:TQ1) ("Temex" or "the Company") is pleased to announce that
it has entered into an Option and Joint Venture Agreement (the
"Agreement") with Uranium Star Corp. ("Uranium Star") granting Uranium
Star the option to earn a 50% undivided interest in its 100% owned
Merico Ethel and Yarrow gold-copper-uranium properties located in the
Elk Lake area of northeastern Ontario.
The Merico Ethel property hosts a variety of styles of mineralization
including several narrow zones of high-grade, "Cobalt-type" vein
systems containing copper, gold, silver, and cobalt mineralization,
from which grab samples include results of up to 22.35 g/t Au, 109.60
g/t Ag, and 23.68% Cu. The property, situated near the northern margin
of the Paleo-Proterozoic Huronian sedimentary basin, which has recently
been recognized by the Geological Survey of Canada for its high
potential to host "Athabasca-type" unconformity-associated
mineralization (Jefferson et al., 2007), is also host to near-surface
uranium mineralization and extensive areas of hematite alteration.
The Merico Ethel and Yarrow properties are part of Temex's Latchford
Gold Project (with 12 properties totalling over 75,000 acres), situated
around the margins of the Huronian sedimentary basin. The project was
originally acquired by Temex following its discovery of
Proterozoic-aged, bonanza-style gold mineralization in a large boulder
on the Brett property, 50 kilometres to the south from which individual
grab samples yielded up to 210 ounces per tonne Au (6,222 g/t Au). In
addition to the potential to host high grade Cobalt-type vein systems
containing bonanza gold, silver, etc., Temex recognized the additional
potential of the properties to host unconformity mineralization
including Athabasca-type uranium deposits. Regional structures such as
the Montreal River Fault have clearly influenced the location of
mineralization on the Merico Ethel property, and fault reactivation has
likely acted to offset the regionally extensive unconformity surface
that separates the overlying Huronian sedimentary rocks from the
Archean basement to produce excellent structural traps for oxidizing,
mineralizing fluids carrying uranium, copper, and gold. The Montreal
River Fault is spatially associated with the Archean-age giant Kidd
Creek massive sulphide deposit, the Porcupine and Matachewan gold
camps, and the Paleo-Proterozoic Cobalt silver camp.
A 3000 metre
Diamond drill program will begin immediately to test
several induced polarization ("IP") chargeability anomalies detected by
Temex, including a large northeast trending horizontal anomaly with a
strike exceeding 1000 metres and width of up to 800 metres. The source
of that anomaly is interpreted as a sulphide-related feature at or near
the Proterozoic:Archean unconformity. Concurrent with the drill
program, a field program consisting of additional line-cutting over the
entire Merico property will be carried out, followed by induced
polarization ("IP") geophysics, magnetic surveying, a detailed gravity
survey, and soil sampling. The IP survey will further delineate those
anomalies remaining open to expansion and definition and will also be
extended to cover the area of the Sauve uranium-copper-gold occurrence
in the north-eastern portion of the property from which grab samples
have yielded up to 1.56% U3O8, 14.64% Cu and 0.94 g/t Au.
Commented Ian Campbell, "We are very pleased to have a company such as
Uranium Star working with us on this project and are very excited about
the upcoming drill program. The Merico Ethel and Yarrow properties
form an integral part of our Latchford Gold Project and they are
situated in a very interesting geological environment offering up
multiple possibilities for discoveries."
In order to earn a 50% interest in the properties excluding the
Diamondrights, Uranium Star must pay Temex $50,000 on signing and complete
$950,000 in exploration expenditures by June 30, 2008. Subject to
completing the terms, Temex and Uranium Star will form a 50:50 Joint
Venture to further explore the property. Temex retains the
Diamondrights. The terms of the Agreement are subject to regulatory approval
and the approval of the Board of Directors of each Company.
Ian Campbell, P.Geo., is the designated Qualified Person responsible
for the preparation of this News Release.
For further information please contact Ian Campbell or Bruce Durham at
416-862-2246 or visit the Company's website at www.temexcorp.com.
Temex is a well-funded Canadian exploration company focused on
advancing its precious metal,
Diamond, nickel and uranium projects in
Manitoba and Ontario.
On behalf of the Board of Directors,
"Ian Campbell"
Ian Campbell
President and CEO
*The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release*
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Copyright (c) 2007 TEMEX RESOURCES CORP (TME) All rights reserved.
For more information visit our website at http://www.temexcorp.com/ or
send mailto:info@temexcorp.com
Message sent on Wed Sep 26, 2007 at 11:23:06 AM Pacific Time
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