TORONTO, April 28 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") announces that exploration is set to begin on its 100% owned Gowganda Silver Property (the "Property") located three kilometres northeast of Gowganda, Ontario. The Property contains the Miller Lake O'Brien Silver Mine, the largest past producing Cobalt-style silver mine outside of Cobalt, Ontario. It was operated by Miller Lake O'Brien Mines (1910-1944) and later by Siscoe Metals (1945-1972), with combined historical production of 40.7 million ounces of silver at an average grade of 22 ounces of silver per ton (Derry, Michener, Booth & Wahl, 1990).
An initial 2000 metre drill program has been designed to confirm and test for the extensions of several high grade silver veins reported by the previous operator Sandy K Mines ("SKM") which were discovered from an underground exploration program conducted by SKM (1988-1995) in an area of the Property that had not previously been developed. Several of the veins intersected in that program are typical of those mined during its more than 62 year mining history. In addition, several holes have been planned to test other near-surface targets from a soil sampling program conducted by Temex during the 2010 field program that are deemed to have high potential to host vein systems parallel to previously developed veins. All of the holes in the upcoming program will be drilled from surface and will range from 50 to 200 metres in length.
Historical studies by several industry experts including Kilborn Engineering and Watts, Griffis and McOuat on the silver content of the tailings established a resource (see Note 1) of 1.827 million short tons at a grade of 1.43 ounces per ton silver (1.66 million tonnes at a grade of 49 grams per tonne silver), estimated on the basis of 545 auger holes and 152 sonic drill holes between 1980 and 1987. Temex considers the estimates reliable and relevant based on the verification of the results from historical sampling as well as the repeatability of several test samples (news release February 21, 2007) taken by the Company since acquisition.
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 National Instrument 43-101 ("NI 43-101") compliant resource of 614,000 ounces of gold at a grade of 1.36 g/t gold in the indicated category plus 602,000 ounces of gold at a grade of 1.14 g/t gold in inferred resources, both at a cut-off grade of 0.50 g/t gold (news release June 15, 2010).
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.
Note 1: The silver resource referred to is historical in nature and is not in compliance with NI 43-101 "Standards of Disclosure for Mineral Deposits". The Company has not done the work necessary to verify the classification of the resource and is not treating the silver resource as NI 43-101 defined resources verified by a Qualified Person. The historical silver resource should not be relied upon.
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.
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.
