Temex Resources Corp

Published : February 26th, 2015

Temex Achieves up to 98% Gold Recovery in Metallurgical Testwork on High Grade Whitney Project, Timmins Gold Camp

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Temex Achieves up to 98% Gold Recovery in Metallurgical Testwork on High Grade Whitney Project, Timmins Gold Camp

February 24, 2015

Temex Achieves up to 98% Gold Recovery in Metallurgical Testwork on High Grade Whitney Project, Timmins Gold Camp

NR01-2015

February 24, 2015 (TORONTO, ONTARIO): Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") is pleased to announce that it has received excellent metallurgical testwork results from the Whitney Gold Project in Timmins, Ontario; the work was conducted by SGS Canada Inc., Lakefield, Ontario (SGS). The historic and prolific Hallnor mine, the centerpiece of the Whitney Project, was the highest grade gold producer in the Timmins camp, having produced 1.7 M ounces of gold at 0.40 ounces (12.4 g) gold per tonne. Current NI 43-101 measured and indicated resources of the Whitney Property total 708,600 ounces contained in 3,219,000 tonnes grading 6.85 g/t gold and inferred resources of 170,700 ounces contained in 995,000 tonnes grading 5.34 g/t gold, at a cut-off grade of 3.0 g/t gold.

The testwork was conducted on a single composite sample, with a head grade of 6.59 g/t gold, comprised of 200 drill core samples collected from thirty-seven Diamond drill holes, selected as representative of the overall high grade NI 43-101 resource. Preliminary metallurgical testwork done on low grade composite samples also achieved excellent gold recoveries ranging from 93% to 98% on head grades ranging between 0.94 to 2.32 g/t gold respectively (news release February 27, 2013).

Highlights:

  • Overall recoveries of 98% and 96% at head grade of 6.59 g/t gold were achieved from grind sizes of a P80=73 µm at the finest size and at P80=149 µm at the coarsest size respectively from conventional gravity concentration followed by high intensity cyanidation of gravity concentrate and cyanidation of gravity tailings by carbon-in-pulp (CIP) recovery methods.
  • Activated carbon leach tests demonstrated that no deleterious elements in the feed were present to compete with gold extraction.
  • Very high gravity separation was achieved, with rates between 51% and 66% depending on the weight recovered.
  • Intensive cyanidation of concentrate (both gravity and flotation) resulted in high levels of extraction of 99% and 97% respectively; the cyanide leach reagent consumption was low.
  • Conventional froth flotation on gravity tailings was also tested as a comparable alternative to CIP/CIL extraction. Combined with gravity recovery, overall gold recoveries were as high as 96% before cyanidation and 95% subsequent to cyanidation.
  • Modified ABA (acid/base accounting) testing clearly identified CND (cyanide destruction) tailings as non-acid generating (NAG) with most of the neutralization potential related to fast-reacting carbonate mineralization. NAG testing confirmed the results of the ABA test, also clearly identifying the CND tailings as non-acid forming.
  • Testwork results suggest that gravity separation followed by cyanidation/CIP of gravity tailings may be the optimum flowsheet.
  • Additional testing could improve efficiencies and reduce milling costs.
"We are extremely pleased with the exceptional results of the detailed metallurgical testwork at Whitney reported today," commented Ian Campbell, President and CEO of Temex Resources Corp. "These results together with the preliminary work reported on in 2013 indicate that very high recoveries are achievable at both high and low head grades. Both series of tests achieved excellent gravity separation results indicating the presence of substantial free-milling gold, high cyanidation recoveries at fast reaction times and low reagent consumption, suggesting opportunities to lower milling costs."

Metallurgical testwork flowsheet results are summarized in the following table:

Flowsheet % Gold Recovery
Gravity, Flotation (incl. cyanidation of gravity and flotation concentrates) 94.7
Gravity, Cyanidation (incl. cyanidation of gravity concentrate) 97.9

Outlook and Workplan

The metallurgical testwork results will be a key factor in securing a custom toll milling agreement, with several potential opportunities in the Timmins area. The Company plans to undertake an advanced exploration open pit bulk sample project focussed on the Upper Hallnor 110 Zone, as described in previous news releases. Environmental testwork to support an addendum to the existing closure plan, which is operated by Goldcorp, has been completed. It is anticipated that internal review of the work will be completed by the joint venture partners prior to submission to the intergovernmental agencies for final permitting approval.

The metallurgical testwork was supervised by Maziar E. Sauber, Ph.D., P.Eng., Project Manager - Metallurgist, Metallurgical Operations, SGS Canada Inc., Lakefield, Ontario, Canada. The technical information in this news release has been approved by David Hall P.Eng., President, Applied Mineral Research Inc., independent qualified person and consultant to Temex.

Kim Tyler, P.Geo., Operations Manager for 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 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.
  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.
For more information please visit www.temexcorp.com or
email: [email protected] or phone: 416-862-2246 toll free: 866-373-6287

Read the rest of the article at www.noodls.com
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Temex Resources Corp

EXPLORATION STAGE
CODE : TME.V
ISIN : CA87971U1057
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Temex Resources is a gold and copper exploration company based in Canada.

Temex Resources holds various exploration projects in Canada.

Its main exploration properties are HALLNOR (PAMOUR), LATCHFORD, URANIUM, WILSON LAKE, HUSTON LAKE / MARIJANE LAKE, WEBEQUIE, GOWGANDA, TIMMINS - WHITNEY TOWNSHIP, MC FAULD'S LAKE and JUBY in Canada.

Temex Resources is listed in Canada and in Germany. Its market capitalisation is CA$ 22.4 millions as of today (US$ 16.9 millions, € 15.1 millions).

Its stock quote reached its highest recent level on December 31, 2003 at CA$ 1.10, and its lowest recent point on May 08, 2015 at CA$ 0.04.

Temex Resources has 186 590 000 shares outstanding.

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