Temex Resources Corp

Published : July 08th, 2014

Temex Reports on Drill Results on Whitney Gold Project, Timmins, Ontario

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Temex Reports on Drill Results on Whitney Gold Project, Timmins, Ontario

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):

  • TW14-3718.91 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
  • TW14-3754.57 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:

  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.

SOURCE Temex Resources Corp.

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Temex Resources Corp

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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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