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:
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Category / Zone
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Tonnage
(x 1000)
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Gold Grade
(g/t)
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Contained
Ounces
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Indicated Resources at Cut-off Grade of 0.40 g/t Gold
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Juby Main Zone
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25,300
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1.28
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1,041,300
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Hydro Creek
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1,300
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1.19
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49,100
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Total Indicated
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26,600
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1.28
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1,090,400
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Inferred Resources at Cut-off Grade of 0.40 g/t Gold
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Juby Main Zone
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74,200
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0.91
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2,174,200
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Hydro Creek
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13,400
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1.07
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460,100
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Big Dome
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8,600
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0.99
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274,500
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Total Inferred
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96,200
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0.94
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2,908,800
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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:
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1.
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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.
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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.
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3.
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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.
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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.