Temex Launches Field Exploration Program on the Juby Gold Project, Ontario
June 14 2012 - 8:00AM
PR Newswire (Canada)
TORONTO, June 14, 2012 /CNW/ - Temex Resources Corp. (FWB: TQ1)
("Temex" or "the Company") announces that a field exploration
program is underway on the Juby Gold Project. The Project is
located in Tyrrell Township in northeastern Ontario, 100 kilometres
south of Timmins, Canada's largest gold camp, and is situated along
the southwestern extension of the Larder Lake - Cadillac Fault Zone
between AuRico's Young Davidson deposit and Trelawney's Cote Lake
deposit. The surface program is focusing on the Juby Joint Venture
Property ("Juby JV") and Golden Lake Property ("Golden Lake") both
of which are contiguous to the 100% owned Juby Lease Property
("Juby Lease") host to the Juby Main Zone. Temex owns a 60%
interest in the Juby JV and has the option to earn a 100% interest
in Golden Lake (news release January 18, 2012). The Juby Main Zone
contains a National Instrument 43-101 ("NI 43-101") compliant gold
resource (news releases January 16 and February 28, 2012) of 22.3
million tonnes at a grade of 1.30 g/t gold for 934,645 ounces of
gold in the Indicated category and 28.2 million tonnes at a grade
of 1.00 g/t gold for 905,621 ounces of gold in the Inferred
category, both at a cut-off grade of 0.40 g/t gold. The program
will consist of geological mapping, prospecting, soil sampling and
geophysics and will follow-up on several new gold zones discovered
late in 2011 (news release November 24, 2011) on the Juby JV as
well as other priority targets. The new gold zones were discovered
by soil sampling and prospecting and occur 1.5 kilometres southwest
of the Juby Main Zone. These as well as the other priority targets
represent potential satellite gold deposits proximal to the Juby
Main Zone. Soil sampling returned values ranging from 28 ppb gold
to 1,747 ppb gold (1.7 g/t gold) defining an open ended trend with
a minimum strike length of 1.5 kilometres and width of 0.5
kilometres in an area of virtually no previous exploration.
These are the strongest gold in soil anomalies detected to date on
the Juby Gold Project. Limited follow-up prospecting discovered
several gold-in-bedrock occurrences within this trend over an area
approximately 250 metres long by 50 metres wide with individual
grab samples assaying 0.59 g/t gold up to 8.26 g/t gold.
Significantly, the gold mineralization is hosted by rock sequences
typical of the Juby Main Zone including highly altered feldspar
porphyry and sedimentary rocks that exhibit iron carbonate
alteration and minor amounts of pyrite. On Golden Lake, a program
of soil sampling, prospecting and geological mapping was initiated
in late May. Golden Lake is contiguous along strike to the west of
Juby Main Zone providing Temex with immediate opportunity to expand
the Main Zone to the west and a program of 8 holes totaling 3,255
metres was recently completed with analytical results pending.
Karen Rees, P.Geo., Vice President, Exploration of Temex Resources
Corp., is the designated qualified person responsible for the
preparation of the above portion of this news release. Corporate
Update Temex announces that it has granted options to directors, an
employee and consultants to purchase an aggregate of 550,000 common
shares of Temex Resources Corp. Each such option may be exercised
at a price of $0.20 per share for a period of 5 years for the
options granted to the directors and the employee, and for a period
of 1 year for the options granted to the consultants. Croxall
Property The Company announces that it has issued an aggregate of
50,000 common shares due under an option agreement (the "Option
Agreement"), pursuant to which the Company has an option to acquire
a 100% interest in mining claims, known as the Croxall Property,
located in Ogden, Price and Thorneloe Townships, in the Porcupine
Mining Division. The securities issued are subject to a hold
period expiring on October 15, 2012. The Option Agreement was
previously announced by the Company on June 25, 2009. An
aggregate cash payment of $30,000 due under the Option Agreement
was paid in equal portions to the optionors by Mill City Gold Corp.
("Mill City") and Temex an amending agreement dated June 12, 2012
to an agreement announced September 22, 2010 under which Mill City
has an option to acquire a 75% interest in the Croxall Property
from Temex. Under the amending agreement, Mill City shall
issue to Temex 300,000 common shares of Mill City. On Behalf of the
Board of Directors, "Ian Campbell" 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
northeastern Ontario, a world class mining district. Temex is
exploring its Timmins Whitney Property, in partnership with
Goldcorp, and its Juby Gold Project. The Juby Main Zone has
NI 43-101 compliant resources of 22.3 million tonnes at a grade of
1.30 g/t gold for 934,645 ounces of gold in the Indicated category
and 28.2 million tonnes at a grade of 1.00 g/t gold for 905,621
ounces of gold in the Inferred category, both at a cut-off grade of
0.40 g/t gold (Note 1). Temex also has a NI 43-101 compliant
resource for tailings material on its Gowganda Silver Project (Note
2). 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. Notes: 1. Information regarding the mineral resource
estimate on the Juby Main Zone is in the Company's news release
dated January 16, 2012 and the technical report filed on SEDAR
February 28, 2012. The Mineral Resource Statement was prepared for
Temex by GeoVector Management Inc., Ottawa, Ontario according to
the "CIM Standards on Mineral Resources and Reserves: Definition
and Guidelines" (December, 2005), by Joe Campbell, BSc, P.Geo.,
Alan Sexton, MSc, P.Geol., and Allan Armitage, PhD, P.Geol.,
"independent qualified persons" as defined by NI 43-101. 2.
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 according
to the "CIM Standards on Mineral Resources and Reserves: Definition
and Guidelines" (December, 2005), 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 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. Temex Resources Corp. CONTACT: please
visit www.temexcorp.com or email: info@temexcorp.com
orphone:416-862-2246 toll free: 866-373-6287
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