TORONTO, May 29, 2014 /CNW/ - Temex Resources Corp.
(TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") announces initial
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. ("Goldcorp", as manager and on behalf of
the Porcupine Joint Venture, a joint venture between Goldcorp Inc.
and Goldcorp Canada Ltd.) owns 40%.
Highlights (see Table 1 for downhole
depths of significant intersections and Table 2 for details on
drillhole locations)
- TW14-329: 49.53 g/t gold over 6.00 metres including
288.00 g/t gold over 1.00 metre (10.70 g/t gold over 6.00
metres using a capped grade of 55.00 g/t gold) commencing at the
overburden/bedrock interface (28.00 to 34.00 metres downhole)
- TW14-340: 48.09 g/t gold over 4.50 metres
including 208.00 g/t gold over 1.00 metre (14.09 g/t gold over
4.50 metres using a capped grade of 55.00 g/t gold) (19.70 to 24.20
metres downhole)
- TW14-341: 11.13 g/t gold over 2.00 metres including
21.80 g/t gold over 1.00 metre (28.80 to 30.80 metres
downhole)
- TW14-333: 5.04 g/t gold over 8.20 metres
including 31.50 g/t gold over 0.80 metres (17.20 to 25.40 metres
downhole)
- TW14-339: 3.24 g/t gold over 17.60 metres
including 4.88 g/t gold over 5.70 metres (30.00 to 47.60 metres
downhole)
- TW14-336: 2.78 g/t gold over 8.40 metres
including 9.53 g/t gold over 2.10 metres (27.50 to 35.90
metres downhole)
- TW14-327: 2.46 g/t gold over 8.10 metres
including 3.75 g/t gold over 3.20 metres (51.00 to 59.10 metres
downhole)
- TW14-330: 1.44 g/t gold over 26.00 metres
including 3.12 g/t gold over 6.00 metres (15.00 to 41.00 metres
downhole)
Commented Ian
Campbell, President and CEO of Temex Resources Corp., "These
results are highly encouraging as they confirm our expectations as
to the continuity of the eastern portion of the 110 Zone, targeted
as the initial start-up for our advanced exploration program. We
are particularly excited to have near surface high grade
mineralization which gives rise to the opportunity for a low
capital expenditure/early start-up opportunity which is further
enhanced by accessibility at the bedrock surface and the premier
location in the heart of the Timmins gold camp."
The current program is focussed on the 110 Zone,
located on the eastern part of the Property, which was selected as
optimal for advanced exploration bulk sampling through a small open
pit and due to anticipated low capital and operating costs based on
ease of access, surface exposure and shallow dip. The purpose of
the drilling is to further define the geometry of the structure to
a vertical depth of 50 metres in order to facilitate detailed
engineering and geotechnical work.
Twelve of the fourteen drill holes announced
today intersected the 110 Zone quartz vein structure demonstrating
excellent continuity of the zone over the 110 metres of strike
length tested. Holes TW14-327 to TW14-330 intersected the zone east
of the proposed pit and have successfully extended the
mineralization a further 50 metres to the east starting at bedrock
12 metres below surface to a vertical depth of 45 metres where it
remains open. Eight of the fourteen holes intersected visible gold
(Table 1) which is considered a high hit ratio for the Timmins gold camp.
The 110 Zone, typical of mineralogy historically
mined at the Hallnor Mine, is comprised of sheeted extension vein
stockworks accompanied by quartz, sericite and disseminated pyrite
alteration haloes. It is ideally suited to open pit extraction due
to its unique shallow 40 degree north dipping structure and shallow
exposure at the bedrock surface.
Drilling is ongoing and additional holes will be
reported as results are available.
Metallurgical Testwork
A 325 kg composite sample of drill core samples
representative of the Upper Hallnor high grade gold mineralization
was prepared and shipped to SGS Canada Inc. of Lakefield, Ontario for a comprehensive series
of metallurgical tests. The work will complement the studies
required for permitting and toll milling options under
consideration. Previous metallurgical work completed by SGS on
lower grade material yielded between 94% to 97% recoveries on
gravity concentrate with gravity tail cyanide leaching on
calculated head grades ranging between 0.94 to 2.32 g/t gold
respectively (news release February 27,
2013).
Whitney Joint
Venture
Goldcorp has informed the Company that they will
not be contributing to the 2014 Work Program budgeted at
$3.5 M. The program was unanimously
approved at a meeting of the management committee of the joint
venture in late January, and described in the Company's news
release dated April 8, 2014. As
a result, Temex has elected to make cover payments for Goldcorp's
portion to date but may also now effect a modification to the
current program. Goldcorp's interest in the joint venture may
be reduced in accordance with the terms of the agreement.
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 |
TW14-327* |
51.00 |
59.10 |
8.10 |
2.46 |
|
including |
55.00 |
58.20 |
3.20 |
3.75 |
|
TW14-328* |
62.00 |
66.70 |
4.70 |
1.19 |
|
including |
63.00 |
63.50 |
0.50 |
10.00 |
|
TW14-329 |
28.00 |
34.00 |
6.00 |
49.53 |
10.70 |
including |
30.60 |
31.60 |
1.00 |
288.00 |
55.00 |
and |
38.40 |
43.80 |
5.40 |
1.64 |
|
including |
39.00 |
39.50 |
0.50 |
14.00 |
|
TW14-330* |
15.00 |
41.00 |
26.00 |
1.44 |
|
including |
17.00 |
23.00 |
6.00 |
3.12 |
|
and |
36.50 |
40.00 |
3.50 |
3.45 |
|
TW14-333* |
17.20 |
25.40 |
8.20 |
5.04 |
|
including |
17.20 |
18.00 |
0.80 |
31.50 |
|
and |
26.50 |
29.20 |
2.70 |
5.22 |
|
including |
26.50 |
27.00 |
0.50 |
23.00 |
|
TW14-335 |
24.00 |
25.50 |
1.50 |
1.13 |
|
TW14-336* |
27.50 |
35.90 |
8.40 |
2.78 |
|
including |
30.80 |
32.90 |
2.10 |
9.53 |
|
TW14-337 |
17.90 |
19.70 |
1.80 |
5.13 |
|
TW14-338 |
24.00 |
25.30 |
1.30 |
4.07 |
|
TW14-339* |
30.00 |
47.60 |
17.60 |
3.24 |
|
including |
31.30 |
37.00 |
5.70 |
4.88 |
|
and |
45.00 |
46.70 |
1.70 |
9.77 |
|
TW14-340* |
19.70 |
24.20 |
4.50 |
48.09 |
14.09 |
including |
22.20 |
23.20 |
1.00 |
208.00 |
55.00 |
TW14-341* |
28.80 |
30.80 |
2.00 |
11.13 |
|
including |
28.80 |
29.80 |
1.00 |
21.80 |
|
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. 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 |
TW14-327 |
489525.4 |
5373615.7 |
60.0 |
158 |
-50 |
TW14-328 |
489525.4 |
5373615.7 |
72.0 |
155 |
-75 |
TW14-329 |
489514.6 |
5373602.7 |
57.0 |
155 |
-45 |
TW14-330 |
489514.7 |
5373584.7 |
45.0 |
155 |
-73 |
TW14-333 |
489504.3 |
5373578.5 |
57.0 |
155 |
-90 |
TW14-335 |
489487.4 |
5373567.5 |
36.0 |
155 |
-90 |
TW14-336 |
489447.7 |
5373581.3 |
51.0 |
155 |
-80 |
TW14-337 |
489446.9 |
5373559.1 |
36.0 |
155 |
-63 |
TW14-338 |
489436.6 |
5373559.3 |
42.0 |
155 |
-90 |
TW14-339 |
489432.4 |
5373567.4 |
60.0 |
155 |
-80 |
TW14-340 |
489431.6 |
5373549.8 |
36.0 |
155 |
-75 |
TW14-341 |
489425.6 |
5373559.7 |
51.0 |
155 |
-90 |
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:
- 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.
- 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.
- 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.