TORONTO,
June 17, 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)
- TW14-356: 14.26 g/t gold over 9.30 metres including
130.00 g/t gold over 0.90 metres (6.98 g/t gold over 9.30
metres using a capped grade of 55.00 g/t gold) commencing at the
overburden/bedrock interface (27.00 to 33.30 metres downhole)
- TW14-352: 11.25 g/t gold over 6.50 metres
including 33.58 g/t gold over 1.90 metres (12.50 to 15.90
metres downhole)
- TW14-357: 8.22 g/t gold over 10.30 metres
including 27.28 g/t gold over 2.20 metres (31.00 to 41.30
metres downhole)
- TW14-344: 3.93 g/t gold over 5.10 metres
including 16.90 g/t gold over 0.40 metres (27.50 to 35.90
metres downhole)
- TW14-359: 2.71 g/t gold over 17.20 metres
including 5.35 g/t gold over 6.20 metres (29.50 to 38.80 metres
downhole)
- TW14-345: 2.06 g/t gold over 22.50 metres
including 5.35 g/t gold over 1.90 metres (31.70 to 54.20 metres
downhole)
Commented Ian
Campbell, President and CEO, Temex Resources Corp., "These
results continue to solidify our confidence on the 110 Zone,
selected as the initial start-up for our advanced exploration
program. These drill results are from the western portion of the
Zone and build on our most recent results, again with excellent
near surface high grade gold mineralization over significant
widths, further demonstrating the opportunity for low capital
expenditure/early start-up 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.
Twenty-six of the thirty-three drill holes
reported on this program to date intersected the 110 Zone quartz
vein structure continuing to demonstrate excellent continuity of
the Zone over the 230 metres of strike length now tested. Holes
TW14-342 to TW14-360 progressively defined the Zone another 120
metres further west of the previously reported drilling. Four
holes intersected visible gold within the Zone (Table 1) while four
other holes intercepted an unmineralized fault window through the
middle of the zone.
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.
Results from additional holes will be reported
as they become available.
Corporate Update
Temex Resources Corp. is pleased to announce the appointment of Mr.
Carmelo Marrelli as Chief Financial
Officer ("CFO") of the Corporation effective immediately. Mr.
Marrelli is the Principal of Marrelli Support Services Inc.,
delivering accounting, regulatory compliance and investment based
services to numerous issuers on the TSX and TSX-Venture exchanges
for over twenty years. With his value based service approach
well known within the Canadian junior mining industry, Carmelo
offers a diverse skill set to the Corporation. In
addition, Carmelo is the controlling shareholder of DSA Corporate
Services Inc., a firm providing corporate secretarial and
regulatory filing services.
Carmelo is a Chartered Professional Accountant
(CPA, CA), a Certified General Accountant, and a member of the
Institute of Chartered Secretaries and Administrators, a
professional body that certifies corporate secretaries. He has a
Bachelor of Commerce degree from the University of Toronto. Mr. Marrelli also
serves as Chief Financial Officer to a number of reporting issuers
on the TSX and TSX-Venture exchanges including Probe Mines Limited,
Manitou Gold Inc., and Northquest Ltd.
Concurrent with the appointment of Mr. Marrelli,
Mr. Derrick Weyrauch has resigned
from the position of CFO of the Corporation. "On behalf of
all of us at Temex, we wish Derrick the best in his recent
appointment as Chief Financial Officer on the Jaguar Mining Inc.
management team," stated Ian
Campbell, President and CEO.
In connection with the appointment, Mr. Marrelli
will be granted options to purchase 100,000 common shares of Temex
Resources Corp. Each such option will be exerciseable at a
price of $0.13 per share for a period
of 5 years.
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 |
TW14-342 |
18.00 |
19.50 |
1.50 |
4.54 |
|
including |
18.00 |
18.40 |
0.40 |
16.90 |
|
TW14-343 |
23.10 |
25.00 |
1.90 |
1.74 |
|
TW14-344 |
25.40 |
30.50 |
5.10 |
3.93 |
|
including |
28.40 |
30.00 |
1.60 |
11.30 |
|
TW14-345 |
31.70 |
54.20 |
22.50 |
2.06 |
|
including |
52.30 |
54.20 |
1.90 |
5.35 |
|
TW14-346 |
24.00 |
24.50 |
0.50 |
1.30 |
|
TW14-347 |
33.50 |
34.10 |
0.60 |
1.46 |
|
TW14-351 |
35.20 |
38.60 |
3.40 |
3.02 |
|
TW14-352 |
12.50 |
19.00 |
6.50 |
11.25 |
|
including |
14.00 |
15.90 |
1.90 |
33.58 |
|
TW14-353 |
30.30 |
33.00 |
2.70 |
4.33 |
|
TW14-354* |
29.50 |
35.90 |
6.40 |
3.77 |
|
including |
32.50 |
35.90 |
3.40 |
6.25 |
|
TW14-355 |
30.40 |
33.70 |
3.30 |
2.84 |
|
including |
31.40 |
33.25 |
1.85 |
4.65 |
|
TW14-356* |
27.00 |
36.30 |
9.30 |
14.24 |
6.98 |
including |
32.00 |
34.30 |
2.30 |
55.82 |
26.47 |
including |
32.40 |
33.30 |
0.90 |
130.00 |
55.00 |
TW14-357* |
31.00 |
41.30 |
10.30 |
8.216 |
|
Including |
32.90 |
40.30 |
7.40 |
11.34 |
|
Including |
35.50 |
37.70 |
2.20 |
27.28 |
|
TW14-359* |
29.50 |
46.70 |
17.20 |
2.71 |
|
including |
32.60 |
38.80 |
6.20 |
5.35 |
|
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 |
TW14-342 |
489421.55 |
5373543.23 |
30.00 |
155.00 |
-53.00 |
TW14-343 |
489421.54 |
5373543.23 |
42.00 |
155.00 |
-89.90 |
TW14-344 |
489412.55 |
5373562.89 |
45.00 |
155.00 |
-89.90 |
TW14-345 |
489412.55 |
5373562.89 |
60.00 |
335.00 |
-75.00 |
TW14-346 |
489408.46 |
5373546.91 |
36.00 |
155.00 |
-55.00 |
TW14-347 |
489408.47 |
5373546.91 |
42.00 |
155.00 |
-89.90 |
TW14-348 |
489403.08 |
5373536.71 |
30.00 |
155.00 |
-48.00 |
TW14-349 |
489403.08 |
5373536.71 |
36.00 |
155.00 |
-85.00 |
TW14-350 |
489395.04 |
5373553.51 |
45.00 |
155.00 |
-72.00 |
TW14-351 |
489395.04 |
5373553.51 |
51.00 |
155.00 |
-89.90 |
TW14-352 |
489372.42 |
5373554.15 |
30.00 |
155.00 |
-55.00 |
TW14-353 |
489360.54 |
5373580.36 |
42.00 |
155.00 |
-60.00 |
TW14-354 |
489360.53 |
5373580.36 |
51.00 |
155.00 |
-80.00 |
TW14-355 |
489352.19 |
5373573.71 |
42.00 |
155.00 |
-45.00 |
TW14-356 |
489352.19 |
5373573.71 |
45.00 |
155.00 |
-65.00 |
TW14-357 |
489352.19 |
5373573.71 |
51.00 |
155.00 |
-83.00 |
TW14-358 |
489353.70 |
5373547.00 |
30.00 |
155.00 |
-50.00 |
TW14-359 |
489340.00 |
5373577.00 |
51.00 |
155.00 |
-89.90 |
TW14-360 |
489342.67 |
5373546.84 |
36.00 |
155.00 |
-52.00 |
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:
- 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.