TEMEX BEGINS DRILLING on NI 43-101 614,000 OZ JUBY GOLD DEPOSIT
TSX-V:TME; FWB:TQ1
TORONTO, Sept. 15 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") announces it has commenced a minimum 5,000 metre diamond drill program on its Juby Gold Project. Drilling, initially designed to focus on the central portion of the 100% owned Juby Main Zone, will test the deposit at depth where it remains wide open over its 2.5 kilometre strike length. The program is based on recommendations from the recently updated National Instrument 43-101 ("NI 43-101") resource estimate (news release June 15, 2010).
"The Juby Project represents an integral part of our corporate strategy given the significant gold resource base and the opportunity to increase the total resources. We feel there is also potential to discover additional resources in the immediate area," commented Ian Campbell, President and CEO of Temex Resources Corp. "Our objective with this drill program is to expand the Juby Main Zone deposit at depth where it remains wide open over a 2.5 kilometre strike length. The Juby Project is one of our core assets and is less than 50 kilometres southwest of Northgate Minerals' $339M Young-Davidson mine at Matachewan which is scheduled to commence production in 2012 with underground reserves of 26.2 million tonnes at an average grade of 2.96 g/t gold and open pit reserves of 4.94 million tonnes at an average grade of 1.66 g/t gold."
The Juby Lease contains NI 43-101 compliant Indicated resources of 614,000 ounces of gold grading 1.36 g/t gold at a cut-off grade of 0.50 g/t gold and Inferred resource of 602,000 ounces of gold grading 1.14 g/t gold at a cut-off grade of 0.50 g/t gold. A series of holes will test the deposit below the Indicated resource where previous drilling intersected significant gold mineralization at depth: 2.07 g/t gold over 44.00 metres including 5.31 g/t gold over 3.10 metres and 3.46 g/t gold over 6.90 metres; 1.94 g/t gold over 43.03 metres including 2.94 g/t gold over 10.50 metres; and 1.63 g/t gold over 90.05 metres including 4.17 g/t gold over 14.75 metres.
The Juby Gold Project is located south of Timmins in the Shining Tree area of northeastern Ontario and consists of: the 100% owned Juby Lease; the Juby Joint Venture Property held at 60% Temex and 40% Goldeye Explorations Ltd. ("Goldeye"), which surrounds the Juby Lease and extends north to the Minto Property being explored by Creso Exploration Inc. ("Creso"); the Tyranite Property, on which Creso has the option to earn a 75% interest, and the 100% owned Mosher Lake Property.
Ian Campbell, P. Geo., President and CEO of the Company, is the designated "qualified person" (within the meaning of National Instrument 43-101) responsible for the preparation of this news release.
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. The properties are located within the world-renowned Abitibi greenstone belt, some in proximity to the Porcupine-Destor Fault Zone. Temex's strategy is to focus on developing its flagship project, the Timmins Gold Project, and specifically the property known as Whitney, in partnership with Goldcorp. This property has historically produced over 2.3 million ounces of gold and contains the Hallnor Mine, the highest grade past producing multi-million ounce gold deposit in Canada's largest gold camp. Temex is also working to advance its 100% owned Juby Gold Project, one component of which is the Juby Lease Property which contains a National Instrument 43-101 Indicated resource of 614,000 ounces of gold and an Inferred resource of 602,000 ounces of gold (news release June 15, 2010). The Company maintains a number of early stage projects with considerable 'Blue Sky' potential in its portfolio.
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.
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For further information: please visit www.temexcorp.com or email: [email protected] or phone: 416-862-2246, toll free: 866-373-6287
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