TEMEX INTERSECTS 8.70 METRES of 5.61 g/t GOLD - WHITNEY JV PROPERTY, TIMMINS
TSX-V:TME; FWB:TQ1
TORONTO, Oct. 6 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") reports diamond drill results from the first five holes drilled on its ongoing 40-hole 10,000 metre diamond drill program on the Whitney Property Joint Venture ("JV", the "Property"). The Whitney Property is a joint venture between Temex (60%) and Goldcorp Canada Ltd. (40%) ("Goldcorp") (as manager, and on behalf, of the Porcupine Gold Mines Joint Venture (a joint venture between Goldcorp Inc. and Goldcorp)), and is located in the heart of the Timmins Gold Camp.
Four holes, TW10-81 to TW10-84 were drilled to test the main vein system and hanging wall structures where limited drilling has been done within the former Bonetal Mine along the east boundary area with the Hallnor Mine over a strike length of approximately 70 metres and vertical extent of 50 metres. All holes intersected significant gold mineralization highlighted by holes TW10-81 which yielded two gold bearing intervals 5.61 g/t gold over 8.70 metres, including 9.25 g/t over 2.40 metres, and 5.37 g/t gold over 1.90 metres and hole TW10-82 which yielded 4.54 g/t gold over 5.20 metres, 7.07 g/t gold over 0.70 metres, 8.71 g/t gold over 2.00 metres and 17.2 g/t over 0.60 metres.
Hole TW10-80, which targeted extensions of the main vein structure west of the former workings between the 3rd and 4th levels where a previous hole had returned 16.32 g/t over 2.50 metres, yielded 6.05 g/t gold over 2.00 metres and remains open for expansion to the west. All significant intersections are reported in the attached table of results.
Commented Ian Campbell, President and CEO: "We are very pleased with our initial test of the upper Bonetal Mine area with all holes intersecting significant gold mineralization and as a result additional drilling is being planned for this area to further extend the mineralized zones intersected to date with the intent to establish a resource in this underexplored area."
Ongoing drilling is continuing to test specific priority targets where previous drilling encountered significant gold values including the Bonetal footwall area, the 1-55 North and South veins, the Hallnor 6 vein area, Hallnor South veins and the recently discovered Q Zone. There are currently two drills testing various shallow targets in the newly acquired Upper Hallnor-Bonetal mine area as well as extensions of the high grade Q Zone gold mineralization discovered by Temex during its most recently completed drill program on the Property (news releases May 14 and July 7, 2009).
The Whitney Property has historic gold production from the Broulan Reef, Bonetal and Hallnor mines, the latter of which is the highest grade mine (of those that produced (greater than) 1 million ounces) in the 70 million ounce Porcupine Gold Camp. Gold production from the Hallnor Mine amounted to more than 1.7 million ounces of gold at an average grade of 0.40 opt (13.71 g/t) gold while the Broulan Reef produced 490,000 ounces of gold at an average grade of 0.23 opt (7.88 g/t) gold. The Property is located central to a 10 million ounce gold mine trend and is surrounded by Goldcorp to the east, Lake Shore Gold Corp. to the north, and a joint venture between San Gold Corporation, Lexam Explorations Inc., and VG Gold Corp. to the west.
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 in the world-renowned Abitibi greenstone belt in proximity to the Porcupine-Destor and Cadillac-Larder Lake fault zones from which over 150 million ounces of gold has been mined to date and along which companies such as Osisko, Kirkland Lake Gold, Queenston, Northgate and Lake Shore Gold are currently in development stage. 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 100% owned 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).
Table 1: Significant results from holes reported on in this release
------------------------------------------------------------------------- Hole From To Core Gold Length(m) (g/t) ------------------------------------------------------------------------- TW10-80 ------------------------------------------------------------------------- 163.20 165.20 2.00 6.05 ------------------------------------------------------------------------- including 163.20 164.20 1.00 10.80 ------------------------------------------------------------------------- 203.90 204.40 0.50 2.75 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TW10-81 147.00 155.70 8.70 5.61 ------------------------------------------------------------------------- including 150.70 153.10 2.40 9.25 ------------------------------------------------------------------------- and 147.00 147.50 0.50 7.58 ------------------------------------------------------------------------- and 148.00 149.00 1.00 6.08 ------------------------------------------------------------------------- and 151.40 152.30 0.90 13.80 ------------------------------------------------------------------------- and 152.30 153.10 0.80 8.00 ------------------------------------------------------------------------- 171.20 173.10 1.90 5.37 ------------------------------------------------------------------------- including 172.20 173.10 0.90 10.90 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TW10-82 148.40 151.60 3.20 6.32 ------------------------------------------------------------------------- including 148.40 153.60 5.20 4.52 ------------------------------------------------------------------------- and 148.40 149.20 0.80 8.57 ------------------------------------------------------------------------- 156.50 157.20 0.70 7.07 ------------------------------------------------------------------------- 162.40 164.40 2.00 8.71 ------------------------------------------------------------------------- including 163.40 164.40 1.00 15.80 ------------------------------------------------------------------------- 168.40 169.00 0.60 17.20 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TW10-83 151.70 154.10 2.40 3.27 ------------------------------------------------------------------------- including 152.50 153.10 0.60 6.81 ------------------------------------------------------------------------- 174.00 175.60 1.60 2.32 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TW10-84 160.40 163.60 3.20 3.04 ------------------------------------------------------------------------- including 161.90 162.70 0.80 5.54 ------------------------------------------------------------------------- 178.00 181.00 3.00 1.48 -------------------------------------------------------------------------
Note: Temex has implemented a quality control (QA/QC) program which includes the use of standards and blanks. Samples of split NQ core are transported by Company personnel to Activation Laboratories in Timmins, Ontario in sealed bags. The remaining half of the core is kept as a permanent record and stored at a secure facility in Timmins. The core samples are analyzed using a 30 gram standard fire assay method. Pulp metallic gold assaying is performed as required on samples where visible gold is observed. Intervals reported are core lengths. True widths are unknown at this time.
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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