TORONTO, July 11, 2013 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") is pleased to announce additional high grade gold intersections at vertical depths of less than 70 metres from surface on the Upper Hallnor area of the Whitney Project located in Timmins, Ontario. These results continue to expand the mineralization with very high grades over impressive widths clearly demonstrating the outstanding potential of the several near-surface targets being tested for early start-up production opportunities.
The Upper Hallnor Mine area represents a highly prospective high grade gold deposit, which the Company is evaluating for accelerated, near surface gold production. The Hallnor Gold Mine was the highest grade past producing mine in the Timmins gold camp yielding 1.7 million ounces of gold at an average grade of 13.7 g/t gold.
Highlights (see Table 1 for downhole depths of significant intersections and Table 2 for details on drill hole locations)
- TW13-285: 31.64 g/t gold over 8.30 metres including 49.38 g/t gold over 5.00 metres
- TW13-288: 23.41 g/t gold over 8.90 metres including 43.67 g/t gold over 4.40 metres
- TW13-265: 6.57 g/t gold over 7.30 metres including 27.13 g/t gold over 1.00 metre
- TW13-287: 10.01 g/t gold over 5.20 metres including 21.57 g/t gold over 2.00 metres
The results reported today are from a series of holes drilled as part of an ongoing diamond drilling program which commenced in November 2012. The program's objectives include targeted expansion of several near-surface, high grade gold targets that will allow for an accelerated production profile.
"We are extremely pleased with the results from this drilling campaign," commented Ian Campbell, President and CEO. "The results continue to bolster our confidence in the project. With a strong balance sheet and a focused management team, we are well positioned to expeditiously advance this high grade gold project."
The drill results released today have successfully established excellent lateral and vertical continuity of four closely spaced, parallel gold-bearing structures including the VM, 155, 155 North, and 155 South veins that are approximately 10 to 50 metres north and south of the Hallnor Main Vein and have been identified over a combined strike length of 600 metres.
The high grade Hallnor Main Vein was historically mined over a 230 metre strike length to a depth of 240 metres across widths ranging between 2 to 16 metres, with an average grade of 13.7 g/t gold. Hole TW13-285 extended the continuity of the Main Vein an additional 50 metres east of the high grade workings with an intersection of 19.77 g/t gold over 13.80 metres, including 31.64 g/t gold over 8.30 metres. This intersection occurs at the bedrock/overburden interface approximately 17 metres below surface and is open to the east. No mining has occurred to the east between surface and 90 metres below this intersection. Other significant intersections on the Main Vein include hole TW13-269 which intersected 6.38 g/t gold over 4.10 metres and hole TW13-270, which intersected 53.91 g/t gold over 0.30 metres.
The 155 South Vein yielded several important results including hole TW13-271 which intersected 11.21 g/t gold over 1.50 metres within a broader interval grading 1.66 g/t gold over 14.50 metres and hole TW13-272 which intersected 19.97 g/t gold over 1.00 metre within a broader interval averaging 8.26 g/t over 2.60 metres. The 155 South Vein dips near vertical across widths between 0.5 to 4.0 metres wide and, although drilling gaps remain in places at the zone perimeter, extends over a minimum 350 metre strike length to a depth of 60 metres from surface, and has never been mined.
Significant intersections from the 155 Vein include TW13-275 which returned 35.00 g/t gold over 0.90 metres within a broader interval averaging 8.43 g/t gold over 6.00 metres and hole TW13-278 which intersected 7.13 g/t gold over 9.50 metres including 25.30 g/t gold over 0.80 metres. The 155 Vein extends over a 270 metre strike length, dips near-vertical to an average 90 metre depth and has never been mined.
Outlook
The Company's immediate objective is to delineate high economic return, low capital, and low operating cost gold zones that generate quick cash flow as a first phase to life of mine plan. Additionally, the program is set to begin to establish near surface NI 43-101 gold resources outside the current resource limits, extending a further 2 kilometres to the west along the mine trend encompassing the past producing Bonetal and Broulan Reef Mines. All drilling will be incorporated into future resource estimate updates expected later this year.
Table 1. Significant results from drill holes reported in this release
| Hole | From (m) | To (m) | Core Length (m) | Au (g/t) |
| TW13-264 | 42.00 | 47.10 | 5.10 | 3.89 |
| TW13-265 | 18.00 | 25.30 | 7.30 | 6.57 |
| Including | 22.20 | 25.30 | 3.10 | 12.70 |
| Including | 22.20 | 23.70 | 1.50 | 21.51 |
| Including | 22.70 | 23.70 | 1.00 | 27.13 |
| TW13-266 | 26.40 | 30.00 | 3.60 | 2.18 |
| including | 28.35 | 28.70 | 0.35 | 17.32 |
| TW13-267 | 55.50 | 63.00 | 7.50 | 5.21 |
| including | 57.00 | 57.70 | 0.70 | 13.49 |
| TW13-269 | 70.50 | 74.60 | 4.10 | 6.38 |
| including | 73.00 | 73.60 | 0.60 | 30.81 |
| 102.80 | 110.60 | 7.80 | 2.69 | |
| TW13-270 | 78.00 | 78.30 | 0.30 | 53.91 |
| TW13-271 | 19.50 | 34.00 | 14.50 | 1.66 |
| including | 29.50 | 31.00 | 1.50 | 11.21 |
| including | 29.50 | 30.00 | 0.50 | 15.10 |
| TW13-272 | 33.00 | 35.60 | 2.60 | 8.26 |
| including | 33.00 | 34.00 | 1.00 | 19.97 |
| TW13-274 | 111.00 | 119.00 | 8.00 | 5.74 |
| including | 111.00 | 112.00 | 1.00 | 33.96 |
| 138.00 | 139.50 | 1.50 | 10.27 | |
| TW13-275 | 22.00 | 28.00 | 6.00 | 8.43 |
| 22.00 | 22.90 | 0.90 | 35.00 | |
| TW13-276 | 16.00 | 21.00 | 5.00 | 1.11 |
| 30.60 | 33.00 | 2.40 | 4.26 | |
| including | 31.50 | 32.00 | 0.50 | 16.16 |
| 60.50 | 65.50 | 5.00 | 3.05 | |
| including | 65.20 | 65.50 | 0.30 | 18.80 |
| 83.00 | 84.00 | 1.00 | 13.51 | |
| TW13-278 | 26.50 | 36.00 | 9.50 | 7.13 |
| including | 27.80 | 28.60 | 0.80 | 25.30 |
| including | 34.00 | 35.00 | 1.00 | 14.39 |
| TW13-279 | 15.00 | 23.00 | 8.00 | 1.98 |
| TW13-285 | 27.20 | 41.00 | 13.80 | 19.77 |
| including | 27.20 | 35.50 | 8.30 | 31.64 |
| 29.80 | 34.80 | 5.00 | 49.38 | |
| including | 29.80 | 30.20 | 0.40 | 36.70 |
| and | 30.20 | 30.70 | 0.50 | 57.40 |
| and | 30.70 | 31.50 | 0.80 | 12.60 |
| and | 31.50 | 32.00 | 0.50 | 28.80 |
| and | 32.00 | 33.00 | 1.00 | 10.20 |
| and | 33.00 | 33.40 | 0.40 | 370.00 |
| and | 33.40 | 33.80 | 0.40 | 30.10 |
| and | 33.80 | 34.80 | 1.00 | 8.80 |
| TW13-287 | 59.80 | 62.20 | 2.40 | 5.94 |
| including | 61.00 | 61.30 | 0.30 | 34.55 |
| 100.00 | 105.20 | 5.20 | 10.01 | |
| including | 100.00 | 104.00 | 4.00 | 13.02 |
| including | 101.00 | 103.00 | 2.00 | 21.57 |
| TW13-288 | 47.40 | 56.30 | 8.90 | 23.41 |
| including | 47.40 | 51.80 | 4.40 | 43.67 |
| including | 47.40 | 48.50 | 1.10 | 86.90 |
| and | 48.50 | 49.50 | 1.00 | 67.10 |
Notes: 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 facilities using a diamond saw with the samples transported by Temex personnel in securely sealed bags to a bonded freighting company and from there directly to facilities operated by SGS Canada in Sudbury and Mississauga, 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 SGS Canada inserted certified gold standards, blanks and pulp duplicate samples. Random additional repeats are also analyzed as required. 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 |
| TW13-264 | 489390 | 5373580 | 60 | 155 | -55 |
| TW13-265 | 489368 | 5373564 | 42 | 155 | -60 |
| TW13-266 | 488805 | 5373515 | 120 | 155 | -45 |
| TW13-267 | 488824 | 5373478 | 90 | 155 | -50 |
| TW13-269 | 488941 | 5373485 | 120 | 335 | -45 |
| TW13-270 | 488924 | 5373474 | 81 | 335 | -45 |
| TW13-271 | 488934 | 5373451 | 51 | 155 | -65 |
| TW13-272 | 488934 | 5373451 | 51 | 155 | -90 |
| TW13-274 | 488753 | 5373504 | 141 | 155 | -48 |
| TW13-275 | 489236 | 5373632 | 150 | 335 | -52 |
| TW13-276 | 489208 | 5373624 | 150 | 335 | -55 |
| TW13-278 | 489160 | 5373602 | 150 | 335 | -58 |
| TW13-279 | 489197 | 5373651 | 102 | 335 | -45 |
| TW13-285 | 489139 | 5373699 | 201 | 155 | -45 |
| TW13-287 | 489191 | 5373589 | 150 | 335 | -52 |
| TW13-288 | 489201 | 5373561 | 81 | 0 | -90 |
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.
About Whitney
Upper Hallnor Summary NI 43-101 Resource Estimate (using a cut-off grade of 0.30 g/t gold; shown on a 100% basis)
- 3.0 million tonnes at a grade of 2.44 g/t gold for 234,300 ounces of gold, Measured
- 8.8 million tonnes at a grade of 1.97 g/t gold for 555,900 ounces of gold, Indicated
- 4.1 million tonnes at a grade of 1.82 g/t gold for 241,000 ounces of gold, Inferred
The Whitney Property is held under a joint venture in which Temex owns 60% and is operator, and Goldcorp Canada Ltd. owns 40% (as manager and on behalf of the Porcupine Joint Venture, a joint venture between Goldcorp Inc. and Goldcorp Canada Ltd.).
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 open pit and underground NI 43-101 compliant resources on the Upper Hallnor of 3.0 million tonnes at a grade of 2.44 g/t gold for 234,300 ounces of gold in the Measured category plus 8.8 million tonnes at a grade of 1.97 g/t gold for 555,900 ounces of gold in the Indicated category and 4.1 million tonnes at a grade of 1.82 g/t gold for 241,000 ounces of gold in the Inferred category at a cut-off grade of 0.30 g/t gold for open pit and 2.0 g/t for underground (Note 1).
The Juby Main Zone has NI 43-101 compliant resources of 25.3 million tonnes at a grade of 1.28 g/t gold for 1,041,343 ounces of gold in the Indicated category and 74.2 million tonnes at a grade of 0.91 g/t gold for 2,174,193 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 Hallnor is in the Company's news release dated September 5, 2012 and the technical report filed on SEDAR October 19, 2012. 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 Main Zone is in the Company's news release dated April 29, 2013 and the technical report filed on SEDAR June 12, 2013. 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, "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.
PDF available at: http://stream1.newswire.ca/media/2013/07/11/20130711_C6790_DOC_EN_28928.pdf
PDF available at: http://stream1.newswire.ca/media/2013/07/11/20130711_C6790_DOC_EN_28929.pdf
SOURCE: Temex Resources Corp.
Please visit www.temexcorp.com or
email: [email protected] or phone: 416-862-2246 toll free: 866-373-6287
Share this article