Temex Reports Additional High-Grade, Near Surface Gold Mineralization at Whitney Gold Project Including 14.67 g/t over 3.80 metres
TORONTO, March 1, 2012 /CNW/ - Temex Resources Corp.
('Temex' or 'the Company') is pleased to announce the first batch of results from a resource definition program started in October 2011 targeting the Upper Hallnor Mine Zone which is located on the eastern portion of the Whitney Gold Project.Temex is conducting an aggressive program to define near-surface gold resources typical of what has been mined at the adjacent Pamour and Hoyle mine sites. The Hallnor Mine was the highest grade past producing multi-million ounce gold mine in Timmins which remains Canada's largest gold producing area.
Drill Highlights:
-- TW11-164: 2.83 g/t gold over 11.50 m including 11.60 g/t gold
over 1.00 m
-- TW11-166: 6.10 g/t gold over 4.00 m including 11.05 g/t gold
over 1.17 m
-- TW11-167: 2.06 g/t gold over 21.00 m including 9.28 g/t gold
over 1.00 m
-- TW11-169: 3.18 g/t gold over 4.00 m and 14.67 g/t gold over
3.80 m
The drill results reported today are from five holes drilled on the eastern portion of the Upper Hallnor Mine area, part of a drill program designed to define gold resources that may be mined near surface. Significant results from the five holes are shown in Table 1.
'We are very pleased with these results which continue to support our expectation that significant amounts of high-grade, near surface gold mineralization remains to be found at the Upper Hallnor Mine area,' said Ian Campbell, President and CEO. Given the robust gold price, Timmins is experiencing a renewed focus on open pit gold mining, particularly in areas containing historic underground gold mining sites and Hallnor is one of many promising exploration targets located on the large Whitney property.'
Drilling intersected multiple zones of vein and vein stockworks which occur primarily in Timiskaming sedimentary rocks which hosted the Upper Hallnor mine horizons. This is the same rock package from which commercial mining has occurred directly on strike to the east at both the Hoyle and Pamour mine sites.
The holes reported today plus holes reported previously (highlights below and full results in Table 2) now define a strike length of 230 metres with multiple zones of gold mineralization open in all directions. Highlights from previous Temex drilling include:
-- TW10-109: 2.82 g/t gold over 10.60 m including 14.90 g/t gold
over 0.90 m
-- TW10-110: 6.47 g/t gold over 5.70 m including 11.60 g/t gold
over 1.20 m
-- TW10-112: 3.29 g/t gold over 30.20 m including 66.00 g/t gold
over 0.80 m
-- TW10-116: 2.24 g/t gold over 37.60 m including 3.72 g/t gold
over 14.40 m
-- TW10-119: 4.12 g/t gold over 19.30 m and 18.15 g/t gold over
1.20 m
Current Program
The current drill program is focused on providing sufficient data to establish an initial National Instrument 43-101 compliant resource estimate. A total of 47 holes for 14,200 metres have been drilled to date in this campaign; additional drill results will be reported over the next several months as the assays are received by the Company.
Whitney Property
Whitney is an advanced gold project that includes 4 km of the prolific Timmins gold trend that has been mined for 100 years and remains the largest gold producing district of Canada. The Whitney property contains numerous near-surface gold targets including the Upper Hallnor; Upper Broulan Reef, C Zone, and Q Zone. Temex's current drill program is being conducted under the joint venture between Temex (60%; operator) and Goldcorp Canada Ltd. (40%).
Karen Rees, P.Geo., Vice President, Exploration of Temex Resources Corp., is the designated qualified person responsible for the preparation of this news release.
Please visit Temex at the PDAC 2012 Toronto Convention Centre - South Building at the Investors Exchange Booth 2412 A Sunday March 4 and Monday March 5, 2012.
Table 1. Significant results from drill holes reported in this release
_________________________________________
| Hole_ID | From | To |Core Length| Au |
| | (m) | (m) | (m) |(g/t)|
|_________|______|______|___________|_____|
|TW11-164 |279.50|291.00| 11.50 |2.83 |
|_________|______|______|___________|_____|
|including|279.50|286.00| 6.50 |4.60 |
|_________|______|______|___________|_____|
|including|280.00|281.00| 1.00 |11.60|
|_________|______|______|___________|_____|
| And |283.00|284.00| 1.00 |6.04 |
|_________|______|______|___________|_____|
| And |284.00|285.00| 1.00 |5.36 |
|_________|______|______|___________|_____|
| |301.13|312.12| 10.99 |1.46 |
|_________|______|______|___________|_____|
|including|307.79|312.12| 4.33 |2.97 |
|_________|______|______|___________|_____|
|including|309.50|311.12| 1.62 |6.11 |
|_________|______|______|___________|_____|
| |335.00|341.50| 6.50 |1.86 |
|_________|______|______|___________|_____|
|including|335.00|336.00| 1.00 |5.50 |
|_________|______|______|___________|_____|
| |376.00|380.00| 4.00 |2.75 |
|_________|______|______|___________|_____|
|TW11-165 |292.00|296.00| 4.00 |4.89 |
|_________|______|______|___________|_____|
|including|294.00|296.00| 2.00 |9.39 |
|_________|______|______|___________|_____|
|including|294.00|295.00| 1.00 |14.50|
|_________|______|______|___________|_____|
| |311.00|320.57| 9.57 |1.55 |
|_________|______|______|___________|_____|
|including|315.50|320.57| 5.07 |2.68 |
|_________|______|______|___________|_____|
|including|317.50|320.57| 3.07 |3.52 |
|_________|______|______|___________|_____|
| |339.50|344.00| 4.50 |1.88 |
|_________|______|______|___________|_____|
|including|340.23|342.50| 2.27 |3.54 |
|_________|______|______|___________|_____|
| |355.50|356.00| 0.50 |9.96 |
|_________|______|______|___________|_____|
|TW11-166 |178.00|178.65| 0.65 |9.66 |
|_________|______|______|___________|_____|
| |320.00|324.00| 4.00 |1.83 |
|_________|______|______|___________|_____|
| |402.00|408.00| 6.00 |2.17 |
|_________|______|______|___________|_____|
| |414.00|418.00| 4.00 |6.10 |
|_________|______|______|___________|_____|
|including|414.00|415.17| 1.17 |11.05|
|_________|______|______|___________|_____|
| And |415.17|416.00| 0.83 |5.44 |
|_________|______|______|___________|_____|
|TW11-167 |239.00|260.00| 21.00 |2.06 |
|_________|______|______|___________|_____|
|including|243.00|244.00| 1.00 |6.31 |
|_________|______|______|___________|_____|
| and |247.31|248.00| 0.69 |4.45 |
|_________|______|______|___________|_____|
| and |249.70|250.58| 0.88 |9.09 |
|_________|______|______|___________|_____|
| and |252.00|253.00| 1.00 |3.97 |
|_________|______|______|___________|_____|
| and |254.00|255.00| 1.00 |9.28 |
|_________|______|______|___________|_____|
|TW11-169 |315.65|319.45| 3.80 |2.48 |
|_________|______|______|___________|_____|
|including|316.35|317.05| 0.70 |7.74 |
|_________|______|______|___________|_____|
| |326.00|330.00| 4.00 |3.18 |
|_________|______|______|___________|_____|
|including|327.00|328.00| 1.00 |9.60 |
|_________|______|______|___________|_____|
| |374.00|376.00| 2.00 |4.69 |
|_________|______|______|___________|_____|
| |389.20|393.00| 3.80 |14.67|
|_________|______|______|___________|_____|
|including|390.15|391.05| 0.90 |5.65 |
|_________|______|______|___________|_____|
|including|391.05|392.00| 0.95 |46.90|
|_________|______|______|___________|_____|
Notes: Temex implemented a quality control (QA/QC) program to ensure best practice in sampling and analysis. Samples of split NQ-size core are transported by Company personnel in securely sealed bags for preparation and analysis at ALS Chemex facilities. The remaining half of the core is kept as a permanent record and stored at a secure facility in Timmins. ALS Chemex is an ISO9001-2008 and ISO 17025-2005 registered laboratory. Core samples are analyzed for gold using a 30 gram fire assay with an AA finish and by gravimetric methods. Samples observed by Company personnel to contain visible gold are assayed by metallic screen gold assay. Intervals reported are core lengths. True widths are unknown at this time. Estimates if reported are historical in nature and are not in compliance with NI 43-101 'Standards of Disclosure for Mineral Deposits' and therefore should not be relied upon.
Table 2. Significant results from drill holes reported March 2, 2011
_________________________________________
| Hole_ID | From | To |Core Length| Au |
| | (m) | (m) | (m) |(g/t)|
|_________|______|______|___________|_____|
|TW10-109 |240.40|251.00| 10.60 |2.82 |
|_________|______|______|___________|_____|
|including|240.40|243.30| 2.90 |7.05 |
|_________|______|______|___________|_____|
|including|241.40|242.30| 0.90 |14.90|
|_________|______|______|___________|_____|
|TW10-110 |230.20|235.90| 5.70 |6.47 |
|_________|______|______|___________|_____|
|including|230.70|234.90| 4.20 |8.06 |
|_________|______|______|___________|_____|
| and |230.70|231.90| 1.20 |11.60|
|_________|______|______|___________|_____|
|TW10-112 |244.40|274.60| 30.20 |3.29 |
|_________|______|______|___________|_____|
|including|244.40|246.50| 2.10 |11.11|
|_________|______|______|___________|_____|
|including|245.50|246.50| 1.00 |21.80|
|_________|______|______|___________|_____|
| |251.30|258.00| 6.70 |9.97 |
|_________|______|______|___________|_____|
|including|254.20|255.00| 0.80 |66.00|
|_________|______|______|___________|_____|
| |273.20|274.60| 1.40 |4.29 |
|_________|______|______|___________|_____|
| |302.10|304.00| 1.90 |3.30 |
|_________|______|______|___________|_____|
|TW10-113 |294.70|295.50| 0.80 |18.80|
|_________|______|______|___________|_____|
| |332.60|335.20| 2.60 |4.19 |
|_________|______|______|___________|_____|
|including|332.60|333.20| 0.60 |11.80|
|_________|______|______|___________|_____|
|TW10-116 |403.80|404.80| 1.00 |3.91 |
|_________|______|______|___________|_____|
| |457.90|495.50| 37.60 |2.24 |
|_________|______|______|___________|_____|
| |457.90|459.20| 1.30 |2.85 |
|_________|______|______|___________|_____|
| |461.90|472.60| 10.70 |2.08 |
|_________|______|______|___________|_____|
|including|461.90|463.40| 1.50 |6.33 |
|_________|______|______|___________|_____|
| |481.10|495.50| 14.40 |3.72 |
|_________|______|______|___________|_____|
|including|481.10|484.20| 3.10 |8.55 |
|_________|______|______|___________|_____|
|including|481.10|482.00| 0.90 |23.20|
|_________|______|______|___________|_____|
| |486.20|495.50| 9.30 |2.83 |
|_________|______|______|___________|_____|
| |504.10|504.90| 0.80 |10.60|
|_________|______|______|___________|_____|
|TW10-119 |407.50|408.30| 0.80 |2.05 |
|_________|______|______|___________|_____|
| |421.60|422.80| 1.20 |18.15|
|_________|______|______|___________|_____|
| |477.50|496.80| 19.30 |4.12 |
|_________|______|______|___________|_____|
|including|477.50|488.90| 11.40 |5.81 |
|_________|______|______|___________|_____|
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. Temex is exploring its Timmins Whitney Property, in partnership with Goldcorp, and its Juby Gold Project. The Juby Main Zone has NI 43-101 compliant resources of 22.3 million tonnes at a grade of 1.30 g/t gold for 934,645 ounces of gold in the Indicated category and 28.2 million tonnes at a grade of 1.00 g/t gold for 905,621 ounces of gold in the Inferred category, both at a cut-off grade of 0.40 g/t gold (Note 1). Temex also has a NI 43-101 compliant resource for tailings material on its Gowganda Silver Project (Note 2). 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.
Notes:
1. Information regarding the mineral resource estimate on the Juby
Main Zone is in the Company's news release dated January 16, 2012
and the technical report filed on SEDAR February 28, 2012. The
Mineral Resource Statement was prepared for Temex by GeoVector
Management Inc., Ottawa, Ontario according to the 'CIM Standards
on Mineral Resources and Reserves: Definition and Guidelines'
(December, 2005), by Joe Campbell, BSc, P.Geo., Alan Sexton, MSc,
P.Geol., and Allan Armitage, PhD, P.Geol., 'independent qualified
persons' as defined by NI 43-101.
2. 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
according to the 'CIM Standards on Mineral Resources and Reserves:
Definition and Guidelines' (December, 2005), 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 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.
Temex Resources Corp.
CONTACT: For more information please visit www.temexcorp.com or
email: info@temexcorp.com or phone: 416-862-2246, toll free:
866-373-6287
