Temex Drills 10.97 g/t Gold over 6.00 Metres, Hallnor Extension, Whitney Gold
TORONTO, Oct. 29, 2013 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1)
("Temex" or "the Company") announces high grade gold intersections at shallow
depths from step-out surface drilling, extending the Hallnor Mine
mineralization west to the Bonetal Mine area. The Bonetal area is located
800 metres west-southwest along mine trend from the Hallnor Mine shaft.
Hallnor was the highest grade past producing mine in the Timmins gold camp
which yielded 1.7 million ounces of gold at an average grade of 0.40 opt (13.7
g/t) before closing in 1972.
Highlights (see Table 1 for downhole depths of significant intersections and
Table 2 for details on drill hole locations)
-- TW13-312: 10.97 g/t gold over 6.00 metres incl 94.20 g/t gold
over 0.30 metres and 17.34 g/t gold over 0.80 metres
-- TW13-315: 6.34 g/t gold over 2.50 metres including 13.00 g/t
gold over 1.00 metre
-- BON880-7: 6.09 g/t gold over 6.30 metres including 12.05 g/t
gold over 0.60 metres
-- BON891-2: 3.19 g/t gold over 14.40 metres including 16.21 g/t
gold over 0.60 metres
-- BON891-6: 3.92 g/t gold over 8.10 metres including 13.25 g/t
gold over 0.80 metres
"We are very pleased with these preliminary results at the Bonetal mine area
as they have demonstrated continuity and extended some of the high grade gold
bearing structures west from the Hallnor Mine area and will be incorporated
into our plans for advanced exploration work on the Upper Hallnor," stated Ian
Campbell, President and CEO.
The drill holes released today tested gold bearing structures over strike
lengths of 150 metres and 105 metres respectively, with mineralized zones
remaining open along strike and at depth. The TW series holes tested the
western extension of the 155 vein and stockwork zones from the Hallnor
property along two sections, highlighted by hole TW13-312 which intersected
10.97 g/t gold over 6.00 metres (81.00 to 87.00 metres downhole) including
94.20 g/t gold over 0.30 metres and 17.34 g/t gold over 0.80 metres.
The BON880 and BON891 holes were geotechnical holes which tested the Upper
Bonetal Mine. Gold mineralization is hosted in variolitic volcanic breccia,
known as "chicken feed", veined zones and stockworks in intermediate volcanic
rocks similar to the Lower Hallnor Mine. Highlights include hole BON880-7
which intersected 6.09 g/t gold over 6.30 metres (23.40 to 29.70 metres
downhole) including 12.05 g/t gold over 0.60 metres and hole. BON891-2 which
intersected 3.19 g/t gold over 14.40 metres (24.30 to 38.70 metres downhole)
including 16.21 g/t gold over 0.60 metres and 9.60 g/t gold over 1.00 metre.
During the current approved program, 93 holes were drilled for a total of
9,895 metres. An additional 32 holes totalling 1,462 metres were drilled for
geotechnical investigations of the crown pillar areas at the Bonetal and
Broulan Reef past-producing mines.
Drill data collected during the current program is being interpreted with the
focus on underground resource optimization of high grade gold structures
within the lower grade envelope reported in the NI 43-101 resource estimate.
Several of the near surface, high grade vein targets such as the 110, VM,
Main, 155, 155 North and 155 South zones have been the focus of this portion
of the drilling campaign.
The immediate objective is to define a first phase, life of mine plan
beginning with an advanced exploration program consisting of a starter pit and
a near surface underground exploration program with low capital outlays and
operating costs, and which generates high economic return and quick cash flow.
Engineering mine design work has commenced and is examining both open pit and
underground mining scenarios for an advanced exploration mining program.
Environmental and permitting activities have been initiated toward that
The Whitney Property is held under a joint venture in which Temex owns 60% and
is operator, and Goldcorp Canada Ltd. ("Goldcorp") owns 40% (as manager and on
behalf of the Porcupine Joint Venture, a joint venture between Goldcorp Inc.
and Goldcorp Canada Ltd.). Goldcorp recently informed Temex that it has
reduced its exploration spending and as a result notified the Company that it
will not be contributing its full share to the current approved program.
Therefore, as per the joint venture agreement, Temex has elected to make cover
payments to complete the $2.2 million program as planned.
Karen Rees, P.Geo., Vice President, Exploration of Temex Resources Corp., is
the designated qualified person responsible for the preparation of this news
Table 1. Significant results from drill holes reported in this release
| Hole | From (m) | To (m) | Core Length (m) | Au (g/t) |
|TW13-309 | 103.30| 105.70| 2.40| 5.90|
|TW13-310 | 104.00| 109.50| 5.50| 1.13|
| | 118.00| 124.40| 6.40| 1.42|
|TW13-312 | 81.00| 87.00| 6.00| 10.97|
| including| 81.00| 81.30| 0.30| 94.20|
| | 86.20| 87.00| 0.80| 17.34|
|TW13-314 | 71.50| 75.00| 3.50| 1.47|
|TW13-315 | 55.00| 56.30| 1.30| 4.35|
| | 104.00| 106.50| 2.50| 6.34|
| including| 105.50| 106.50| 1.00| 13.00|
|BON880-3B | 25.50| 45.60| 20.10| 2.42|
| including| 28.50| 36.00| 7.50| 3.55|
| including| 33.50| 35.30| 1.80| 9.90|
| | 40.00| 44.10| 4.10| 4.41|
|BON880-7 | 21.00| 33.00| 12.00| 3.57|
| including| 23.40| 29.70| 6.30| 6.09|
| including| 23.40| 24.00| 0.60| 12.05|
|BON880-8 | 24.70| 27.00| 2.30| 3.86|
|BON891-2 | 24.30| 38.70| 14.40| 3.19|
| including| 24.30| 24.90| 0.60| 16.21|
| including| 37.00| 38.00| 1.00| 9.60|
|BON891-2A | 24.70| 33.00| 8.30| 3.42|
| including| 30.50| 31.50| 1.00| 9.00|
|BON891-5 | 23.00| 39.00| 16.00| 1.25|
| including| 23.00| 24.00| 1.00| 6.31|
| including| 29.20| 30.00| 0.80| 8.59|
|BON891-6 | 22.70| 30.80| 8.10| 3.92|
| including| 30.00| 30.80| 0.80| 13.25|
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
| | UTM Easting | UTM Northing | Length | | |
| Hole | | | | Azimuth | Dip |
| | NAD27 Z17 | NAD27 Z17 | (m) | | |
|TW13-309 | 488674 | 5373395 | 141| 155 | -54 |
|TW13-310 | 488674 | 5373396 | 180| 155 | -60 |
|TW13-312 | 488675 | 5373394 | 201| 155 | -85 |
|TW13-314 | 488702 | 5373287 | 102| 335 | -65 |
|TW13-315 | 488706 | 5373282 | 120| 335 | -65 |
|BON880-3 | 488578 | 5373339 | 46| 330 | -58 |
|BON880-3B| 488578 | 5373339 | 53| 330 | -49 |
|BON880-7 | 488597 | 5373346 | 42| 330 | -60 |
|BON880-8 | 488605 | 5373353 | 42| 330 | -51 |
|BON891-2 | 488341 | 5373457 | 42| 336 | -45 |
|BON891-2A| 488341 | 5373457 | 45| 336 | -49 |
|BON891-5 | 488336 | 5373455 | 39| 336 | -45 |
|BON891-6 | 488332 | 5373454 | 42| 336 | -45 |
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).
1. 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.
2. 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
3. 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.
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.
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