TORONTO, April 12 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") announces a new gold discovery on the Juby Gold Project with drill hole JJV11-08 intersecting 10.60 metres grading 2.04 g/t gold, including 4.00 g/t gold over 4.25 metres and 10.42 g/t gold over 0.75 metres. The discovery occurs two kilometres west-northwest along trend of the 1.2 million ounce Juby Main Zone gold deposit.
The Juby Project is located in the Shining Tree District of northeastern Ontario which contains the western extension of the Cadillac Larder Lake regional fault system along which occur the Malartic and Kirkland Lake Gold camps. Trelawney's 4.2 million ounce Cote Lake Deposit is 75 kilometres to the west and Northgate Minerals' 3 million ounce Young-Davidson Mine occurs 40 kilometres to the northeast at Matachewan.
"We are very pleased with the initial success drill testing exploration targets generated by our field crews last fall, as our results not only demonstrate the unexplored nature of the area but also because this discovery is on a target horizon that may represent a parallel structure to that which hosts the Juby Main Zone gold deposit. The discovery is wide open in all directions and will be further drill tested along with other priority targets. Our exploration strategy is to make discoveries and define gold resources proximal to the Juby Main Zone, where two rigs are currently working on expanding the defined gold resources," commented Ian Campbell, President and CEO of Temex Resources Corp.
JJV11-08 was part of an ongoing winter drill program testing new exploration targets on the Juby JV Property in which Temex holds 60% interest. The hole tested a 500 metre long trend of coincident gold in soil and bedrock, and IP geophysical anomalies. Gold mineralization occurs with sulphides within albite altered mafic volcanics in contact with ultramafic rocks, a favourable contact for many gold deposits.
On the Juby JV Property nine holes have been completed to date on three exploration targets with assays pending for three holes (see attached table). Holes JJV11-01 to JJV11-06 tested a two kilometre long gold in bedrock trend with coincident IP anomalies 500 metres south of, and parallel to, the Juby Main Zone deposit and encountered variably anomalous gold mineralization including up to 14.8 metres grading 0.54 g/t gold in JJV11-06 at the west end of this gold trend. Holes JJV11-03 intersected over 100 metres of silicified Timiskaming conglomerates similar to alteration at the Juby Main Zone deposit.
Historic work dating back to the 1930's on one portion of this gold trend reported drill intersections and trench sampling that include up to 2.23 g/t gold over 18.2 metres and 3.20 g/t gold over 12.0 metres which will be followed-up along with the JJV11-08 area and remaining targets north of the Juby deposit.
The current National Instrument (NI) 43-101 compliant resource at Juby stands at 614,000 ounces of gold grading 1.36 g/t gold in the indicated category plus 602,000 ounces of gold grading 1.14 g/t gold in inferred resources, both at a cut-off grade of 0.50 g/t gold. Gold mineralization occurs within sericite-silica-albite-pyrite altered Timiskaming sedimentary rocks and feldspar porphyries.
Jari Paakki, P. Geo., Vice-President, Exploration of the Company, is the designated "qualified person" (within the meaning of National Instrument 43-101) responsible for the preparation of this news release.
Drill Intersections for Juby JV Property
| Hole_ID |
From (m) |
To (m) |
Core Length (m) |
Au (g/t) |
| |
|
|
|
|
| JJV11-01 |
5.00 |
12.50 |
7.50 |
0.21 |
| JJV11-06 |
43.00 |
57.75 |
14.75 |
0.54 |
| JJV11-08 |
33.50 |
44.05 |
10.55 |
2.04 |
| includes |
33.50 |
37.75 |
4.25 |
3.98 |
| includes |
37.00 |
37.75 |
0.75 |
10.42 |
| |
133.00 |
143.70 |
10.70 |
0.71 |
| JJV11-02 to 04: weakly anomalous gold values; JJV11-05: no significant values |
| JJV11-07, 08, 09: some or all assays pending |
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 Swastika Laboratories in Swastika, Ontario in sealed bags. The remaining half of the core is kept as a permanent record and stored at a secure facility in Gowganda. 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.
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 focussed on exploring its Whitney Property, in partnership with Goldcorp, and expanding its NI 43-101 gold resource at the Juby Gold Project. Temex also has a non NI 43-101 resource on its Gowganda Silver Project of 2.61 million ounces of silver at a grade of 1.5 oz/t.
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.
