Temex intersects more gold
posted on
Jul 07, 2009 06:57PM
Discuss the various junior resource companies within the McFaulds Lake Area
Re: News Releases - Tuesday, July 07, 2009
Temex Intersects More High Grade Gold; Earn-In Complete on
Whitney Township Property, Timmins
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NEWS RELEASE NR14-2009
TSX Venture Exchange:TME, Frankfurt Exchange:TQ1
TORONTO, ONTARIO: Temex Resources Corp. (TSX Venture:TME,
Frankfurt:TQ1) ("Temex" or "the Company") announces that it has earned
a 60% interest in the Whitney Township Property (the "Property") from
Porcupine Gold Mines ("PGM", a joint venture between Goldcorp Inc. and
Goldcorp Canada Ltd., "Goldcorp") by completing $4 million in
exploration expenditures and delivering all data to PGM. During the
earn-in period, Temex has been successful in finding additional
shallow-level mineralization within the Broulan Reef Mine area, the
deep west-plunging extensions of gold-bearing Lower Hallnor Mine vein
systems as well as making the recent discovery of the Q Target (news
releases March 23 and May 14, 2009), the down-dip extension of the
Upper Hallnor vein systems. Assays results are reported today from the
most recent holes drilled.
Highlights:
- Temex earns 60% interest in Whitney Township Property
- Multiple gold-bearing quartz veined zones with several occurrences of
visible gold in second hole on Q Target
- Significant new results from Q Target include: 16.94 g/t gold over
0.50 metres, 5.45 g/t gold over 1.50 metres, 15.39 g/t gold over 0.50
metres, 9.24 g/t gold over 0.50 metres, 6.86 g/t gold over 0.50 metres,
3.51 g/t gold over 0.50 metres and 17.86 g/t gold over 0.50 metres
- Q Target open in all directions
The second hole TW09-79 collared on the Q Target 50 metres to the
east-northeast of the first hole TW09-78 intersected several sets of
quartz veined zones containing minor sulphides and visible gold in 14
of the sampled intervals. TW09-79 returned several significant results
including 16.94 g/t gold over 0.50 metres, 5.45 g/t gold over 1.50
metres, 15.39 g/t gold over 0.50 metres, 9.24 g/t gold over 0.50
metres, 6.86 g/t gold over 0.50 metres, 3.51 g/t gold over 0.50 metres
and 17.86 g/t gold over 0.50 metres.
The gold bearing quartz veining is hosted within a laterally extensive
brittle quartzite horizon situated approximately 150 metres south of
the Hallnor Mine horizon, and represents the same structures which host
the Upper Hallnor vein systems. This demonstrates the previously
unrecognized potential of the Upper Hallnor structures which have
reopened within this quartzite horizon and most importantly, the gold
mineralization intersected is open in all directions and is a top
priority exploration target elsewhere on the Property. Considerable
drilling is necessary to expand and define the extent of these gold
mineralized zones.
Of the last two holes (TW09-77W8 and 77W9) drilled off of the main
pilot hole within in the Lower Hallnor west boundary area, TW09-77W8
intersected narrow quartz veined and stringer zones with sulphides
within the uppermost portion of the 19 Vein carbonate alteration zone
yielding 1.64 g/t gold over 3.10 metres. Other gold values encountered
include 2.89 g/t gold over 1.0 metres and 3.70 g/t gold over 0.90
metres. Hole TW09-77W9 tested the 11 Vein west of the initial pilot
hole intersection and intersected two separate intervals of 1.92 g/t
gold over 1.70 metres and 2.62 g/t gold over 0.80 metres.
Commented Ian Campbell, President and CEO: "We are very pleased to have
earned our 60% interest in the Whitney Property and we are looking
forward to advancing the property efforts in joint venture with
Goldcorp."
The Property occurs within a 4 kilometre long, 10+ million ounce mine
trend and includes the Broulan Reef and Hallnor Mines, the latter with
historic production totalling more than 1.65 million ounces of gold at
an average grade of 0.40 opt (13.71 g/t) making it one of the highest
grade gold mines in the 65 million ounce Timmins Gold Camp.
Henry Hutteri, P. Geo., is the designated qualified person responsible
for the preparation of this news release. Temex is a Canadian
exploration company advancing its precious metal projects in Ontario.
For further information, contact Ian Campbell, President and CEO or
Bruce Durham, Executive Chairman at 416-862-2246 or visit
www.temexcorp.com.
On behalf of the Board of Directors,
"Ian Campbell"
Ian Campbell
President and CEO
Note: Temex has implemented a quality control (QA/QC) program which
includes the use of standards and blanks. Samples of split NQ core
were transported by Company personnel to Swastika Laboratories in
Swastika, Ontario in sealed bags. The remaining half of the core was
kept as a permanent record and stored at a secure facility in Timmins.
The core was analyzed using a 30 gram standard fire assay method. Pulp
metallic gold assaying was performed as required. Intervals reported
are core lengths. True widths are unknown at this time.
*The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release*