Temex commences largest drill campaign ever on now consolidated juby project, Ontario
Thursday, Nov 29, 2012
TORONTO, Nov. 28, 2012 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") announces that the largest drill campaign ever has commenced on its 100%-owned Juby Gold Project ("Juby") located in Tyrrell Township in northeastern Ontario.
Juby is located 100 kilometres south of Timmins, Canada's largest gold camp, and is situated along the southwestern extension of the Larder Lake-Cadillac Fault Zone between AuRico Gold Inc.'s Young Davidson gold mine and IAMGOLD Corporation's Cote Lake gold deposit.
The Juby Main Zone (news releases January 16 and February 28, 2012) contains a National Instrument 43-101 ("NI 43-101") compliant resource 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 and represents a target for large tonnage open pit mining operations. This resource was defined from surface along a strike length of 2,800 metres and is hosted in altered Timiskaming sediments and felsic intrusive rocks.
"The recently completed major land consolidation which increases our land position more than ten-fold opens up an aggressive and exciting phase of exploration on the Juby Project," commented Karen Rees, Vice President, Exploration. "Two rigs have recently begun drilling to expand the Juby Main Zone gold deposit both at depth and along strike to the west trending onto the Golden Lake Property where we earlier this year extended gold mineralization typical of the Juby Main Zone a further 750 metres where it remains open. We expect to add a third rig in early 2013 to test some priority exploration targets further along strike for both bulk tonnage and higher grade gold deposits typical of the Kirkland Lake and Timmins gold camps."
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 the Timmins Whitney Property, in partnership with Goldcorp, and the Juby Gold Project.
The Whitney Property has 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, 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, all at a cut-off grade of 0.30 g/t gold (Note 1).
SOURCE Temex Resources Corp.