🕐12.05.10 - 17:19 Uhr
Temex Provides Update on Precious Metals Portfolio
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Re: News Releases - Wednesday, May 12, 2010
Temex Provides Update on Precious Metals Portfolio
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News Release NR05-2010
TSX Venture Exchange: TME, Frankfurt Exchange:TQ1
TORONTO, ONTARIO: Temex Resources Corp.
(TSX Venture: TME,
Frankfurt:TQ1) ("Temex" or "the Company") provides an update on
activities related to its precious metals portfolio in northeastern
Ontario.
Timmins Gold Project - Whitney Township Property
- Joint Venture Agreement ("JVA") with Goldcorp being finalized (news
release Apr 15, 2010).
- Temex to hold 60% interest and Porcupine Gold Mines ("PGM", a joint
venture between Goldcorp Inc.
and Goldcorp Canada Ltd.
"Goldcorp") to
hold a 40% interest.
- The Property has historic production of 2.3 million ounces of gold
including 1.6 million ounces with an average grade of 0.40 ounces per
ton gold from the Hallnor Mine, the highest grade multi-million ounce
producer in Canadas largest gold camp.
- High priority exploration targets in Upper and Lower Hallnor Mine
areas including high grade Q Zone discovery (news release May 14, 2009)
as well as numerous targets in and around the Broulan Reef Mine to be
tested.
Juby Gold Project - Shining Tree Area
- Juby Lease Property: 100% Temex owned with National Instrument 43-101
("NI 43-101") compliant gold resource.
The Main Zone (news release Feb
16, 2005) contains an indicated resource of 479,000 ounces of gold
grading 1.73 g/t gold at a cut-off grade of 1.0 g/t gold and an
inferred resource of 186,000 ounces of gold grading 1.65 g/t gold at a
cut-off grade of 1.0 g/t gold.
The deposit remains open at depth and
along strike.
An updated NI 43-101 resource estimate has been
commissioned and is expected shortly.
- Juby North JV Property: Surface program of prospecting, geological
mapping and soil geochemical sampling commenced in April (news release
Mar 30, 2010).
Diamond drilling to follow.
Property is 60% Temex and
40% Goldeye Explorations Limited.
- Previous results from drilling on JV Property: 1.26 g/t gold over
61.60 metres including 2.47 g/t gold over 22.30 metres, 5.43 g/t gold
over 3.65 metres, 2.33 g/t gold over 5.33 metres, 3.41 g/t gold over
2.94 metres and 15.0 g/t gold over 2.15 metres.
- Temex recently acquired by staking 7 claims covering 2,040 acres in
the immediate area of the Juby Lease Property as a result of heightened
interest, bringing the Companys land holdings in the area to over
9,000 acres.
Gowganda Silver Project
- The property had historical production of 40.7 million ounces silver
at a grade of 22 opt silver;
- Tailings deposits contain a non NI 43-101 compliant resource estimate
of 1.827 million short tons grading 1.43 opt silver defined by over 700
auger holes (see note 1 below).
- High grade drill intersections in unmined areas of the property on
600 metre long target zone have returned several high grade
intersections from up to eight vein sets which include 11,947 g/t
silver over 3.5 ft to 4,560 g/t silver over 2.2 ft and 8,314 g/t over
1.3 ft.
- Program of orientation soil surveying initiated late 2009 over known
vein systems using SGS proprietary MMI (Mobile Metal Ion) analysis
recorded good correlation with known mineralization and also outlined
new anomalies in area of property with no recorded work.
Detailed
follow-up sampling to be initiated later this month.
- Temex had previously announced that it had entered into discussions
with BacTech Mining Corporation to assess the mine tailings in
conjunction with tailings from the nearby Castle Property held by Gold
Bullion Development Corp.
BacTech recently announced that it was
unable to duplicate the reported metal content quoted by Gold Bullion
Development Corp.
at the Castle tailings and as a result BacTech has
suspended work in the Gowganda area.
Latchford Gold Project
- Prospecting in 2009 discovered new occurrences of high grade gold in
bedrock with individual assays including 112.29 g/t, 49.75 g/t, 11.64
g/t, 9.14 g/t and 4.53 g/t gold (news release Nov 24, 2009).
- Program expanded the extent of the gold mineralized trend in flat
lying Proterozoic sediments interpreted to be near the unconformity
with underlying Archean rocks.
Gold mineralization within the large
areal extent is associated with anomalous copper, silver and iron oxide
mineralization.
- Induced Polarization ("IP") geophysical survey using Titan 24 DCIP
system conducted in Dec 2009 (news release Dec 10, 2009) with inversion
modeling recently completed.
Anomalies identified will be field
examined followed by diamond drilling.
Ian Campbell, P.
Geo., President and CEO of the Company, is the
designated "qualified person" (within the meaning of National
Instrument 43-101) responsible for the preparation of this news
release.
Temex is a Canadian exploration company focused on advancing
its precious metal projects in Northeastern 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
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.
Note 1.
Estimates reported are historical and are not in compliance
with National Instrument 43-101 "Standards of Disclosure for Mineral
Deposits" ("NI 43-101").
Temex has not done the work necessary to
verify the classification of the resource, is not treating the
estimates as NI 43-101 defined resources verified by a Qualified
Person, and the historical estimates should not be relied upon.
However, Temex considers the historical estimates and drill core
intersections to be relevant based on the nature of the orebodies and
the published 70-year historic production figures of the Miller Lake
OBrien Mine and the nature of other orebodies in the immediate area.
Temex considers the historical estimates related to the tailing
deposits to be reliable and relevant based on the methodology
undertaken in the various work programs and the confirmation sampling
conducted by Temex.
Temex has reported assays in ounce per ton (opt)
where they have been stated as such in the literature and grams per
tonne where they are reported from Temex exploration programs.
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Copyright (c) 2010 TEMEX RESOURCES CORP (TME) All rights reserved.
For more information visit our website at http://www.temexcorp.com/ or
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Message sent on Wed May 12, 2010 at 8:09:48 AM Pacific Time
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