Tuesday, 26 July 2011

Temex files technical report for 2.96m ounce Gowganda silver project

Temex Resources (CVE:TME) announced Monday that it has filed its technical report for its Gowganda silver project in Ontario with regulatory authorities.

The Canadian junior explorer first released the report in early June, which delineated a 1.94 million tonne indicated resource estimate for the tailings material at its property.

The tailings were generated from the project's Miller Lake O'Brein silver mine, Ontario's largest past-producing cobalt-style silver mine, with historical production of 40.7 million ounces of silver between 1910 and 1972.

The NI 43-101 compliant resource estimate for the tailings piles, at a silver cut-off grade of 10.0 grams per tonne (g/t), was 1.94 million tonnes, grading 47.5 g/t silver, for 2.96 million contained ounces of silver in the indicated category.

The 2011 report was based on 764 auger pipe and sonic drill holes, and 2,039 assay values. Drilling was conducted in 1981, 1987, and 2000, Temex said.

The latest drilling in 2000 consisted of a 32 hole, or 326 metre, sonic drill program by privately-owned Sandy K Mines, to better define the tailings in the core area. It was found that the average grade for the dry tailings from this drill program was about 62.6 g/tonne silver.

Temex took ownership of the property in 2006, completing an initial sampling of the deposits and metallurgical test work on silver recovery rates.

The company also recently began a 2,000 metre diamond drill program on the property, designed to confirm and test for extensions of past high grade silver veins reported, as well as other near-surface targets discovered by Temex last year.

Assays are now pending from the recently completed phase one part of the program.

The Gowganda silver property is located 20 kilometres east of the 100% owned Juby lease property, where Temex is currently working to expand the NI 43-101 compliant resource of 14.1 million tonnes at a grade of 1.36 g/t gold for 614,000 ounces of gold in the indicated category, plus 16.5 million tonnes at a grade of 1.14 g/t gold for 602,000 ounces of gold in inferred resources, both at a cut-off grade of 0.50 g/t gold.

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