Temex Resources up 14% as it extends mineralization at Broulan Reefv

Temex Resources (CVE:TME) Wednesday reported additional high grade assay results over significant core widths from surface exploration drilling on the Broulan Reef Mine area of the Whitney Property in Ontario, extending mineralization to the east.

Shares in the company were up 14% at 24 cents on the TSX Venture Exchange Wednesday morning.

The Timmins Whitney property hosts three past-producing mines, including the high grade Hallnor Mine, which produced 1.7 million ounces of gold at an average grade of 0.40 ounce per ton. Exploration is being conducted by the company under the terms of a joint venture agreement between Temex, which holds 60% of the venture, and Goldcorp (TSE:G) (NYSE:GG), which holds the remaining 40%.

Temex president and CEO, Ian Campbell, said: "These are the best drill results from our drilling in the Broulan Reef area and additional drilling will be initiated to fully define the geometry and extent of the zones.

"We are exceptionally pleased with our drilling program, which is also testing a number of priority targets in the Upper Hallnor Mine area located 2 kilometres to the east, continues to deliver significant gold intersections demonstrating the excellent potential to define gold resources proximal to infrastructure in many areas of this high quality property."

The drilling results followed up on previous shallow drilling by Temex that had intersected 33.46 g/t gold over 5.40 metres and 3.58 g/t gold over 6.60 metres and the holes reported today have successfully extended the area of high grade gold mineralization a further 210 metres along strike to the east, the company said.

Among the highlights, Temex said hole TW11-139 intersected 4.51 grams per tonne (g/t) gold over 3.00 metres, including 1 metre grading 13.37 g/t gold.

Meanwhile, hole TW11-145 saw 6.80 metres of 3.97 g/t gold, including 2.10 metres at 10.53 g/t gold, and also encountered 37.90 g/t gold over 8.80 metres, including 0.50 metres grading a whopping 648.13 g/t gold; and 5.44 g/t gold over 6.00 metres, including 0.90 metres grading 13.65 g/t gold.

Hole TW11-145 intersected several quartz and quartz-carbonate stockwork zones, Temex said, with some individual veinlets containing several occurrences of visible gold.

One of the intervals reported averaged 37.90 g/t gold over 8.80 metres and is within a wide zone of quartz vein / stockwork. Within that interval, one sample assayed 648.13 g/t gold from an interval where the highest concentration of visible gold was noted in the core.

All samples from this stockwork zone returned anomalous gold up to 3.56 g/t gold with several samples containing visible gold, highlighting the nugget effect which was typical of gold mineralization in the Broulan Reef Mine, where some veins reported extremely high grade assays and similar veins within the same mineralized zone did not, the company said.

Additionally, hole TW10-147 intersected 8.79 g/t gold over 2.30 metres, including 0.50 metres of 38.01 g/t gold and at hole TW11-148, the company encountered 13.55 g/t gold over 4 metres, including 0.50 metres of 44.04 g/t gold.

Temex said that eleven holes were drilled to continue shallow testing of the hanging wall and foot wall areas of the former Broulan Reef Mine workings, to explore for additional near surface flat vein and quartz stockwork zones outside historical, non-compliant  resource blocks defined by previous operators.

These types of zones have historically had very erratic and nuggety gold mineralization but were successfully bulk mined from underground, with significantly higher grades being obtained than those indicated by drilling.

Temex said that the results reported today are from a 12,000 metre drill program initiated earlier this year, which is testing priority targets in the upper areas of the Broulan Reef and Hallnor Mine, located in the heart of the Timmins Gold Camp. Assays are pending on several other holes.