Temex Resources discovers new surface gold zones at Juby joint venture

Temex Resources (CVE:TME) said Thursday it discovered several new surface gold zones on its Juby joint venture (JV) property, located in northeastern Ontario.

The company said these zones occur about 1.5 kilometres southwest of the Juby Main zone, and appear to represent a parallel structural trend to the main Tyrrell Structural zone where most of the major gold occurrences are centred.

"We are very pleased with the success of this grass roots exploration program with the addition of several new high priority targets for drill testing," said president and CEO, Ian Campbell.

"The discovery of gold mineralization in this area to the south of the Juby Main Zone opens up new potential for our extensive land package."

Indeed, the discovery was made through a soil sampling program in August, which delineated a strong gold-in-soil anomalous zone with individual samples ranging from 28 parts per billion (ppb) gold to 1,747 ppb gold - or about 1.7 grams per tonne (g/t) gold. These samples defined a trend with a 1.5-kilometre strike length.

Follow-up prospecting across this trend uncovered several gold-in-bedrock occurrences over a 250-metre long by 50-metre wide area. Individual samples assay between 0.59 g/t gold and 8.26 /t gold.

Temex said it will continue to follow up on the new gold zones before diamond drill testing begins.

Based in Toronto, Temex holds a 60 percent interest in the Juby joint venture, with Goldeye Exploration (CVE:GGY) holding the remaining 40 percent. The property's Juby Main zone has a current indicated resource of 614,000 ounces of gold, and an inferred resource of 602,000 ounces of gold.

In addition to the Juby project, Temex holds interests in several Ontario-based properties, including the Timmins Gold project, in which it holds a 60 percent interest in the Whitney joint venture property with Goldcorp (TSE:G), its 100-percent owned Latchford gold-diamond project, its wholly-owned Gowganda silver project, and its wholly-owned Webequie nickel-copper-gold project.

On the TSX-Venture Exchange, Temex shares rose 2.56 percent, to $0.20, as of 9:30 am EDT.