Temex Resources Corp. (CVE:TME) said Tuesday it filed an updated mineral estimate for its Juby Main Zone in the Shining Tree area of eastern Ontario, which is 50 percent larger than the company's prior estimate from June 2010.
report, conducted by Ottawa-based consulting firm GeoVector, outlines an
indicated resource of 934,645 ounces of gold grading 1.30 grams per
tonne (g/t) at a 0.40 g/t cut-off on the Juby Main Zone, and an inferred
resource of 905,621 ounces gold grading 1.00 g/t at the same cut-off.
company said the deposit remains open for expansion at depth and along
strike, with Temex set to begin drilling on the adjacent, newly-acquired
Golden Lake property.
The latest resource includes diamond drill results from the company's 2010 and 2011 exploration campaigns at Juby.
are extremely pleased with the significant increase in gold resources
which is an important step forward on the Juby Project," said president
and CEO, Ian Campbell.
"Further, there is potential to rapidly
increase the size of the deposit not only at depth, but along strike,
based on our recent strategic acquisition of the Golden Lake Property
announced January 18, 2012.
"This property has increased Temex's
control to 4.5 km of strike length of the gold-enriched Tyrrell
Structural Zone, host to the Juby Main Zone and has several similar
style gold mineralized drill intercepts.
"We intend to conduct
an aggressive drill program on both Golden Lake and Juby to expand our
gold resources, while initiating metallurgical and environmental
baseline work which will be incorporated into a preliminary economic
assessment of the Main Zone."
The company said the increase to
the resource reported in June 2010 is due to the incorporation of data
from diamond drill holes completed by Temex during the 2010 to 2011
winter drill program and the utilization of a 0.40 g/t gold cut-off
The prior 2010 indicated and inferred resources were reported at a cut-off grade of 0.50 g/t.
June 2010, the company reported an NI 43-101-compliant indicated
resource of 614,000 ounces gold grading 1.36 g/t at a 0.50 g/t cut-off,
and an inferred resource of 602,000 ounces gold grading 1.14 g/t at a
0.50 g/t cut-off.
Temex said it is currently developing
parameters for carrying out Whittle pit optimizations on the Juby
resources as a precursor to conducting preliminary economic studies.
Juby gold project itself is located west of Gowganda, Ontario, halfway
between Timmins and Sudbury, in Tyrrell and Knight Townships. The
company said excellent road access is provided to the project, which
consists of three gold properties totalling 7,463 acres in 169 claim
The Juby joint venture property is owned 60 percent by Temex, with the remainder held by Goldeye Explorations Limited.