Friday, 10 February 2012

Temex Resources hits 4.95 g/t gold over 20 metres near-surface at Whitney property

Temex Resources Corp. (CVE:TME) unveiled Thursday the latest exploration results from its Whitney gold project in Ontario, which includes four kilometres of the prolific Timmins gold trend that remains the largest gold-producing district in Canada.

The junior explorer is currently undertaking an aggressive diamond drill program at the property to discover near-surface economic gold zones.

The asset already has several near-surface gold targets, including the Upper Broulan Reef Zone, the C Zone and the Q Zone.

Highlights of the latest results include 4.95 grams per tonne (g/t) of gold over 20 metres, including 12.92 g/t gold over 7.0 metres in the C Zone.

Meanwhile, at the Upper Broulan Reef Zone, the company drilled 1.21 g/t gold over 34.10 metres, including 17.26 g/t gold over 1.00 metre.

The company said the recent results from Upper Broulan show that substantial gold mineralization occurs near the former-producing Upper Broulan Reef Mine, in the hanging wall and footwall areas.

Also in this area, 1.35 g/t gold was intersected over 15.8 metres, including 4.41 g/t gold over 3.70 metres, in a hole testing the Reef Zone, which is believed to be the western extension of the Broulan Reef Mine.

"These results further substantiate our expectation that significant amounts of near surface gold mineralization remain on the Whitney property and are consistent with the fact that this property is the site of some of the highest-grade historic underground gold mines in the Timmins area", said president and CEO, Ian Campbell.

"Given the robust gold price, Timmins is experiencing a renewed focus on open pit gold mining especially in areas containing historic underground gold mining sites."

At the Q Zone, the company said two holes tested the western strike extension in the Hugh Pam area 1.5 kilometres along strike from where Temex previously intersected "very high grade gold" mineralization in the Upper Hallnor Mine.

Both holes intersected the target unit with hole TW11-154 yielding 122.85 g/t gold over 0.50 metres and 5.42 g/t gold over 0.50 metres within typical, narrow quartz veins.

Temex said this zone remains a "top priority" target.

The current program, which began in October 2011, is focused on testing the Upper Hallnor Mine area for potential open-pittable gold resources, and on providing enough data to establish an initial NI compliant 43-101 resource estimate.

A total of 43 holes for 12,900 metres have been drilled to date in this campaign, which is being conducted under a joint venture between Temex, which holds a 60 percent interest, and Goldcorp (TSE:G), which holds the remaining stake.

Temex is a Canadian exploration company focused on its portfolio of precious metals properties in northeastern Ontario.

Aside from Whitney, the company holds the Juby project. The Juby Main Zone has NI 43-101 compliant resources of 22.3 million tonnes at a grade of 1.30 g/t gold for 934,645 ounces of gold in the indicated category and 28.2 million tonnes at a grade of 1.00 g/t gold for 905,621 ounces of gold in the inferred category, both at a cut-off grade of 0.40 g/t gold.

No comments:

Post a Comment