Monday, 5 March 2012

Temex Resources hits 14.67 g/t gold over 3.8 metres near surface at Whitney project

Temex Resources Corp. (CVE:TME) unveiled Thursday the first batch of results from a resource definition drilling program targeting the Upper Hallnor Mine Zone, which is on the eastern portion of the company's Whitney gold project in northeastern Ontario.

Highlights included 2.83 grams per tonne (g/t) gold over 11.5 metres, including 11.60 g/t gold over 1.00 metre in hole TW11-164, and 6.10 g/t gold over 4.00 metres, including 11.05 g/t gold over 1.17 metres in hole TW11-166.

In addition, hole TW11-167 intersected 2.06 g/t gold over 21.00 metres, including 9.28 g/t gold over 1.00 metre, while hole TW11-169 hit 3.18 g/t gold over 4.00 metres and 14.67 g/t gold over 3.80 metres.

Temex is in the midst of an aggressive program designed to define near-surface gold resources typical to what has been mined at the adjacent Pamour and Hoyle mine sites.

The past-producing Hallnor Mine was previously the highest grade, multi-million ounce gold mine in Timmins, which remains Canada's largest gold producing area.

The company said the results reported Thursday are from five holes drilled on the eastern portion of the Upper Hallnor Mine area.

"We are very pleased with these results which continue to support our expectation that significant amounts of high-grade, near surface gold mineralization remains to be found at the Upper Hallnor Mine area," said president and CEO, Ian Campbell.
"Given the robust gold price, Timmins is experiencing a renewed focus on open pit gold mining, particularly in areas containing historic underground gold mining sites and Hallnor is one of many promising exploration targets located on the large Whitney property."

The company said drilling intersected multiple zones of vein and vein stockworks which occur primarily in Timiskaming sedimentary rocks - the same rock package from which commercial mining has occurred directly on strike to the east at both the Hoyle and Pamour mine sites.
The holes reported today, together with prior results, now define a strike length of 230 metres, with multiple zones of gold mineralization open in all directions.
Notable results from previous drilling include 3.29 g/t gold over 30.20 metres, including 66.0 g/t gold over 0.8 metres in hole TW10-112.

The current drill program is focused on providing sufficient data to establish an initial NI 43-101 compliant resource estimate. A total of 47 holes for 14,200 metres have been drilled to date in the campaign, with additional drill results expected over the next several months, Temex said.

Whitney is an advanced gold project that includes four kilometres of the prolific Timmins gold trend. It has several near-surface gold targets including Upper Hallnor, Upper Broulan Reef, C Zone, and Q Zone.

The drill campaign is being conducted under a joint venture between Temex, which holds 60 percent, and Goldcorp (TSE:G), which holds the remainder.

The company's Juby gold project in Ontario 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.

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