Thursday, 22 March 2012

Temex Resources hits broad zones of gold at Whitney project

Temex Resources Corp. (CVE:TME) unveiled Thursday additional drill results from a resource definition program targeting the Upper Hallnor Mine Zone, on the eastern portion of its Whitney gold project in Ontario.

The company is carrying out a drill program to define near-surface gold resources typical of what has been mined at the adjacent Pamour and Hoyle mine sites, it said.

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

Highlights of the latest drill results include 4.90 grams per tonne (g/t) gold over 7.35 metres including 14.10 g/t gold over 0.75 metres in hole TW11-171; 1.03 g/t gold over 85.95 metres including 24.90 g/t gold over 0.50 metres in hole TW11-181; and 1.21 g/t gold over 18.20 metres including 6.44 g/t gold over 0.85 metres in hole TW11-182.

In addition, hole TW11-185 returned 1.27 g/t gold over 49.10 metres, including 4.02 g/t gold over 5.15 metres, while hole TW12-198 hit 2.31 g/t gold over 20.0 metres including 34.6 g/t gold over 1.00 metre.

The drill results reported Thursday are from nine holes drilled on three sections on the eastern portion of the Upper Hallnor Mine area.

The company said drilling intersected multiple zones of vein and vein stockworks, which occur primarily in Timiskaming sedimentary rocks that hosted the Upper Hallnor mine horizons.

The zones of gold mineralization remain open in all directions, Temex added.

A total of 52 holes for 15,100 metres have been drilled to date in the campaign.

Whitney is an advanced gold project that includes four kilometres of the prolific Timmins gold trend.

The property contains several near-surface gold targets including the Upper Hallnor, Upper Broulan Reef, C Zone, and Q Zone.

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

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

Aside from Whitney, the company also holds the Juby gold 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.

Temex also has a NI 43-101 compliant resource for tailings material on its Gowganda silver project. The tailings piles contain a resource of 1.94 million tonnes grading 47.5 g/t silver for a contained resource of 2.96 million ounces of silver in the indicated category.

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