Monday, 30 April 2012

Temex Resources begins initial drilling on Golden Lake property

Temex Resources Corp. (CVE:TME) said Monday that it has started an initial diamond drill program on the recently-acquired Golden Lake property located on strike and to the west of its Juby Main Zone in northeastern Ontario.

The Juby Main Zone contains an NI 43-101 compliant resource of 22.3 million tonnes at a grade of 1.30 grams per tonne (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.

This resource was defined along a strike length of 2,800 metres.

With the recent acquisition of the Golden Lake property, Temex now controls 4,500 metres of strike length along the prolific Tyrrell Structural Zone, it said.

The first phase drill program at Golden Lake, planned to be 3,000 metres in around 8 holes, will test the mineralized horizons on and near the Tyrrell Structural Zone along a strike length of 600 metres.

The aim will be to provide sufficient drill data to estimate additional inferred resources, which is expected to ultimately lead to an increase in the NI 43-101 gold resource for the Juby Main Zone, Temex said.

"We are very excited to begin drill testing this new strategic land package which has the potential to greatly expand the gold resource in the Juby area," said president and CEO Ian Campbell.

"The Juby Main Zone gold deposit trends directly onto the Golden Lake Property and affords us the immediate opportunity to begin adding significant near surface gold ounces to the Juby deposit."

The Juby Main Zone forms part of the Juby gold project, located in Tyrrell Township in northeastern Ontario, 100 kilometres south of Timmins - Canada's largest gold camp.

The project is also situated along the southwestern extension of the Larder Lake - Cadillac Fault Zone, between AuRico Gold's (TSE:AUQ) Young-Davidson gold mine and Trelawney Mining's (CVE:TRR) Côté Lake gold deposit.

Iamgold (TSE:IMG) last week said it would acquire Trelawney for about $600 million, implying an acquisition price of $74 per in-situ ounce of gold, Temex said.

Temex has the option to earn 100 percent interest in its new Golden lake property, where limited drilling in 1997 by a previous operator intersected widespread gold, with multiple zones of alteration typical of the Juby Main Zone.

These zones remain open in all directions, the company said.

Highlights from the historic data include 0.98 g/t gold over 67.50 metres including 1.82 g/t gold over 12.00 metres, and 2.41 g/t gold over 24.51 metres including 5.84 g/t gold over 4.00 metres.

In addition, drilling by Temex between 2004 and 2011 up to the boundary of the Golden Lake property showed that this large gold system remains open for expansion to the northwest of the Juby Lease property.

Temex drill hole results within 100 metres of the Golden Lake boundary include 1.16 g/t gold over 21.20 metres including 3.31 g/t gold over 6.76 metres, and 1.26 g/t gold over 61.60 metres including 2.47 g/t gold over 22.30 metres and 5.43 g/t gold over 3.65 metres.

Temex is a Canadian exploration company focusing on its portfolio of precious metals properties in northeastern Ontario. The company is exploring its Timmins Whitney property, in partnership with Goldcorp (TSE:G).

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