Wednesday, 18 April 2012

Temex Resources unveils latest high grade gold results from Whitney project

Temex Resources Corp. (CVE:TME) unveiled Wednesday high grade gold results from its Q Zone and the Upper Hallnor Mine area on its Whitney project in Timmins, Ontario.

The drill program is targeting the Upper Hallnor area to define near-surface gold resources, typical of what has been mined at the adjacent Pamour Mine and Hoyle Mine sites, the company said.

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

Since last October, the company has drilled a total of 65 holes for 16,800 metres in this campaign.

Highlights of the latest results from the Q Zone include 6.38 grams per tonne (g/t) gold over 3.78 metres, including 27.9 g/t gold over 0.73 metres in hole TW11-180, and 36.2 g/t gold over 1.00 metre in hole TW12-208, extending the known vertical extent by 300 metres.

The company said this zone, which was discovered in 2009, remains open in all directions. The Q Zone is a series of high grade quartz veins hosted in Timiskaming rocks, typical of those that historically produced more than half of the mineralization mined underground at Hallnor, Temex added.

At the Upper Hallnor Mine Horizon, notable assays include 1.05 g/t gold over 87.48 metres, including 9.97 g/t gold over 0.7 metres and 10.36 g/t gold over 2.0 metres in hole TW11-173.

Other significant results from this area were 1.79 g/t gold over 4.5 metres, including 4.22 g/t gold over 0.90 metres in hole TW11-179, and 1.07 g/t gold over 31.30 metres, including 10.30 g/t gold over 0.50 metres in hole TW11-187.

"We are very pleased by the continued encouraging drill results through the Upper Hallnor mine horizon and that the Q Zone, discovered in 2009, has now been intersected along a vertical distance of 600 metres with several intercepts of high grade gold mineralization," said president and CEO, Ian Campbell.

The company said the Upper Hallnor Mine horizon also remains open in all directions.

Whitney is an advanced gold project that includes four kilometres of the prolific Timmins gold trend that has been mined for 100 years and remains the largest gold producing district of Canada.

The property is made up of several near-surface gold targets including the Upper Hallnor, the Upper Broulan Reef, the C Zone, and Q Zone. The current drill program is being conducted under a joint venture between Temex, which holds 60 percent as operator, and Goldcorp Canada with the remaining 40 percent stake. 

Temex is also exploring its its Juby gold project in northeastern Ontario. 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.

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