Wednesday, 9 May 2012

Temex Resources hits 9.37 g/t gold over 5 metres at Whitney

Temex Resources Corp. (CVE:TME) unveiled Wednesday additional high grade gold intersections from drilling at the Upper Hallnor Mine area of its joint venture Whitney property in Timmins, Ontario.

The holes reported today targeted the 1-55 Vein system, hosted within  the same volcanic-sediment contact zone from which the bulk of high  grade gold production at the Upper Hallnor Mine was mined, the company said.

The contact zone has also seen multi-million ounce gold production from both underground and  large open pit mining operations, directly along strike and to the east, from the past producing Broulan Porcupine Mine, Pamour Mine and Hoyle Mine sites.

Highlights of the results reported Wednesday include 4.31 grams per tonne (g/t) gold over 8.5 metres, including 11.45 g/t gold over 1.00 metre and 14.28 g/t gold over 1.00 metre in hole TW11-161.

Hole TW11-162 returned 2.66 g/t gold over 3.80 metres, including 7.30 g/t gold over 1.00 metre, while hole TW11-193 found 3.87 g/t gold over 3.70 metres including 9.62 g/t gold over 0.70 metres.

In addition, 9.37 g/t gold over 5.00 metres, including 57.60 g/t gold over 0.72 metres was seen in hole TW12-195, and 29.60 g/t gold over 0.52 metres was returned from hole TW12-197.

"The 1-55 Vein system is a priority near-surface gold zone that is being  evaluated as part of the global gold resource estimate being prepared  on the Whitney Property," said president and CEO Ian Campbell.

"This high-grade vein system is typical of what has been successfully  mined in the past on the property and also falls within the limits of a  potentially open-pittable resource. 

"All holes drilled in this area as  part of the current program successfully intersected the gold  mineralized structures, demonstrating excellent continuity in this  area."

Temex is conducting a program targeting the Upper Hallnor Mine area to  delineate both open pittable and high grade gold resources.

The holes reported on today were designed to follow up on hole TW11-163 from last year, which intersected 2.22 g/t gold over 35.70 metres, including 10.15 g/t gold over 3.30 metres within 50 metres from surface.

This  hole represented the eastward extension of the 1-55 Vein  structures, which were identified in 2003 by the previous  operators of the Porcupine joint venture, which was owned by Placer Dome Limited and Kinross Gold (TSE:K).

Since 2010, Temex drilling in this area has been conducted along a strike length of 300 metres, the miner said, and to a depth of 200 metres, with the structures remaining "wide open".

Gold intersections occur mostly within 200 vertical  metres of surface in these holes. 

Since last October, a total of 50  holes for 17,750 metres have been drilled in the company's campaign, which is  designed to define gold resources that may be mined near surface.

Results for an additional 30 holes drilled in the Upper  Hallnor Mine area are pending, Temex said, and will be released as they are received.

Whitney, which is held under a joint venture owned 60 percent by Temex and 40 percent by Goldcorp (TSE:G), is an advanced gold project that includes four kilometres of the prolific Timmins gold trend that remains the  largest gold producing district of Canada.

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

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

Aside from Whitney, the company also holds the Juby gold project, which contains the Juby Main  Zone resource of 934,645 ounces of gold in the indicated  category and 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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