Thursday, 14 June 2012

Temex begins field exploration program at Juby gold project

Temex Resources Corp. (CVE:TME) has kicked-off a field exploration program at its Juby gold project in northeastern Ontario. 

The property lies 100 kilometres south of Timmins, Canada’s largest gold camp, and rests along the southwestern extension of Larder Lake.

The surface program aims to focus on the Juby joint venture property and the Golden Lake property, Temex said in a release.

Both these acreages are next to the Juby lease property and host to the Juby main zone. Temex holds a 60 percent stake in the Juby JV, and can earn a 100 percent stake in Golden Lake.

Temex’s program will include geological mapping, prospecting, soil sampling and geophysics that will follow-up on many new gold zones found in late 2011, on the Juby JV and other priority targets.

The new gold zones occur 1.5 kilometres southwest of the Juby main zone. These and other priority targets represent potential satellite gold deposits near the Juby main zone.

Soil sampling returned values from 28 parts per billion (ppb) gold to 1,747 ppb gold with a grade of 1.7 grams per tonne (g/t). Texmex said that these are the strongest gold in soil anomalies detected to date on the Juby Gold Project.

Prospecting also found many gold-in-bedrock within this trend over 250 metres. Grab samples assayed 0.59 g/t gold up to 8.26 g/t gold.

The gold mineralization is hosted by rock sequences typical of the Juby main zone including highly altered feldspar porphyry and sedimentary rocks that exhibit iron carbonate alteration and minor amounts of pyrite.

On Golden Lake, soil sampling, prospecting and geological mapping was initiated in late May. Golden Lake is adjacent along strike to the west of the Juby main zone. This offers Temex the opportunity to expand the main zone to the west.

It recently completed eight holes totalling 3,255 metres, though analytical results are pending.

The Juby main zone contains 22.3 million tonnes with a gold grade of 1.30 g/t for 934,645 ounces of the yellow metal in the indicated category.

In the inferred category, the resource stands at 28.2 million tonnes with a gold grade of 1 g/t for 905,621 gold ounces, according to a National Instrument 43-101 compliant gold resource.

Earlier this month, the resource miner disclosed further high-grade gold intersections from drilling at the upper hallnor mine area of its joint venture Whitney property, in Timmins.

Among the highlights reported include results from the Hallnor south vein area, where hole TW12-205 returned 3.45 g/t gold over 13.50 metres. This includes 15.15 g/t gold over 0.50 metres.

In the 1-55 Vein west extension area, highlights included hole TW12-218, which yielded 6.25 g/t gold over 3.00 metres; and hole TW12-222 that returned 9.71 g/t gold over 5.00 metres including 62.30 g/t gold over 0.60 metres.

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