Thursday, 7 June 2012

Temex Resources rallies as it hits 14.86 g/t gold over 6 metres at Whitney

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

Shares were up 3.85 per cent on the back of the news, trading at 13.5 cents as at 1:50 p.m. EDT.

The holes reported today are the last of a program of 32 holes totaling 5,295 metres drilled along a 600 metre strike length in the Upper Hallnor Mine area, targeting the Hallnor South Vein, 1-55 Vein west extension and Hallnor Footwall zones, the company said.

This block contains the rich past-producing Hallnor Mine and forms the central part of a 10 million ounce mine trend which has seen large open pit and underground mining operations directly on strike to the east.

Highlights of the results reported Thursday include results from the Hallnor south vein area, where hole TW12-205 returned 3.45 grams per tonne (g/t) gold over 13.50 metres including 15.15 g/t gold over 0.50 metres.

Additionally, hole TW12-207 returned 4.15 g/t gold over 3.09 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.

Further results included hole TW12-223, which showed 2.20 g/t gold over 14.00 metres including 4.07 g/t gold over 6.20 metres; and hole TW12-224 that returned 5.05 g/t gold over 19.00 metres, including 14.86 g/t gold over 6.00 metres and 39.60 g/t gold over 1.00 metre.

At the Hallnor Footwall area Temex highlighted hole TW12-227, that returned 83.40 g/t gold over 1.00 metre; and hole TW12-230, which yielded1.72 g/t gold over 23.00 metres and 4.22 g/t gold over 6.00 metres, including 25.40 g/t gold over 0.90 metres.

In addition, hole TW12-232 returned 2.30 g/t gold over 16.00 metres, including 16.85 g/t gold over 1.00 metre.
"We are extremely pleased that our drilling has continued to deliver excellent gold values in multiple zones located in the Upper Hallnor Mine area," said Temex president and CEO Ian Campbell.

"The results strongly support our belief in the potential for consistent and widespread zones of gold mineralized material in that area - which are but some of many known zones of gold mineralization remaining on the large Whitney property which hosts six former gold mines."

Since October 2011, the company said a total of 50 holes for 17,750 metres have been drilled in this campaign which is designed to define gold resources that may be mined near surface. 

Temex noted that results from the drill program on the Hallnor Mine block will be incorporated into an upcoming NI 43-101 resource estimate for the Whitney property.

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.

The company also has an NI 43-101 compliant resource for tailings material on its Gowganda silver project in Ontario.
The tailings piles contain a NI 43-101 compliant 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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