Temex Resources Corp. (CVE:TME) said Friday that it has acquired significant landholdings in Tyrrell Township, northeastern Ontario from Goldeye Explorations Ltd.
As a result of the acquisition, Temex has now increased its 100-percent ownership in the area by over ten-fold to 14,423 acres from 1,343 acres.
Temex said it paid Goldeye $500,000 and issued 5 million common Temex shares which are subject to a hold period expiring on March 23, 2013. Goldeye has also granted to Temex the right to acquire any landholdings in Tyrrell Township which Goldeye may propose to sell or otherwise dispose of.
The company said that certain of the claims are subject to underlying NSR Royalties ranging from 2 per cent to 2.5 per cent, all of which include buy-down provisions ranging from 1.0 per cent to 1.5 per cent.
The acquired landholdings are contiguous and complementary to the existing Temex assets in Tyrrell Township and include a large block of claims in which Goldeye owned a 100 per cent interest, as well as Goldeye's 40 per cent interest in the claims comprising the Juby Joint Venture Property in which Temex held the remaining 60 per cent interest.
The combined assets form the dominant landholdings in this emerging gold district located 45 kilometres southwest of AuRico's (TSE:AUQ)(NYSE:AUQ) Young Davidson Project and 70 kilometres east of IAMGOLD's (TSE:IMG)(NYSE:IAG) Cote Lake Project.
Importantly, they consolidate the land in the immediate vicinity of Temex's Juby Main Zone gold resources and at the same time extend Temex's ownership of the important Tyrrell Structural Zone (TSZ), host to all of the major gold occurrences in the region, a further 5 km along trend, doubling Temex's control to approximately 10 kilometres.
The TSZ is a major structural feature similar in many geological respects to the Cadillac-Larder Lake and Destor-Porcupine major faults zones host to the world class Kirkland Lake and Timmins gold camps in the region.
Major gold zones acquired from Goldeye along the TSZ include the Big Dome from which Goldeye has reported drill intersections including 217.50 grams per tonne (g/t) gold over 2.10 metres, 13.10 g/t gold over 3.00 metres and 80.70 g/t gold over 2.10 metres and the Hydro Creek zone which includes drill intersections of 5.89 g/t gold over 12.50 metres, 3.58 g/t gold over 20.20 metres and 4.28 g/t gold over 14.00 metres.
The Big Dome and Hydro Creek gold zones are located 4 and 5 km directly on strike along the TSZ west of the Juby Main Zone NI 43-101 gold resources which are 935,000 ounces of gold grading 1.30 g/t in the Indicated category and 906,000 ounces of gold grading 1.00 g/t in the Inferred category using a 0.40 g/t cut-off grade.
Temex said that the acquisition also delivers significant "blue sky" exploration potential for the discovery of both high grade and bulk tonnage gold resources in numerous areas including an untested 3 km stretch along the TSZ between Golden Lake and the Big Dome gold systems, as well as the large area south of the TSZ where numerous drill targets have been identified.
Temex is a Canadian based exploration company focusing on its portfolio of precious metals properties in Northeastern Ontario, a world class mining district. It is exploring the Timmins Whitney Property, in partnership with Goldcorp (TSE:G)(NYSE:GG), and the Juby Gold Project.
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