Mr. Ian Campbell reports
TEMEX INTERSECTS 2.13 G/T GOLD OVER 47.69 METRES AND DISCOVERS ADDITIONAL HIGH GRADE GOLD AT JUBY GOLD PROJECT, MATACHEWAN, ONTARIO
Temex Resources Corp. has received the first set
of assays from its drilling program at the company's Juby gold project
near Matachewan, Ont. Results for drill holes GL12-09 to GL12-14 on
the Golden Lake portion of the project continue to rapidly expand the
Juby Main zone gold zone to depth and demonstrate excellent continuity
for one kilometre along strike to the west, intersect new zones of high-grade gold mineralization, and confirm previous drilling results in
this new area of the project.
All six holes reported today successfully intersected gold
mineralization that is typical of the Juby Main zone (JMZ) over
extensive and increasing widths. Importantly, there is an increasing
incidence of narrow but high-grade intervals including new
discoveries in the hangingwall Timiskaming sediments and feldspar
porphyry units containing visible gold, with assays of 31.39 grams per tonne (g/t) gold
over 0.50 metre, 24.71 g/t gold over 0.53 metre and 75.86 g/t gold
over 0.50 metre; the latter is the highest individual gold assay
recorded to date by Temex on the Juby project. Diamond drilling
continues with two rigs.
Highlights of the drill results are shown below and detailed in the
associated table.
- GL12-10: one g/t gold over 166.98 metres, including 2.13 g/t gold over 47.69 metres which includes 3.79 g/t gold over 14.22 metres and 24.71 g/t gold over 0.53 metre;
-
GL12-12: 1.03 g/t gold over 18.50 metres and 1.65 g/t gold over 33.40
metres including, 14.41 g/t gold over 0.65 metre and another interval of 1.76 g/t gold over 23.10 metres;
- GL12-13: 75.86 g/t gold over 0.50 metre, 0.51 g/t gold over 38 metres and 1.14 g/t gold over 45 metres,
including 2.92 g/t gold over 14.50 metres, including 4.83 g/t gold over 7.88 metres and another interval of 31.39 g/t gold over 0.50 metre.
"We are extremely pleased with the results reported today which continue
to demonstrate the Juby Main zone is a very large gold system that is
wide open at depth and along strike. Our current drilling on the Golden
Lake portion of the project is testing only a fraction of the Juby Main
zone trend, acquired in late 2012 through our recent consolidation of
the Goldeye properties which expanded our landholdings tenfold on this
outstanding project," commented Ian Campbell, president and chief executive officer.
The six holes reported today were drilled on three sections which,
combined with the company's first eight holes drilled on the Golden
Lake property (news release dated July 23, 2012), extend the known gold
mineralized trend a farther 750 metres to the west and demonstrate
excellent continuity of gold mineralization from the current western
extent of the Juby Main zone NI 43-101 gold resources. The current
drill pattern consists of a minimum of two holes drilled per section,
with sections spaced 75 to 100 metres apart.
The Juby Main zone (news releases dated Jan. 16 and Feb. 28, 2012)
contains a National Instrument 43-101-compliant resource
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
one 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. This resource was defined from
surface along a strike length of 2,800 metres and is hosted in altered
Timiskaming sediments and felsic intrusive rocks.
The Juby Gold project is located 100 kilometres south of Timmins,
Canada's largest gold camp, and is situated along the southwestern
extension of the Larder Lake-Cadillac fault zone between AuRico Gold
Inc.'s Young Davidson gold mine at Matachewan and Iamgold Corp.'s
Cote Lake gold deposit to the west. Temex is well financed with $9-million in cash.
Work program
The drill program commenced with two rigs on the projected western
portion of the Juby Main zone on the Golden Lake property where
drilling of eight holes in spring 2012 intersected widespread gold
mineralization typical of the Juby Main zone a farther 750 metres west
where it remains wide open. Between late November and late December,
14 holes were completed for a total of 4,262 metres and approximately
4,600 samples sent for analysis; the two rigs resumed drilling on
Jan. 8, 2013.
Golden Lake option agreement
Pursuant to the option agreement on the Golden Lake property, Temex has
satisfied the obligations under the agreement due on or before the
first anniversary by making cash payments to the optionors totalling
$100,000 and completing exploration expenditures of a minimum of
$250,000 on the claims. In addition, the company has issued an
aggregate of 100,000 common shares of Temex Resources to the
optionors. The securities issued are subject to a hold period expiring
on May 12, 2013. The option agreement was previously announced on
Jan. 18, 2012.
Karen Rees, PGeo, vice-president, exploration, of Temex Resources, is the designated qualified person responsible for the
preparation of this news release.
SIGNIFICANT RESULTS FROM DRILL HOLES
Hole From To Core length Au
(m) (m) (m) (g/t)
GL12-09 299.00 325.60 26.60 1.19
Including 299.00 306.00 7.00 1.89
Including 300.00 301.00 1.00 3.31
And 304.00 305.00 1.00 3.32
321.00 325.60 4.60 1.23
336.68 341.00 4.32 0.91
GL12-10 16.00 182.98 166.98 1.00
Including 42.00 51.00 9.00 1.75
And 77.00 80.00 3.00 2.54
And 97.00 106.00 9.00 1.34
And 135.29 182.98 47.69 2.13
Including 139.60 140.30 0.70 4.87
And 140.30 141.00 0.70 5.71
And 144.65 158.87 14.22 3.79
Including 144.65 145.47 0.82 12.56
And 145.47 146.00 0.53 24.71
And 153.00 154.00 1.00 5.25
And 154.84 155.68 0.84 14.13
And 163.00 182.98 19.98 1.89
Including 168.00 182.00 14.00 2.40
Including 174.00 174.72 0.72 12.55
GL12-11 38.00 53.00 15.00 0.78
Including 50.90 51.50 0.60 4.40
95.00 107.00 12.00 1.20
119.00 126.00 7.00 1.07
219.00 257.00 38.00 0.98
Including 219.00 243.13 24.13 1.06
270.00 284.00 14.00 0.77
338.67 347.00 8.33 1.43
Hole From To Core length Au
(m) (m) (m) (g/t)
GL12-12 41.00 59.50 18.50 1.03
Including 47.00 52.00 5.00 1.86
76.00 101.00 25.00 0.57
111.00 127.00 16.00 0.56
131.97 144.00 12.03 1.03
183.00 216.40 33.40 1.65
Including 183.00 187.00 4.00 3.44
Including 184.70 185.35 0.65 14.41
And 193.30 216.40 23.10 1.76
Including 193.90 197.00 3.10 3.63
Including 196.00 197.00 1.00 4.90
And 209.00 210.00 1.00 3.55
And 212.00 213.00 1.00 3.37
And 213.00 213.60 0.60 5.55
GL12-13 121.50 122.00 0.50 75.86
192.00 204.75 12.75 0.55
259.00 297.00 38.00 0.51
323.00 368.00 45.00 1.14
Including 323.00 353.00 30.00 1.49
Including 338.50 353.00 14.50 2.92
Including 342.00 349.88 7.88 4.83
Including 348.00 348.50 0.50 3.93
And 348.50 349.00 0.50 31.39
And 349.00 349.88 0.88 9.76
GL12-14 74.00 100.00 26.00 0.75
163.04 196.00 32.96 0.77
Including 179.00 196.00 17.00 1.21
Including 179.00 182.00 3.00 4.40
179.75 180.38 0.63 9.53
180.38 181.00 0.62 5.17
Temex implemented a quality assurance/quality control (QA/QC) program to ensure best
practice in sampling and analysis. Drill core samples are cut at Temex
facilities using a diamond saw with the samples transported by Temex
personnel in securely sealed bags to a freighting company and from
there directly to facilities operated by SGS Canada in Sudbury and
Mississauga, Ont., for preparation and analysis. Core samples are
analyzed for gold using fire assay on a 30-gram split with an ICP
finish. Where initial results exceed three g/t gold, a second assay is
completed on another 30-gram split with a gravimetric finish.
Intervals reported are core lengths. True widths are unknown at this
time but are estimated to be 65 to 75 per cent of the drilled width, depending
on the angle of the drill hole.
We seek Safe Harbor.
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