We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
TSXV:TME | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
TORONTO, April 8, 2014 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") announces that it has commenced a 3,000 metre diamond drill campaign on the Whitney Gold Project (the "Project" or the "Property") located in Timmins, Ontario. The Project is operated by Temex under a joint venture with Goldcorp Canada Ltd. ("Goldcorp").
This drill campaign is a key component of the 2014 Work Program (the "Work Program" or "Program"), unanimously approved by the management committee of the joint venture in late January. The Work Program was developed as a result of the updated NI 43-101 resource (news release January 14, 2014) on the Upper Whitney which includes the past producing Upper Hallnor and Broulan Reef Mines. The resource study demonstrated that the high grade gold resources are potentially amenable to underground and selective open pit mining methods. The resource on a 100% basis is summarized as follows:
3.0 g/t gold cut-off grade
5.0 g/t gold cut-off grade
The 2014 Work Program, with a $3.5 M budget, will set the stage for an advanced exploration bulk sample program, planned to begin in 2015 and which management currently believes will be comprised of a small open pit and underground plan. The results of the current Program will be incorporated into a preliminary economic assessment ("PEA") for the Upper Whitney portion of the Project. Additionally, the Work Program will evaluate available data for an initial resource estimate on the lower portion of the Whitney Project (the "Lower Whitney") which includes the Lower Hallnor and Lower Broulan Reef Mines.
Ian Campbell, President and CEO of Temex Resources Corp., commented, "The Whitney Gold Project contains an excellent combination of being in a premier location, having near surface high grade gold resources and anticipated low capital costs. These attributes have given us the confidence to move the project to the permitting stage. Funding is in place and we are focused on carrying out the necessary work to complete a PEA later this year, followed by an advanced exploration program beginning in the first half of 2015. We are also excited by the potential to significantly expand the current resource base on numerous newly discovered targets that have never been exploited."
About the 2014 Work Program
The main components of the 2014 work program are summarized below.
Diamond Drilling
A total of 7,000 metres of drilling is budgeted for resource definition
and geotechnical investigation into a proposed future surface and
underground exploration development and bulk sample program planned to
be accessed by a starter test pit. An initial 3,000 metre campaign is
allocated to upgrade the proposed starter pit resource to the Measured
resource category. A second campaign of 4,000 metres is allocated to
test underground targets identified as suitable for exploration drift
and raise development. All drilling is focused on the first level
between surface and 70 metres vertical. The drilling will be used to
advance engineering work on the advanced exploration mine development
program to be conducted subsequent to the drill program.
Environmental Investigations and Permitting
Geotechnical drilling of groundwater monitoring wells and soil
investigations has commenced in support of permitting requirements for
advanced exploration. Hydrological studies to evaluate the surface
water regime are also in progress. Regular meetings are planned with
regulatory authorities and Aboriginal communities. An amendment of the
existing filed Closure Plan is anticipated as well as new permits for
taking water, discharge, air and noise. The ongoing environmental
studies and permitting requirements are also designed to support a PEA.
Preliminary Economic Assessment (PEA)
Engineering studies are in progress to evaluate the economics of the
current NI 43-101 resource on Upper Whitney. Included in the PEA tasks
are detailed metallurgical tests of higher grade resource material,
geotechnical drilling and investigation into rock mechanics and quality
and engineering design. This work will provide necessary data to
evaluate anticipated mining methods and custom milling options.
Preliminary metallurgical testwork conducted in 2013 on lower grade
material concluded that cyanide leaching on whole ore at various grinds
produced excellent gold leach recoveries ranging between 93% and 98%.
Potential for Significant Expansion of Current Resource Base
The project contains excellent upside for expansion of the current
resource base identified to a depth from surface to only 500 metres
vertical in a camp that has traditionally gone more than 1,500 metres
in depth. The identified mineralized zones are open in all directions
along the 4 kilometre mine trend. Numerous areas contain high grade
drill intersections that are wide open, as are high grade past mine
operations which terminated at former property boundaries. These areas
include but are not limited to the following:
Upper Whitney Mine Trend
Lower Whitney Mine Trend
Compilation of historical data from Lower Whitney below a 500 metre
vertical depth is underway. This work builds on the success
demonstrated by the compilation work which initially identified the
mineralized zones now comprising the Upper Whitney resource.
Compilation is focused on the Lower Hallnor Mine which contains
multiple mined zones averaging greater than 10 g/t gold but which
terminated due to former property boundaries at the time of mining
operations. Some of the highlights of the lower Hallnor include:
About the Upper Whitney Resource
The mineral resource statement (news releases January 14 and February
27, 2014) was prepared in accordance with NI 43-101 standards by P&E
Mining Consultants Inc., ("P&E") of Brampton, Ontario, with a database
incorporating 340 surface diamond drill holes (79,992 metres) drilled
by Temex between 2005 and 2013, 10,841 historic drill holes (499,674
metres) drilled by previous operators and 32 surface diamond drill
holes (1,470 metres) drilled in 2013 by the joint venture partner for
geotechnical purposes. Measured, Indicated and Inferred mineral
resources have been delineated within 40 domains on the Upper Whitney
covering an area of 3,000 metres long by 250 metres wide by 650 metres
deep. The resource, summarized below and shown on 100% basis, is robust
at higher cut-off grades as detailed in the grade sensitivity table.
Mineral Resource Upper Whitney at 3.0 g/t Gold Cut-Off Grade
Upper Whitney Resource Sensitivity to Gold Cut-Off Grade
Capped | MEASURED | INDICATED | MEASURED + INDICATED | INFERRED | ||||||||
Cut-off Au g/t |
Tonnes |
Au g/t |
Au oz |
Tonnes |
Au g/t |
Au oz |
Tonnes |
Au g/t |
Au oz |
Tonnes |
Au g/t |
Au oz |
8.0 g/t | 222,000 | 14.88 | 106,100 | 482,000 | 14.71 | 228,100 | 704,000 | 14.77 | 334,200 | 124,000 | 12.21 | 48,600 |
5.0 g/t | 481,000 | 10.22 | 158,100 | 1,063,000 | 10.07 | 344,100 | 1,544,000 | 10.12 | 502,200 | 325,000 | 8.50 | 88,700 |
3.0 g/t | 966,000 | 7.02 | 218,100 | 2,253,000 | 6.77 | 490,500 | 3,219,000 | 6.85 | 708,600 | 995,000 | 5.34 | 170,700 |
1.0 g/t | 2,394,000 | 3.90 | 300,500 | 6,177,000 | 3.61 | 716,400 | 8,571,000 | 3.69 | 1,016,900 | 3,157,000 | 2.90 | 294,500 |
The contents of this news release have been reviewed and approved by Qualified Persons R. Kim Tyler, P.Geo., Project Manager for Temex Resources Corp.; Ian Campbell, P.Geo., President and CEO of Temex Resources Corp.; and Karen Rees, P.Geo., Vice President, Exploration of Temex Resources Corp.
About Temex Resources Corp.
Temex is a Canadian based exploration company focusing on its portfolio
of precious metals properties in the world class mining district of
northeastern Ontario. Temex (60% interest) is advancing the Timmins
Whitney Gold Project, in partnership with Goldcorp Canada Ltd. (40%
joint venture interest; no back-in rights), and exploring the Juby Gold
Project (100% Temex).
The Whitney Property has a NI 43-101 compliant resources on the Upper Whitney of 0.97 million tonnes at a grade of 7.02 g/t gold for 218,100 ounces of gold in the Measured category plus 2.3 million tonnes at a grade of 6.77 g/t gold for 490,500 ounces of gold in the Indicated category and 1.0 million tonnes at a grade of 5.34 g/t gold for 170,700 ounces of gold in the Inferred category at a cut-off grade of 3.0 g/t gold (Note 1).
The Juby Gold Project has NI 43-101 compliant resources of 26.6 million tonnes at a grade of 1.28 g/t gold for 1,090,400 ounces of gold in the Indicated category and 96.2 million tonnes at a grade of 0.94 g/t gold for 2,908,800 ounces of gold in the Inferred category, both at a cut-off grade of 0.40 g/t gold (Note 2).
Temex also has a NI 43-101 compliant resource for tailings material on its Gowganda Silver Project. 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 (Note 3).
Notes:
Forward-Looking Information:
This news release contains forward-looking information which is not
comprised of historical facts. Forward-looking information involves
risks, uncertainties and other factors that could cause actual events,
results, performance, prospects and opportunities to differ materially
from those expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is not
limited to, mineral resource estimates, timing of an advanced
exploration program, preparation of a preliminary economic assessment
and the development of its projects as well as the timing related
thereto. Factors that could cause actual results to differ materially
from such forward-looking information include, but are not limited to,
general business and economic uncertainties, future mineral prices,
uncertainties in mineral resource estimates and adverse market
conditions, as well as those risks set out in the Company's public
documents filed on SEDAR. Although the Company believes that the
assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance should
not be placed on such information, which only applies as of the date of
this news release, and no assurance can be given that such events will
occur in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events or
otherwise, other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Temex Resources Corp.
Copyright 2014 Canada NewsWire
1 Year Temex Resources Corp. Chart |
1 Month Temex Resources Corp. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions