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TORONTO, Oct. 23, 2012 /CNW/ - Temex Resources Corp. (TSXV: TME), (FWB: TQ1) ("Temex" or "the Company") announces that it has made the regulatory filing of the report entitled "Technical Report and Resource Estimate on the Upper Hallnor Deposit, Whitney Gold Property, Timmins Area, Ontario, Canada". The report, dated October 18, 2012 was authored by P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario in accordance with National Instrument 43-101 ("NI 43-101"), and describes the initial resource estimate on the Upper Hallnor Mine portion of the Whitney Gold Property (the "Property") located in Timmins, Ontario. The Hallnor Mine, the highest grade gold mine of those that have produced more than 1 million ounces of gold in the Timmins camp, yielded 1.7 million ounces of gold at an average grade of 0.40 ounces per ton gold.
The Property is held under a joint venture under which Temex owns 60% and is operator and Goldcorp Canada Ltd. owns 40% ("Goldcorp") (as manager, and on behalf, of the Porcupine Gold Mines Joint Venture (a joint venture between Goldcorp Inc. and Goldcorp)); Temex is the operator of the joint venture. The results are summarized below shown on 100% basis; the resource estimate parameters are detailed at the end of this release.
Mineral Resource Upper Hallnor In-pit at 0.30 g/t Au cut-off grade
Technical Report Recommendations
Given the success of defining a bulk tonnage, potentially open-pit
mineable resource at the past-producing Hallnor mine, P&E has
recommended that an extensive diamond drilling program be conducted
along the entire Hallnor-Bonetal-Broulan Reef mine trend a further 1.5
kilometres to the west-southwest where preliminary drilling by Temex
has already intersected substantial gold mineralization demonstrating
the excellent potential to expand the current in-pit resources with
drill intersection highlights from Temex drilling that include:
Additional recommendations include:
Next Steps
Temex is well financed with $10M in the treasury and will commence
diamond drilling based on the P&E recommendations. The resource
drilling program is planning a minimum of 25,000 metres of drilling at
the Broulan Reef and C Zone and an additional 10,000 metres allocated
for the resource expansion at the Upper Hallnor/Bonetal mines. Specific
areas which will be the focus of the drilling include:
Temex will also immediately begin additional resource modelling, metallurgical work, engineering and preliminary environmental and geotechnical studies as per the above detailed recommendations.
The contents of this news release have been reviewed and approved by Qualified Persons Ian Campbell, P.Geo., President and CEO of Temex Resources Corp. and Karen Rees, P.Geo., Vice President, Exploration of Temex Resources Corp.
About the Resource (news release September 5, 2012)
The initial mineral resource (see Table 1) statement was prepared in
accordance with NI 43-101 standards by P&E Mining Consultants Inc.,
("P&E") of Brampton, Ontario, with a database incorporating 247 surface
diamond drill holes (70,094 metres) drilled by Temex between 2005 and
2012, and 9,870 historic drill holes (477,694 metres) drilled by
previous operators. Of these holes, 85 Temex holes totalling 24,044
metres and 2,991 historic holes totalling 101,331 metres were actually
utilized in the resource calculation. Measured, Indicated and Inferred
mineral resources have been delineated within 17 domains on the Upper
Hallnor portion of the Whitney Property in an area adjacent and
proximal to the past-producing Hallnor Mine, covering an area of 1,100
metres long by 125 metres wide by 550 metres deep. The in-pit
mineralization is defined to a depth of 480 metres from surface.
The mineral resource estimate was prepared with the objective of defining gold resources which would be amenable to open-pit mining methods, similar to open pits that have been mined subsequent to previous underground operations on strike directly to the east. P&E also performed a sensitivity analysis on the resource model using different cut-off grades. This analysis revealed a substantial higher grade mineral inventory that may be amenable to stand-alone underground mining operations which are more selective than open pit mining methods. The results of this sensitivity analysis are presented in Table 2.
Table 1: Upper Hallnor Resource Estimate (1)(2)(3)(4)(5)(6)(7)(8)(9)
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 |
Pit 0.30 g/t |
2,964,000 | 2.44 | 232,100 | 8,664,000 | 1.95 | 544,000 | 11,628,000 | 2.07 | 776,100 | 4,024,000 | 1.79 | 231,900 |
UG below pit 2.0 g/t |
18,000 | 3.81 | 2,200 | 94,000 | 3.91 | 11,900 | 112,000 | 3.89 | 14,100 | 91,000 | 3.09 | 9,100 |
TOTAL |
2,982,000 | 2.44 | 234,300 | 8,758,000 | 1.97 | 555,900 | 11,740,000 | 2.09 | 790,200 | 4,115,000 | 1.82 | 241,000 |
Resource Estimate Notes and Parameters
Table 2: Upper Hallnor Underground Only Sensitivity to Resource
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 |
5.0 g/t |
324,000 | 9.99 | 104,000 | 556,000 | 9.65 | 172,500 | 880,000 | 9.78 | 276,500 | 247,000 | 8.10 | 64,400 |
4.0 g/t |
396,000 | 8.94 | 113,800 | 690,000 | 8.59 | 190,800 | 1,086,000 | 8.72 | 304,600 | 325,000 | 7.18 | 75,000 |
3.0 g/t |
610,000 | 7.02 | 137,500 | 1,141,000 | 6.57 | 240,800 | 1,751,000 | 6.72 | 378,300 | 614,000 | 5.41 | 106,800 |
2.0 g/t |
990,000 | 5.26 | 167,600 | 2,114,000 | 4.66 | 316,900 | 3,104,000 | 4.85 | 484,500 | 1,388,000 | 3.75 | 167,500 |
About Whitney
The Whitney Property is situated along a four kilometre section of the
Porcupine-Destor Fault in a 10 million ounce mine trend within Canada's
largest gold camp (over 70 million ounces of gold produced). The
Whitney Property hosts five past-producing mines: Hallnor, Bonetal,
Broulan Reef, Bonwhit and Hugh Pam, which together produced an
aggregate of 2.43 million ounces of gold. The Hallnor Mine, the
highest grade gold mine of those that have produced more than 1 million
ounces of gold in the Timmins camp, yielded 1.7 million ounces of gold
at an average grade of 0.40 ounces per ton gold. The Property is
operated by Temex under a joint venture whereby Temex owns 60% and
Goldcorp Canada Ltd. owns 40% ("Goldcorp") (as manager, and on behalf,
of the Porcupine Gold Mines Joint Venture (a joint venture between
Goldcorp Inc. and Goldcorp)).
About Temex Resources Corp.
Temex is a Canadian based exploration company focusing on its portfolio
of precious metals properties in Northeastern Ontario, a world class
mining district. Temex is exploring the Timmins Whitney Property, in
partnership with Goldcorp, and the Juby Gold Project.
The Whitney Property has NI 43-101 compliant resources on the Upper Hallnor of 3.0 million tonnes at a grade of 2.44 g/t gold for 234,300 ounces of gold in the Measured category, 8.8 million tonnes at a grade of 1.97 g/t gold for 555,900 ounces of gold in the Indicated category, and 4.1 million tonnes at a grade of 1.82 g/t gold for 241,000 ounces of gold in the Inferred category, all at a cut-off grade of 0.30 g/t gold (Note 1).
The Juby Main Zone has NI 43-101 compliant resources 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 1.00 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 (Note 2).
The Gowganda Silver Project has a NI 43-101 compliant resource in tailings piles 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 Statements:
This news release includes certain "forward-looking statements". Such
forward-looking statements involve risks and uncertainties. The
results or events predicted in these forward-looking statements may
differ materially from actual results or events. The Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise.
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 2012 Canada NewsWire
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