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
- Measured + Indicated: 708,600 ounces gold at 6.85 g/t gold
contained in 3.2 M tonnes
- Inferred: 170,700 ounces gold at 5.34 g/t gold contained in 1.0
M tonnes
5.0 g/t gold cut-off grade
- Measured + Indicated: 502,200 ounces gold at 10.12 g/t gold
contained in 1.5 M tonnes
- Inferred: 88,700 ounces gold at 8.50 g/t gold contained in 0.3
M tonnes
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
- Upper Hallnor Main Vein extension which yielded 19.77
g/t gold over 13.80 metres including 31.64 g/t gold over 8.30
metres, at the bedrock/overburden interface and within 17 metres
from that surface (news release July 11,
2013)
- 238 Zone discovery, a parallel shear vein structure 200
metres north of the main Hallnor structures, which intersected
7.33 g/t gold over 5.75 metres including 60.40 g/t gold
over 0.50 metres within 35 metres from surface (news release
February 12, 2013)
- Q Zone with intersections of 68.70 g/t gold over 0.50
metres, 17.71 g/t gold over 2.90 metres including
90.35 g/t gold over 0.50 metres, and 29.21 g/t gold over
1.40 metres at Hallnor (news release May
14, 2009) and 122.85 g/t over 0.50 metres (news
release February 9, 2012) 800 metres
along strike at Hugh Pam, with no drilling between.
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:
- 21.10 g/t gold over 6.55 metres drilled by Temex (news
release April 2, 2009) extending the
down plunge direction of the 19 Vein system (400,000 oz mined gold
at 14.4 g/t gold) which terminated at a former property
boundary
- 1377 g/t gold over 2.9 metres drilled by previous
operators which is wide open
- 221 g/t gold over 2.2 metres drilled by previous
operators extending the 12 Vein system down plunge which is wide
open.
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
- Measured ("M"): 218,100 ounces contained in
966,000 tonnes at a grade of 7.02 g/t gold
- Indicated ("I"): 490,500 ounces
contained in 2,253,000 tonnes at a grade of 6.77 g/t gold
- TOTAL
M+I:
708,600 ounces contained in 3,219,000 tonnes at a grade of 6.85
g/t gold
-
Inferred: 170,700
ounces contained in 995,000 tonnes at a grade of 5.34 g/t gold
- Grade sensitivity at 5.0 g/t gold cut-off results in
Measured and Indicated resource of 502,200 ounces at 10.12 g/t gold
in 1,544,000 tonnes and Inferred resource of 88,700 ounces at 8.50
g/t gold in 325,000 tonnes.
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:
- Information regarding the mineral resource estimate on the
Upper Whitney is in the Company's news release dated January 14, 2014 and the technical report filed
on SEDAR on February 27, 2014.
The Mineral Resource Statement was prepared for Temex by P&E
Mining Consultants Inc. of Brampton,
Ontario in accordance with NI 43-101 by Richard Sutcliffe, PhD, P.Geo., Eugene Puritch, P.Eng., David Burga, P.Geo., Yungang Wu, P.Geo.,
Tracy Armstrong, P.Geo., and
Antoine Yassa, P.Geo., "independent
qualified persons" as defined by NI 43-101.
- Information regarding the mineral resource estimate on the Juby
Gold Project is in the Company's news releases dated April 29, 2013 and January
15, 2014 and the technical report filed on SEDAR
February 26, 2014. The Mineral
Resource Statement was prepared for Temex by GeoVector Management
Inc., Ottawa, Ontario in
accordance with NI 43-101 by Joe Campbell,
BSc, P.Geo., Alan Sexton,
MSc, P.Geo., and Duncan Studd, MSc,
P.Geo., "independent qualified persons" as defined by NI
43-101.
- Information regarding the mineral resource estimate in the
tailings piles located on the Gowganda Silver Project is in the
Company's news release dated June 8,
2011 and the technical report filed on SEDAR July 21, 2011. The Mineral Resource
Statement was prepared for Temex by GeoVector Management Inc.,
Ottawa, Ontario in accordance with
NI 43-101 by Allan Armitage, PhD,
P.Geol., Alan Sexton, MSc, P.Geo.,
and Joe Campbell, BSc, P.Geo.,
"independent qualified persons" as defined by NI 43-101.
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.