TSX Venture Exchange:TME, Frankfurt Exchange:TQ1
TORONTO, Oct. 22 /CNW/ - Temex Resources Corp. (TSX Venture:TME, Frankfurt:TQ1) ("Temex") is pleased to provide an update on its exploration activities. The Company is active on several projects including the Ring of Fire, the Timmins and Latchford Gold Projects and the Huston Lake Uranium Project. Drilling continues on the Whitney Township Gold Project located in the Timmins gold camp and the Company is anticipating that drilling will resume in the Ring of Fire in the near future. Crews are active in the field on both the Latchford Gold Project and the Huston Lake Uranium Project in preparation for drill programs to be conducted in the coming months. Commented Ian Campbell, President and CEO, "Temex is funded to carry out our exploration programs and we continue to have significant contributions from partners on several of our properties."
Webequie Nickel-Copper-Platinum Group Element Project
The Company holds interests ranging from residual royalties to 100% interest in 637 claims covering 375,400 acres in the area of the Noront Resources Ltd. ("Noront") Eagle One nickel-copper-platinum-palladium ("Ni-Cu-PGE") deposit and the Spider Resources Inc./KWG Resources Inc. copper-zinc ("Cu-Zn") discoveries in the McFaulds Lake area of northern Ontario. The Webequie Project has potential for near term discoveries of various types of mineralization specifically magmatic nickel-copper-platinum group element deposits, volcanogenic massive sulphide ("VMS") copper-zinc deposits, mesothermal gold deposits, and diamondiferous kimberlites. In August, the Company initiated diamond drilling on five of its numerous properties in the McFaulds Lake area.
Southern Star Eagle and Northern Star Eagle Properties
- Mill City Gold Corp. (TSXV: MC.V) ("Mill City") earning 50% interest
from the Company and funding the program 100%; Temex is operator.
- One of claim groups immediately adjacent to the WSR Gold Inc. and
Metalex Ventures Ltd. VMS discovery
- High priority geophysical targets slated for drill testing in the
coming months.
- Three holes totalling 735 metres completed to date under the Option
and Joint Venture Agreement and numerous high priority targets remain
to be tested.
Fishhook Property
- Joint Venture between the Company and East West Resource Corporation
(TSXV: EWR.V) ("East West") and on which Noront (TSXV: NOT.V) is earning an
interest.
- Eleven holes drilled totalling 2,024 metres to test airborne
geophysical conductors.
- Conductors explained by the presence of sulphide mineralization,
primarily pyrite and pyrrhotite, in altered volcanics, granites and
gneisses.
- Program is being funded 100% by Noront with East West acting as field
manager of program.
GP2 Property
- Joint Venture between the Company and East West and on which Mill
City is earning a 50% interest. Program is funded 100% by Mill City
with Temex acting as operator.
- Eight-hole 1,280 metre drill program completed in September designed
to test some of the geophysical targets identified from the winter
2008 VTEM survey.
- All holes but one intersected sufficient sulphide mineralization
consisting primarily of pyrrhotite and pyrite explaining the
geophysical anomalies targeted with chalcopyrite (copper sulphide)
noted in some cases.
- Significant mineralized zones have been sampled; results expected by
shortly.
- Drilling suggests geological environments favourable for copper,
nickel and zinc mineralization.
Adelaide and Wellington Properties
- Joint Venture between the Company 25%, MacDonald Mines Exploration
Ltd. 25% (TSXV: BMK.V) ("MacDonald") and Canadian Orebodies Inc. 50%
(TSXV: CO.V) ("Orebodies").
- Primary target on the properties is magmatic nickel-copper sulphide
mineralization.
- Two holes totalling 468 metres drilled on Adelaide Property.
- One hole intersected 15-20% sulphide mineralization over 24 metres in
altered gabbro; significant zones sampled and assays pending.
- Drilling planned for Wellington on high priority target.
Timmins Gold Project
- $2.0 million advanced deep drilling program underway on the Hallnor
Mine block, one of the highest grade past producing mines in the
Timmins Mining Camp at 0.40 opt gold.
- First pilot hole and two wedge holes, totalling 2,402 metres
completed to date; results for the pilot hole will be released in the
near future and assays from the other two completed holes are
pending.
- Program is targeting the undeveloped extensions of Lower Hallnor 11
and 19 high grade vein systems which were previously mined up to a
formerly existing property boundary; these two veins produced
450,000 tons grading 0.30 opt gold and 650,000 tons grading 0.42 opt
gold respectively.
- Ongoing exploration of targets potentially mineable by open pit
mining methods with additional infill drilling planned to expand gold
mineralization intersected in previous drill programs.
- Previous intersections include: 33.46 g/t gold over 5.40 metres and
2.29 g/t gold over 7.10 metres, 3.58 g/t gold over 6.60 metres and
30.13 g/t gold over 0.90 metres.
- Temex has option to earn a 60% interest from Porcupine Gold Mines (a
joint venture between Goldcorp Inc. and Goldcorp Canada Ltd.) on the
Broulan Reef Mine portion and below 1000' on the contiguous Hallnor
Mine portion.
Huston Lake Uranium Project
- Extensive follow-up program underway to field check airborne
radiometric anomalies and prioritize targets for a preliminary
diamond drilling program, slated to be conducted in December.
- $750,000 program funded 100% by Nuinsco who are earning a 50%
interest; Temex operator for initial $500,000.
- 2,705 line-kilometre helicopter-borne magnetic and radiometric
geophysical survey completed in May 2008 identified several hotspots
within areas that previously appeared as large regional anomalous
areas.
- Anomalies occur in discrete zones ranging from 0.2 to 0.5 kilometres
long to broad areas of higher radioactivity over several kilometres
along the 45 kilometre strike length of the claims.
- Mineralogical work has confirmed presence of primary uranium mineral
uraninite and secondary uranium minerals uranophane and boltwoodite
from which random grab samples returned values ranging from 0.047% to
0.130% U(3)O(8).
Latchford Gold Project
- Project initiated with the discovery of a gold boulder containing
calcite vein which assayed in excess of 6,200 g/t gold.
- Prospecting program in progress on priority target areas of Rib Lake
and Brett Properties including several airborne EM anomalies detected
by May 2008 survey.
- Initial assay results of prospecting program expected shortly.
- Diamond drilling is being planned on the Brett Property, site of the
original discovery of the high grade gold boulder, and the adjacent
Rib Lake Property which has a historical drill intersection of
1.30 opt gold over 1.83 metres.
GOWGANDA SILVER PROJECT
- Historical production of 40.7 million ounces silver at a grade of
22 opt silver; located 3 kilometres northeast of the historic silver
mining town of Gowganda - see note 1 below.
- Tailings deposits contain a non-compliant NI 43-101 1.827 million
short tons grading 1.43 opt silver - see note 1 below.
- High grade drill intersections in unmined areas of the property have
returned several high grade intersections from up to eight vein sets
include 11,947 g/t silver over 3.5 ft to 4,560 g/t silver over
2.2 ft, and 8,314 g/t over 1.3 ft;
- 3D modelling of these and other high grade veins just completed;
exploration targets defined.
- Diamond drilling being planned as well as ongoing evaluation of
tailings deposits.
Ian Campbell, P.Geo. is the designated Qualified Person responsible for the preparation of this news release. Temex is a Canadian exploration company advancing its precious metal, nickel, diamond, and uranium projects in Ontario. For further information, contact Ian Campbell, President and CEO or Bruce Durham, Executive Chairman at 416-862-2246 or visit www.temexcorp.com. Interested parties may visit the Temex IR Hub at http://www.agoracom.com/ir/Temex where they can post questions and receive answers or review questions and answers already posted by other parties. Questions, correspondence and requests for names to be added to the e-mail list to receive all future press releases and updates in real time can be emailed to mailto:TME@agoracom.com.
On behalf of the Board of Directors,
"Ian Campbell"
Ian Campbell
President and CEO
*The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release*
Note 1. Estimates reported are historical and are not in compliance with
National Instrument 43-101 "Standards of Disclosure for Mineral
Deposits" ("NI 43-101"). In addition, Temex has not done the work
necessary to verify the classification of the resource, is not treating
the estimates as NI 43-101 defined resources verified by a Qualified
Person, and the historical estimates should not be relied upon. However,
Temex considers the historical estimates and drill core intersections to
be relevant based on the nature of the orebodies and the published 70-
year historic production figures of the Miller Lake O'Brien Mine and the
nature of other orebodies in the immediate area. Temex considers the
historical estimates related to the tailing deposits to be reliable and
relevant based on the methodology undertaken in the various work programs
and the confirmation sampling conducted by Temex. Temex has reported
assays in ounce per ton (opt) where they have been stated as such in the
literature and grams per tonne where they are reported from Temex
exploration programs.
ContactsIan Campbell President and CEO or Bruce Durham
Executive Chairman at (416) 862-2246 or visit www.temexcorp.com
350.77 (3.70%)