Temex Resources Corp. (TSX-V: TME, FWB: TQ1) announces that it has intersected significant gold mineralization 570 metres and 705 metres vertically below the surface in the first two holes of its diamond drill program on its Juby Gold Project located in the Shining Tree area of northeastern Ontario.
Both holes display remarkable continuity in the gold mineralization at depth and are well outside the current resource of the Juby "Main Zone" deposit. Based on these positive results, a second drill rig has been added to the project and the previously announced drill program of 5,000 metres has been doubled in size.
Highlights
- Juby Deposit now intersected 705 metres vertically and open in all directions.
- Drill hole JU10-105 intersected 108 metres grading 1.26 g/t gold, including 1.97 g/t gold over 26.0 metres outside of current resource (June 2010).
- Prior to this drill program, the Juby Main Zone gold deposit contained NI 43-101 compliant Indicated resources of 614,000 ounces of gold grading 1.36 g/t gold at a cut-off grade of 0.50 g/t gold and Inferred resources of 602,000 ounces of gold grading 1.14 g/t gold.
- Second drill rig will test newly identified exploration targets in close proximity to Juby Main Zone gold deposit.
The first two holes intersected wide intervals of gold mineralization consistent with deposit gold grades below the established resources highlighted by 1.26 g/t gold over 107.75 metres, including 1.97 g/t gold over 26.0 metres in JU10-105 and 0.61 g/t gold over 129.74 metres, including 1.41 g/t gold over 36.01 metres in hole JU10-104A.
Expanded Drill Program
The key parameters of the expanded drill program will be:
- Deeper drilling to expand the overall size of the deposit by adding both inferred and indicated resources;
- Infill drilling of inferred resources to increase both the indicated gold resources in the deposit and to confirm continuity of the gold mineralization of this large gold system;
- Test shallow areas of the deposit over a 2.5 kilometre strike length not currently part of the overall resources;
- Drill test several newly developed high priority gold targets in proximity to the deposit.
The deepest intersection on the Juby Main Zone prior to this release was hole JU03-22, at a vertical depth of 470 metres below surface. Holes JU10-104A and JU10-105 intersected the Juby Main Zone mineralization 100 metres and 235 metres, respectively, below JU03-22. The Juby Main Zone mineralization is hosted by a 100 metre wide by 2.5 kilometre long shear zone within Timiskaming sediments with 5-10% feldspar porphyry dykes. The mineralization consists of well-developed sericite-silica-albite with 1-10% disseminated pyrite and 5-15% quartz veins.
"The Juby Gold Project is an integral part of our corporate strategy to expand our current gold resource base and to aggressively explore for new discoveries. We are excited about the results reported today and also with the success of our recently completed surface exploration program which has identified several new high priority drill targets in close proximity to the Main Zone deposit and these will be tested as part of the expanded program," commented Ian Campbell, President and CEO of Temex Resources Corp."
The Juby Gold Project is located south of Timmins in the Shining Tree area of northeastern Ontario and consists of: the 100% owned Juby Lease which contains the Juby Main Zone NI 43-101 compliant gold resources; the Juby Joint Venture Property held at 60% Temex and 40% Goldeye Explorations Ltd. ("Goldeye"), which surrounds the Juby Lease and extends north to the Minto Property being explored by Creso Exploration Inc. ("Creso"); the Tyranite Property, on which Creso has the option to earn a 75% interest, and the 100% owned Mosher Lake Property.
Jari Paakki, P. Geo., Vice-President, Exploration of the Company, is the designated "qualified person" (within the meaning of National Instrument 43-101) responsible for the preparation of this news release.
Source: Temex Resources Corp.