NR Temex
in response to
by
posted on
Apr 01, 2008 05:53AM
Discuss the various junior resource companies within the McFaulds Lake Area
Temex and East West acquire nickel-copper-PGE property south of McFaulds Lake and Noront discovery
TSX Venture Exchange: TME, Frankfurt Exchange: TQ1
TORONTO, April 1 /CNW/ - Temex Resources Corp. (TSX Venture Exchange:TME,
Frankfurt:TQ1) ("Temex" or "the Company") announces that it has expanded its
land position in the area of the Noront Resources Eagle One and Eagle Two
nickel-copper-platinum group element (Ni-Cu-PGE) discoveries in the McFaulds
Lake area, Ontario. The latest land acquisition, referred to as the Fishhook
Property (the "Property"), includes one contiguous group of 968 claim units
covering 34,560 acres, pursuant to a joint staking agreement with East West
Resource Corporation ("East West") as equal partners, located 15 kilometres
east of the GP Property, a group of 333 claim units announced by Temex and
East West March 19, 2008.
<<
Highlights:
- Extensive contiguous land position covering 34,560 acres adjacent and
proximal to properties held by Northern Shield Resources Inc., Impala
Platinum Holdings Ltd., International Nickel Ventures Inc., Vale Inco
Limited, and others
- Property covers the interpreted basal portion of, and the possible
'feeder conduits' to, the large mafic to ultramafic, Highbank Lake
Intrusion
- Property covers untested airborne EM anomalies from previous
geophysical surveys
>>
The Fishhook Property, located approximately 45 kilometres to the south
of the Noront discoveries, was staked to cover the interpreted basal portions
of the Highbank Lake Intrusion. It is contiguous to the west of the area
actively being explored by International Nickel Ventures Inc. on their
Fishtrap Property, and by Northern Shield Resources Inc. ("Northern Shield")
and Impala Platinum Holdings Ltd. ("Implats") on their Highbank Lake Project.
Implats is the world's second largest producer of platinum, with production
from mines in the Bushveld Complex, South Africa, which hosts roughly 80% of
the world's known PGE reserves.
Recent work by Northern Shield has led to the conclusion that the
Highbank Lake intrusion represents a large layered mafic to ultramafic
intrusive complex with potential to host extensive layered PGE "reef"
mineralization similar to that found in the Bushveld Complex. The Highbank
Lake Intrusion covers some 500 square kilometres, ranking it as one of the
ten largest intrusive complexes of its kind in the world (source
www.northern-shield.com).
In addition to the potential for reef style PGE mineralization, Temex and
East West interpret that the area near the base and below the Highbank Lake
intrusion has potential to host significant Ni-Cu-PGE mineralization in the
conduits or feeders below the intrusive suite, a setting analogous to the
Noront discoveries and other large Ni-Cu-PGE deposits. The companies interpret
from available published airborne magnetic and geological data that the basal
portions of the intrusion and the location of the "feeder dykes" or "magma
conduits" are likely to exist on the Fishhook Property.
Furthermore, the companies have identified at least two potentially
significant untested airborne EM anomalies from a previous survey that covers
only a small portion of the Fishhook Property. The companies anticipate that
new detailed airborne geophysical surveying will commence in April using the
VTEM system of Geotech Ltd. with results expected in May; targets will then be
prioritized for a follow-up drill program.
Bruce Durham, P. Geo., is the designated qualified person responsible for
the preparation of this news release. Temex is a well-funded Canadian
exploration company advancing its precious metal, nickel, diamond and uranium
projects in Ontario.
Investors are invited to 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 investors.
Alternatively, investors are able to e-mail all questions and correspondence
to mailto:TME@agoracom.com where they can also request to be added to the
investor e-mail list to receive all future press releases and updates in real
time.
On behalf of the Board of Directors,
"Ian Campbell"
Ian Campbell
President and CEO
(x)The TSX Venture Exchange has not reviewed and does not accept