Temex Numerous High Priority Dril Targets.
posted on
Apr 15, 2008 06:28AM
Discuss the various junior resource companies within the McFaulds Lake Area
Temex and Mill City identify numerous high priority drill targets
TSX Venture Exchange:TME, Frankfurt Exchange:TQ1
TORONTO, April 15 /CNW/ - Temex Resources Corp. (TSX Venture
Exchange:TME, Frankfurt:TQ1) ("Temex") and partner Mill City Gold Corp.
("Mill City"), (collectively "the Companies"), announce that airborne
geophysical surveys have been completed over nine separate claim blocks
comprising the Northern Star Eagle and the Southern Star Eagle Claims (the
"Claims") in the general area of the Noront Resources Ltd. high grade
nickel-copper-platinum group element ("Ni-Cu-PGE") discoveries located near
McFaulds Lake in northern Ontario. Preliminary data has been received and
initial evaluation suggests the presence of a number of high priority
exploration targets similar to the one that highlights the location of the
original Noront Eagle One discovery.
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Survey Highlights:
- 2,200 line-km of state of the art helicopter-borne magnetic ("Mag")
and electromagnetic ("EM") surveying was completed.
- Mag and EM data was collected along 100-metre spaced flight lines,
thereby virtually eliminating the need for significant follow-up
ground geophysical programs; there is no known history of exploration
on any of the Claims.
- Many conductive zones have been outlined, a majority of which have
associated, direct correlation with magnetic highs that may be caused
by the presence of ultramafic rocks with or without accompanying
sulphide mineralization.
- Diamond drilling is expected to commence after the spring thaw and
once suitable drilling equipment is available.
>>
Mill City has the option to earn a 50% interest in the Claims by spending
$2.5 million on exploration over a 3 year period, and is funding 100% of the
program; Temex is the operator (news release Dec 12, 2007). The Companies view
the geophysical data as the most significant portion of the exploration
process to define targets prior to diamond drill testing for the presence of
sulphide mineralization because Ni-Cu-PGE mineralization, like that discovered
by Noront, produces geophysical signatures that can be detected by airborne
geophysical surveys, and because there is very little rock exposure in the
area. The Companies expect to be in a position to fully evaluate the data sets
over the next month and are in the process of arranging logistics so that a
diamond drill program can be commenced in the early part of the summer. The
drill program will be fully helicopter-supported so it is necessary that a
significant effort be made to streamline the logistics prior to the start of
drilling operations. These arrangements are currently in the planning stages
and will be implemented over the coming weeks.
Bruce Durham, Executive Chairman of Temex commented, "We are really
excited to have outlined so many targets in this completely unexplored area
that reaches as far as 100 km to the northwest and 60 km to the southwest of
the Noront discovery. It is certainly possible that we will discover
significant mineralization at more than one of these targets in the near
future."
Follow-up Program
The Companies expect to be in a position to evaluate a number of the best
targets over the summer months using a combination of limited ground
geophysical surveying and cursory field investigations followed shortly
thereafter by initial diamond drill testing. A number of targets occurring on
about half of the blocks are currently being planned as drill targets in the
first round of drilling slated to begin this summer. The Companies plan to
post some of the pertinent geophysical data on their respective websites once
the final data has been received and fully evaluated.
Geophysical anomalies that result from the presence of magmatic massive
sulphide mineralization (Ni-Cu-PGE bearing sulphides) are typically short
length (generally one hundred to several hundred metres long) EM anomalies
that have coincident or even significantly larger associated magnetic highs
that reflect the presence of a combination of magnetite in the ultramafic
rocks (resulting from the process of serpentinization or alteration of the
ultramafic host rock) and the sulphides that cause the conductive response.
While these characteristics are significantly less obvious as sulphide
concentrations decline in a mineralized zone, the best targets, as described
above, are the primary targets and would be expected to be the higher grade
portions of any mineralized zone.
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 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
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responsibility for the adequacy or accuracy of this news release(x)