TEMEX LAUNCHES SILVER EXPLORATION PROGRAM - NEW DRILL
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Apr 28, 2011 06:15PM
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TARGETS DEFINED
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TORONTO, April 28 /CNW/ - Temex Resources Corp. (TSX-V: TME, FWB: TQ1)
("Temex" or "the Company") announces that exploration is set to begin
on its 100% owned Gowganda Silver Property (the "Property") located
three kilometres northeast of Gowganda, Ontario. The Property contains
the Miller Lake O'Brien Silver Mine, the largest past producing
Cobalt-style silver mine outside of Cobalt, Ontario. It was operated
by Miller Lake O'Brien Mines (1910-1944) and later by Siscoe Metals
(1945-1972), with combined historical production of 40.7 million ounces
of silver at an average grade of 22 ounces of silver per ton (Derry,
Michener, Booth & Wahl, 1990).
An initial 2000 metre drill program has been designed to confirm and
test for the extensions of several high grade silver veins reported by
the previous operator Sandy K Mines ("SKM") which were discovered from
an underground exploration program conducted by SKM (1988-1995) in an
area of the Property that had not previously been developed. Several
of the veins intersected in that program are typical of those mined
during its more than 62 year mining history. In addition, several holes
have been planned to test other near-surface targets from a soil
sampling program conducted by Temex during the 2010 field program that
are deemed to have high potential to host vein systems parallel to
previously developed veins. All of the holes in the upcoming program
will be drilled from surface and will range from 50 to 200 metres in
length.
Historical studies by several industry experts including Kilborn
Engineering and Watts, Griffis and McOuat on the silver content of the
tailings established a resource (see Note 1) of 1.827 million short
tons at a grade of 1.43 ounces per ton silver (1.66 million tonnes at a
grade of 49 grams per tonne silver), estimated on the basis of 545
auger holes and 152 sonic drill holes between 1980 and 1987. Temex
considers the estimates reliable and relevant based on the verification
of the results from historical sampling as well as the repeatability of
several test samples (news release February 21, 2007) taken by the
Company since acquisition.
The Gowganda Silver Property is located 20 kilometres east of the 100%
owned Juby Lease Property where the Company is currently working to
expand the National Instrument 43-101 ("NI 43-101") compliant resource
of 614,000 ounces of gold at a grade of 1.36 g/t gold in the indicated
category plus 602,000 ounces of gold at a grade of 1.14 g/t gold in
inferred resources, both at a cut-off grade of 0.50 g/t gold (news
release June 15, 2010).
Ian Campbell, P. Geo., President and CEO of the Company, is the
designated "qualified person" (within the meaning of National
Instrument 43-101) responsible for the preparation of this news
release.
Note 1: The silver resource referred to is historical in nature and is not in
compliance with NI 43-101 "Standards of Disclosure for Mineral
Deposits". The Company has not done the work necessary to verify the
classification of the resource and is not treating the silver resource
as NI 43-101 defined resources verified by a Qualified Person. The
historical silver resource should not be relied upon.
About Temex Resources Corp.
Temex is a Canadian based exploration company focusing on its portfolio
of precious metals properties in northeastern Ontario, a world class
mining district.
Forward Looking Statements:
This news release includes certain "forward-looking statements". Such
forward-looking statements involve risks and uncertainties. The
results or events predicted in these forward-looking statements may
differ materially from actual results or events. The Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise.
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.
For further information:
please visit http://www.temexcorp.com/">www.temexcorp.com or email: info@temexcorp.com or phone: 416-862-2246 toll free: 866-373-6287