Temex completes major land consolidation, Juby gold project, Ontario
Monday, Nov 26, 2012TORONTO, Nov. 23, 2012 /CNW/ - Temex Resources Corp. (TSXV: TME), (FWB: TQ1) ("Temex" or "the Company") announces that, further to its press release dated November 15, 2012, it has acquired from Goldeye Explorations Limited ("Goldeye") significant landholdings in Tyrrell Township, northeastern Ontario (the "Acquisition"). The location of the properties subject to the Acquisition is outlined on a map attached to the November 15, 2012 press release and is also available on the Company's website at www.temexcorp.com.
As a result of the Acquisition, Temex has increased its 100% ownership in the area by over ten-fold from 1,343 acres to 14,423 acres. The acquired landholdings are contiguous and complementary to the existing Temex assets in Tyrrell Township and include a large block of claims in which Goldeye owned a 100% interest, as well as Goldeye's 40% interest in the claims comprising the Juby Joint Venture Property in which Temex held the remaining 60% interest.
The combined assets form the dominant landholdings in this emerging gold district located 45 kilometres southwest of AuRico's Young Davidson Project and 70 kilometres east of IAMGOLD's Cote Lake Project. Importantly, they consolidate the land in the immediate vicinity of Temex's Juby Main Zone gold resources and at the same time extend Temex's 100% ownership of the important Tyrrell Structural Zone ("TSZ"), host to all of the major gold occurrences in the region, a further 5 kilometres along trend, doubling Temex's control to approximately 10 kilometres. The TSZ is a major structural feature similar in many geological respects to the Cadillac-Larder Lake and Destor-Porcupine major faults zones host to the world class Kirkland Lake and Timmins gold camps in the region.
Major gold zones acquired from Goldeye along the TSZ include the Big Dome from which Goldeye has reported drill intersections including 217.50 g/t gold over 2.10 metres, 13.10 g/t gold over 3.00 metres and 80.70 g/t gold over 2.10 metres and the Hydro Creek zone which includes drill intersections of 5.89 g/t gold over 12.50 metres, 3.58 g/t gold over 20.20 metres and 4.28 g/t gold over 14.00 metres.
The Big Dome and Hydro Creek gold zones are located 4 and 5 kilometres directly on strike along the TSZ west of the Juby Main Zone NI 43-101 gold resources which are 935,000 ounces of gold grading 1.30 g/t in the Indicated category and 906,000 ounces of gold grading 1.00 g/t in the Inferred category (news release January 16, 2012) utilizing a 0.40 g/t cut-off grade.
The Acquisition also delivers significant "blue sky" exploration potential for the discovery of both high grade and bulk tonnage gold resources in numerous areas including an untested 3 kilometre stretch along the "TSZ" between Golden Lake and the Big Dome gold systems, as well as the large area south of the TSZ where numerous drill targets have been identified.
As consideration for Temex's acquisition of the acquired interests, Temex has paid Goldeye $500,000 and issued to Goldeye 5 million common shares of Temex (each, a "Common Share"). The Common Shares issued by Temex are subject to a hold period expiring on March 23, 2013. In addition, Goldeye has agreed to vote its Common Shares of Temex in support of management and its recommendations and to certain restrictions on the disposition or transfer of such shares, in either case for a period of two years from the closing date. Goldeye has also granted to Temex the right to acquire any landholdings currently held by Goldeye in Tyrrell Township which Goldeye hereafter may propose to sell or otherwise dispose of. Certain of the claims are subject to underlying NSR Royalties ranging from 2 to 2.5%, all of which include buy-down provisions ranging from 1.0 to 1.5% NSR Royalty.
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. Temex is exploring the Timmins Whitney Property, in partnership with Goldcorp, and the Juby Gold Project.
The Whitney Property has NI 43-101 compliant resources on the Upper Hallnor of 3.0 million tonnes at a grade of 2.44 g/t gold for 234,300 ounces of gold in the Measured category, 8.8 million tonnes at a grade of 1.97 g/t gold for 555,900 ounces of gold in the Indicated category, and 4.1 million tonnes at a grade of 1.82 g/t gold for 241,000 ounces of gold in the Inferred category, all at a cut-off grade of 0.30 g/t gold (Note 1).
The Juby Main Zone has NI 43-101 compliant resources of 22.3 million tonnes at a grade of 1.30 g/t gold for 934,645 ounces of gold in the Indicated category and 28.2 million tonnes at a grade of 1.00 g/t gold for 905,621 ounces of gold in the Inferred category, both at a cut-off grade of 0.40 g/t gold (Note 2).
The Gowganda Silver Project has a NI 43-101 compliant resource in tailings piles of 1.94 million tonnes grading 47.5 g/t silver for a contained resource of 2.96 million ounces of silver in the Indicated category (Note 3).
SOURCE Temex Resources Corp.