RE: Timmins drillingHere you go:
Wed Feb 20, 2008
Temex Accelerates Plans for Timmins Gold Project $2 Million Diamond Drill Budget Set for 2008
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NEWS RELEASE NR03-2008
TSX Venture Exchange:TME, Frankfurt Exchange:TQ1
TORONTO, ONTARIO: Temex Resources Corp. (TSX Venture Exchange:TME, Frankfurt:TQ1) ("Temex" or "the Company") announces its plans for 2008 on the Whitney Township Property in the Timmins Ontario Gold Camp, one of the largest gold camps in the world with total historical production to date in excess of 65 million ounces of gold. The Whitney Property contains five past producing mines including the Broulan Reef and Hallnor Mines, the latter of which represents the highest grade past producer in the camp yielding 1.69 million ounces of gold at 0.40 ounces per ton gold.
Highlights:
• $2 million exploration budget allocated on the Whitney Township Property that encompasses several former gold producing mines including the Hallnor Mine which
yielded the highest average ore grades in the Timmins camp
• 3D modelling program well underway on the Lower Hallnor Mine to outline drill targets on mineralized vein systems which had been identified but not developed
• 2500 metres of diamond drilling set to begin in late February on shallow high priority targets in the former Broulan Reef Mine area
• Deep drilling program to commence this summer on the well known Boundary Area between the Broulan Reef and Lower Hallnor Mines to explore for extensions of the high grade Lower Hallnor "hook veins" and additional stacked vein sets
• Historical Broulan Reef Mine resources to be re-evaluated and drill tested for possible underground extraction from the existing head frame or by open pit bulk mining methods
• New Vipond Formation target to be drill tested in 2008
Commented Ian Campbell, President and CEO, "The Timmins Gold Project is a cornerstone asset of Temex and we are accelerating our exploration efforts. Our recently completed compilation including preliminary 3D modelling of the historic mine workings clearly illustrates significant potential to not only discover new zones of gold mineralization throughout the Property, but to further delineate gold resources in and around the former Broulan Reef mine and in particular high grade gold resources at depth on the Hallnor Mine Property. Previous operators have noted through drilling success the excellent potential on the Hallnor Property and we have allocated an initial $2.0 million budget to begin realizing this potential."
Surface Program
Surface work by the Company during 2007 has outlined additional areas for diamond drill testing. These targets were enhanced late last year by on-going lithogeochemical studies aided by consultant Dr. Howard Poulsen. The studies indicate that the mineralized volcanic-hosted veins within the Hallnor-Bonwhit-Broulan Reef Mine trend occur in a high iron tholeiite sequence of rocks within the lower Central Formation of the Tisdale Group, which comes in contact with the Timiskaming unconformity in the Broulan Reef and Hallnor Mine areas. These favourable iron tholeiites are the same stratigraphic units which hosted portions of the prolific 33 million ounce Hollinger-McIntyre-Coniaurum vein systems 12 km to the southwest. These iron tholeiites, which have been identified within the northwestern portion of the Whitney Property, have seen very little prior exploration. Additionally, the lithogeochemical study confirmed that the southwestern portion of the Whitney Property is underlain by high iron tholeiites of the Vipond Formation in close proximity to the Timiskaming Unconformity and Broulan Reef-Hallnor structural trend. The Vipond Formation is the major host formation to the 15 million ounce Dome Mine vein system, located adjacent to the southwest extremity of the same Timiskaming Unconformity within the Porcupine Gold camp. The intersection of these favourable Vipond Formation host rocks with the Broulan Reef -- Hallnor structure has not been drill tested previously and is a target for the 2008 exploration program.
A program of 2500 metres of diamond drilling is set to begin. The program will test a variety of targets including the Chicken Feed horizon on which a historic drill hole intersected 2.74 metres grading 9.69 g/t gold, the C Zone area, the west end of the Broulan Reef workings near surface and to the west of hole TW07-53 (10.29 g/t gold over 1.35 m) which may represent the western extension of the Broulan Reef vein system. This program will also follow up on the several basal till gold anomalies identified in previous overburden drilling campaigns in which till concentrate samples returned values of 11.27 g/t gold and 5.79 g/t gold; both of these areas are considered to have high potential to represent a proximal bedrock source. Other targets generated by the recently completed magnetic and induced polarization surveys in the Broulan Reef area will also be drill tested. This initial 2008 phase of drilling will target near-surface gold mineralization that could potentially be accessed by open pit mining methods or by utilizing the existing Broulan Reef head frame and underground workings.
As a result of the significant recent gold price increases, a program has also been initiated to evaluate the open pit potential of some of the lower grade, near-surface mineralization within the Broulan Reef area. The upper levels of the Broulan Reef Mine will also be investigated for remnant mineralization in light of more near-surface mineralization intersected in the 2007 drill program to the west of the mine workings.
Deep Drilling Program
A substantial deep drilling program is planned to test high grade gold targets within the Hallnor Mine area. Previous operators discovered multiple high grade gold zones where the Company believes there is substantial potential to build new gold resources. The deep drilling program will be initiated this summer after the modeling is complete. These holes will be designed to explore for additional high grade stacked volcanic-hosted vein systems within the Broulan Reef-Hallnor boundary area. Multiple previous drill intersections including 40.84 ounces per ton gold over 9.5 feet, and 0.65 ounces per ton gold over 15 feet, are believed to be in unmined hook veins. Hook veins hosted the majority of the past production from the Lower Hallnor Mine and these drill intersections clearly indicate the significant potential for additional high grade veins at depth. In order to facilitate planning of this deep drilling, maps of the Lower Hallnor Mine stopes are being digitized so that they can be converted into 3D solids; modelling of the gold-bearing horizons is expected to be competed by spring. The modelling is necessary to delineate the extensions of partially mined veins, any known veins that were not mined, and to further define the corridor hosting the volcanic-hosted vein systems within the boundary area between the Lower Hallnor Mine workings and the Bonwhit vein system to the west. This boundary area is the area west of the deep Lower Hallnor Mine property boundary line at which mining and exploration was terminated and which remained unexplored due to the lack of access from the adjacent Broulan Reef workings. The two main Lower Hallnor veins mined up to this boundary were the 11 and 19 veins which produced 450,000 tons at 0.30 ounces per ton gold and 650,000 tons at 0.42 ounces per ton gold respectively. Temex is committed to defining significant additional high grade vein structures on this Property and advancing the project to an underground exploration and development stage.
Temex has the option to earn a 60% interest in the Whitney Township Property from Porcupine Gold Mines (a joint venture between Goldcorp Inc. and Goldcorp Canada Ltd). The Property is strategically located along strike, immediately west of the Pamour Mine (total historic production from underground and open pit mining of 52.2 million tons at 0.09 ounces per ton gold for a total of 4.7 million ounces of gold) where Porcupine Gold Mines is currently conducting an open pit gold mining operation. The Whitney Township Property includes the former producing Broulan Reef and Hallnor mines, the latter of which produced 4.23 million tons at a grade of 0.40 ounces gold per ton (1.69 million ounces of gold) and was the highest grade past producer in the Timmins camp. Temex has the right to explore the entire Broulan Reef portion and the former Lower Hallnor Mine below the 1000 foot elevation level.
Henry Hutteri, P.Geo., is the designated Qualified Person responsible for the preparation of this news release. For further information please contact Ian Campbell or Bruce Durham at 416-862-2246 or visit the Company's website at www.temexcorp.com where a copy of the Company's latest presentaton has been posted. Temex is a well-funded Canadian exploration company focused on advancing its precious metal, diamond, nickel and uranium projects in Manitoba and Ontario.
On behalf of the Board of Directors,
"Ian Campbell"
Ian Campbell
President and CEO