TEMEX : DRILLING INTERSECTS HIGH GRADE SILVERTEMEX : DRILLING INTERSECTS HIGH GRADE SILVER
GOWGANDA SILVER PROJECT
TORONTO, ONTARIO: Temex Resources Corp. (TSX Venture Exchange:TME, Frankfurt:TQ1) ("Temex" or “the Company”) is pleased to announce results from a Phase I drilling program completed on its wholly-owned Gowganda Silver Project (“the Property”). 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 per ton silver (DMBW, 1990). The project is located 3 kilometres northeast of the historic silver mining town of Gowganda, Ontario and has excellent access and infrastructure.
Drilling Highlights
ß 4,560 grams per tonne silver over 0.75 metres (133 ounces per ton) in hole TGS-06-03
ß 6,066 grams per tonne silver over 0.70 metres (177 ounces per ton) in hole TGS-06-04
ß 1,885 grams per tonne silver over 0.30 metres (55 ounces per ton) in hole TGS-06-02
ß Several multi-ounce intersections in program of 22 holes drilled for a total 2,500 metres
The Company completed a diamond drilling program in late December 2006, consisting of 2,500 metres in 22 drill holes. Twelve holes tested the Upper Bonsall area, 6 holes tested the Millerett 7-9 area, and 4 holes tested the Millerett #1 Shaft area. All of the holes were angle holes drilled from surface and ranged from 55 to 185 metres in length.
Drill holes in the Upper Bonsall area were designed to confirm and test the vertical and strike extensions of several high grade silver veins discovered by the previous operators during an extensive underground exploration program (1987-1995). These veins are located beneath the main tailings in a previously undeveloped area of the Property and are readily accessed by an existing adit. The drill program was successful in confirming the presence and continuity of the high grade silver veins, with eight of the holes intersecting silver-bearing veins with individual samples returning values ranging from 31 grams per tonne silver to several thousand grams per tonne silver over core lengths ranging from 0.10 to 0.50 metres. The two highest grade intersections were 4,560 grams per tonne silver over 0.75 metres, including 8,314 grams per tonne silver (242.54 ounces per ton) over 0.40 metres and 15,689 grams per tonne silver (457.66 ounces per ton) over 0.15 metres (hole TGS-06-03) and 6,066 grams per tonne silver over 0.70 metres, including 12,541 grams per tonne silver (365.82 ounces per ton) over 0.30 metres (hole TGS-06-04).
In the Millerett 7-9 area, located 200 metres south of the Upper Bonsall area, six drill holes tested for the presence of new silver veins in addition to testing the veins evaluated by the previous operator. Silver-bearing calcite veins were intersected in three of the holes, including TGS-06-19 which intersected 1.75 metres grading 162 grams per tonne silver, including 1.0 metres grading 274 grams per tonne silver from near the collar of the hole. A separate interval, 30 metres further down the hole, graded 80 grams per tonne silver over 0.50 metres. The upper intersection is interpreted to represent the western extension of the Millerett No. 8 vein from which the previous operator recorded drill intersections ranging from 73 grams per tonne silver (2.15 ounces per ton) over 0.3 metres to 5,306 grams per tonne silver (154.8 ounces per ton) over 0.61 metres and 9,989 grams per tonne silver (291.4 ounces per ton) over 0.30 metres. Drill hole TGS-06-19 was collared about 50-75 metres west and along strike of Millerett No. 8 vein. Drill hole TGS-06-22 intersected numerous silver-bearing zones and contained abundant calcite veinlets with highly anomalous silver unevenly distributed over an 80 metre core length. This broad intersection suggests the presence of a significant silver mineralized system located in an area that has seen very little drilling or previous exploration.
Four holes tested a section of stratigraphy in the Millerett #1 Shaft area where past production totalled approximately 500,000 ounces of silver (1910-1912). No significant silver values were obtained in this area.
Commented Ian Campbell, President and CEO of Temex, “We are very pleased with the results of the initial drill program in that it has identified and confirmed two areas which clearly demonstrate the potential of the Property to host high grade silver veins and vein sets that are similar to those which were successfully exploited at the Miller Lake O’Brien Silver Mine. These results have given us the confidence to incorporate and utilize the information and data from previous drilling and mining into a 3D geological model which will guide our future exploration.”