Temex update on Juby North Property
Temexprovides exploration update on Joint Venture propertiesTSX VentureExchange:TME, Frankfurt Exchange:TQ1
TORONTO, March 30 /CNW/ -Temex Resources Corp. (TSX Venture: TME, Frankfurt:TQ1) ("Temex" or "theCompany") provides the following exploration update regarding work onits Joint Venture properties Juby North, Shinning Tree Region and theHornby Property, in the Ring of Fire. The Juby North Property is locatedin the Shining tree Mining District and is a Joint Venture betweenTemex and Goldeye Explorations Ltd. ("Goldeye") in which Temex holds a60% interest and is the operator. The Hornby Property is located in theRing of Fire approximately 3 kilometres northeast of Noront's Eagle Onenickel-copper-platinum group element ("Ni-Cu-PGE") deposit and iscontiguous to the south of the main Chromite deposits of KWG andFreewest in which Cliffs has obtained a working interest. The HornbyProperty is a Joint Venture with MacDonald Mines Exploration Ltd.("MacDonald") in which MacDonald is operator and holds a 55% interest.
JubyNorth Property
On March 23, 2010, Goldeye announced that the TSXVenture Exchange had accepted for filing Goldeye's proposal to issue500,000 common shares at a deemed price of
.09 per share to settle anoutstanding debt of $45,000. The securities are subject to a four-monthhold period expiring on July 24, 2010. The shares, along with a cashamount of $11,252, represented the outstanding balance owing by Goldeyeto Temex Resources Corp. with respect to its Juby North Joint Ventureproperty in Tyrrell Township, Ontario.
The partners have justapproved the 2010 surface program which will begin immediately,consisting of line cutting, soil sampling, geological mapping, andgeophysics. Diamond drilling will be planned following positive resultsof the surface program. The program will focus on the northern portionof the property which is unexplored and which is in the immediate areaexperiencing a high level of exploration activity by other operators.The program will also focus on the area just north of the Juby Main Zonedeposit where Temex and Goldeye have made several gold discoveries bydrilling including the most recently completed program highlighted byseveral drill holes with significant intersections including 1.26 g/tgold over 61.60 metres including 2.47 g/t gold over 22.30 metres and5.43 g/t gold over 3.65 metres which extended the western Juby Main Zoneat depth. Additional results requiring follow-up include 5.33 metresgrading 2.33 g/t gold, 1.50 metres grading 4.53 g/t gold, 3.41 g/t goldover 2.94 metres, 1.22 g/t gold over 10.06 metres and 15.0 g/t gold over2.15 metres, all of which remain wide open at depth and along strike,along with several untested geophysical targets.
The Juby NorthProperty surrounds Temex's 100% owned Juby Lease Property, whichcontains a significant NI 43-101 compliant gold resource (news releaseFeb 16, 2005) on the Juby Main Zone and on which the Company hascommissioned an updated NI 43-101 resource calculation. The Main Zonecontains an indicated resource of 479,000 ounces of gold grading 1.73g/t gold at a cut-off grade of 1.0 g/t gold, including a core of 315,000ounces of gold at 2.20 g/t gold at a cut-off grade of 1.5 g/t gold, andan inferred resource of 120,000 ounces of gold grading 2.03 g/t gold ata cut-off grade of 1.5 g/t gold. This resource is contained fromsurface to a vertical depth of 400 metres where it remains wide open.
HornbyProperty Ring of Fire
Earlier this month, a gravity survey wascompleted across the projected southwestern extension of thestratigraphic package which hosts the Big Daddy Chromite deposit on theKWG / Spider/ Freewest (Cliffs) property contiguous to the north. Thesurvey outlined two gravity anomalies coincident with high magneticbackground, and which appear to correlate with the favourablestratigraphy. MacDonald has interpreted the geophysical responses topotentially represent the southwest extension of the chromite depositsand a second parallel anomaly which may represent massive sulphides.MacDonald will shortly begin a 1600 metre diamond drill program whichwill test the geophysical anomalies.
Ian Campbell, P. Geo., isthe designated qualified person responsible for the preparation of thisnews release. Temex is a Canadian exploration company focused onadvancing its precious metal projects in northeastern Ontario.
Onbehalf of the Board of Directors,
"Ian Campbell"
IanCampbell
President and CEO
Neither the TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibility forthe adequacy or accuracy of this release.