TEMEX significantly increases EstimateTemex significantly increases the gold resource estimate - Juby Main Zone, Shining Tree Area, Ontario
6/15/2010 7:00 AM - Canada NewsWire
TORONTO, Jun 15, 2010 (Canada NewsWire via COMTEX News Network) --
TSX-V:TME; FWB:TQ1
Temex Resources Corp. (TSX-V: TME, FWB: TQ1) ("Temex" or "the Company") announces the completion of an updated National Instrument 43-101 ("NI 43-101") resource estimate on the Juby Main Zone, located on the 100%-owned Juby Lease Property, Shining Tree area. The updated mineral estimate significantly increases Temex's gold resources for the project. The Juby Lease Property consists of one mining lease containing the Juby Main Zone. The Main Zone occurs over a strike length of 2.4 kilometres, and hosts a current metal inventory of 614,000 ounces gold in the Indicated category and 602,000 ounces of gold in the Inferred resource category.
Highlights:
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- Metal Inventory in the Indicated category is 614,000 ounces gold
grading 1.36 g/t at 0.50 g/t cut-off;
- Metal Inventory in the Inferred category is 602,000 ounces gold
grading 1.14 g/t at 0.50 g/t cut-off;
- 220% increase in Inferred resources from 186,000 ounces to 414,000
ounces gold grading 1.91 g/t gold at 1.0 g/t cut-off grade;
- Deposit remains wide open at depth and along strike.
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"This substantial increase in inferred resources demonstrates the significant potential of the deposit", said Ian Campbell, President and CEO. "With four gold zones identified to date and a number of high priority gold targets outside of the resource estimate, our immediate intention is to upgrade the inferred resources with the goal being to bring the indicated resources to over 1 million ounces of gold while concurrently adding additional inferred resources. Juby is one of our core assets and is easily accessible by road central to a world class mining area".
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Table 1 Indicated Resources
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Cut-off Total Ounces
Grade (g/t) Tonnage (Mt) Gold (g/t) of Gold
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Total Indicated 0.5 14.1 1.36 614,000
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Total Indicated 1.0 8.6 1.74 484,000
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Total Indicated 1.5 4.4 2.24 318,000
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Zone
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Core Zone 0.5 12.4 1.43 569,000
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Upper Porphyry 0.5 1.7 0.83 45,000
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Core Zone 1.0 8.3 1.75 471,000
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Upper Porphyry 1.0 0.3 1.42 13,000
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Core Zone 1.5 4.3 2.24 312,000
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Upper Porphyry 1.5 0.1 1.96 6,000
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Table 2 Inferred Resources (includes Core, Porphyry, Halo and Main
Extension zones)
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Global* 0.5 18.3 1.14 602,000
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Global* 1.0 6.8 1.91 414,000
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Global* 1.5 3.6 2.54 292,000
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* Term "Global" is as previously reported by Temex Feb 16, 2005. The
term "Global" as reported here only includes tonnage and grade of
inferred resources inside all modelled mineralized zones
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The increase in the resource is due to: utilization of a 0.50 g/t gold cut-off grade; incorporation of drill data from an additional 12 holes drilled by Temex since 2005 in the Western Extension of the Main Zone; and use of a higher gold price of US$1100 per ounce. Comparatively the previously filed NI 43-101 Technical Report in 2005 only reported 1.0 g/t and 1.5 g/t gold cut-off grades and reflected the gold prices of 2005 of approximately $425 US/oz.
Resource Estimate Parameters
The resource estimate is based on 70 NQ surface drill holes totalling 15,126 metres drilled by Temex in five drill campaigns conducted between 2002 and 2008, as well as 22 BQ surface drill holes totalling 8,033 metres drilled by Inmet Mining Corporation in 1999 and 2000. These 92 drill holes are spaced 15 to 225 metres apart, with an average spacing of 50 metres and along a strike length of 2450 metres. The width of the Core and Halo zones averages 25 metres with a maximum width of 80 metres in the central portion of the mineralized zones. The drill holes primarily tested to a vertical depth of 300 metres, with the maximum depth tested being 550 metres in the eastern end of the deposit.
A block model with block dimensions of 10 x 10 x 10 metres was placed over resource model solids with the proportion of each block below the topographic surface and inside the solid recorded. Two different search ellipses were used to constrain an IDW(3) (Inverse Distance Weighting) approach and were based on the ranges determined by variography. One metre composite samples were used in the resource estimation. Gemcom software was used to complete the resource estimate. An average specific gravity (SG) of 2.77 was used based on extensive SG testing of representative core which determined a range of 2.73 to 2.81 for various mineralized rock types. High grade composite assays are capped to 30 g/t gold.
The updated mineral resource estimate was prepared by GeoVector Management Inc. ("GeoVector") and is reported in accordance with Canadian Administrator's 43-101 and was estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best practices" guidelines, including the critical requirement that all mineral resources "have reasonable prospects for economic extraction".
Joe Campbell, P.Geo., and Allan Armitage, Ph. D., P.Geol., of GeoVector Management Inc., are responsible for the technical comments related to the resource estimate and its parameters and are "independent qualified persons" for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and have verified the data disclosed in this release.
Ian Campbell, P. Geo., is the designated qualified person responsible for the preparation of this news release.
To view a map of the Juby Project area and the resource area on the Juby Lease Property, please visit:
https://files.newswire.ca/322/NI-43-101-Juby.pdf I am not an expert, but I did stay at a Holiday Inn Epress, last night!!!!!!!!!!