NEWS Release...WhitneyTemex and Goldcorp to drill Whitney Township Property Timmins Gold Camp
TORONTO, Jul 7, 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 that a 10,000 metre diamond drill program is about to commence on the Whitney Township Property ("Whitney" or the "Property"). Temex holds a 60% interest in the Property in joint venture with Porcupine Gold Mines (40%) ("PGM", a joint venture between Goldcorp Inc. and Goldcorp Canada Ltd., "Goldcorp").
The Whitney Property has historical production of over 2.3 million ounces of high grade gold from the Hallnor, Bonetal and Broulan Reef mines. The Property is situated along 4.2 kilometres of prime exploration ground along and north of the Porcupine-Destor Fault where the vast majority of the (greater than)70 million ounces of gold production from Canada's largest gold camp, Timmins, has come from.
"With the recent completion of the joint venture agreement, we expect to leverage Goldcorp's expertise to aggressively advance this project," said Ian Campbell, President and CEO of Temex. "The focus of this program will be to delineate the high grade Q Zone discovered by our 2009 drill program and to test for additional mineralized zones along strike, the 1-55 North and South veins in the Upper Hallnor, and targets revealed by our 3D modeling in the Hallnor-Bonetal areas."
The Company believes that the Q Zone is the down plunge extension of the main mineralized structures in the Upper Hallnor Mine which historically produced 1.2 million ounces of gold grading an average of 0.40 ounces of gold per ton. In 2009, Temex drilled two holes into the Q Zone target with the first drill hole TW09-078 intersecting 25 occurrences of visible gold and multiple, high grade individual gold intersections that include:
<< - 17.71 g/t gold over 2.90 metres - 90.35 g/t gold over 0.50 metres - 52.67 g/t gold over 0.70 metres >>
The Q Zone mineralization in the Upper Hallnor area remains wide open in all directions. In addition, the favourable Q Zone host stratigraphy has significant potential for additional discoveries along strike. These areas include the Mulholland target 1.5 kilometres to the west on the Broulan Reef Mine portion which will be tested during this phase of drilling. In this area, significant veining and gold mineralization was previously identified within the adjacent Hugh Pam conglomerate horizon in which Temex intersected gold values in drill holes including 17.17 g/t over 12.0 metres.
The program will also test for extensions to the 1-55 North and South veins, which are open to the west towards the Bonetal Mine area, and to expand and delineate other targets identified by 3D modeling of historic drill intersections with significant gold mineralization that include:
<< - 15.26 g/t gold over 3.99 metres - 12.37 g/t gold over 4.88 metres - 42.10 g/t gold over 2.44 metres >>
The Whitney Property is bounded by Goldcorp to the east, Lake Shore Gold to the north, and a joint venture between San Gold, Lexam and VG Gold to the west. Ian Campbell, P. Geo., President and CEO of the Company, is the designated "qualified person" (within the meaning of National Instrument 43-101) responsible for the preparation of this news release.
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