Excellent news Temex Resources boosts Juby Main Zone resource estimate by 50%
9:49 am by Joyanta Acharjee
Corp. () Monday unveiled a 50 percent increase in a NI 43-101 compliant resource estimate for the Juby Main Zone, located in the Shining Tree area of Eastern Ontario.
The Ontario-focused explorer said the indicated resource now stands at 934,645 ounces gold grading 1.30 grams per tonne (g/t), at a 0.40 g/t cut-off, with an inferred resource of 905,621 ounces gold grading 1.00 g/t.
With a known strike length of 2.8 kilometres, the deposit remains open for expansion at depth and along strike, said.
The updated mineral estimate, which now includes diamond drill results from the 2010 and 2011 exploration campaigns, is 50 percent larger than the company's previous resource estimate published in June 2010.
The Juby gold project itself is located west of Gowganda, Ontario, halfway between Timmins and Sudbury, in Tyrrell and Knight Townships. The company said excellent road access is provided to the project, which consists of three gold properties totalling 7,463 acres in 169 claim units.
Temex president and CEO, Ian Campbell, said: "This important increase in resources demonstrates the significant potential to increase the size of the deposit.
"Significant upside exists to add to our resource base on the gold zones identified to date plus several nearby high priority gold exploration targets.
"It is our intention to continue expanding the deposit by diamond drilling and immediately embark on preliminary metallurgical work and environmental baseline studies, the results of which will be incorporated into a preliminary economic assessment.
"The Juby Project is one of our core assets -- it is easily accessible by road and is situated in the center of a world class mining area."
In June 2010, the company reported an NI 43-101-compliant indicated resource of 614,000 ounces gold grading 1.36 g/t at a 0.50 g/t cut-off, and an inferred resource of 602,000 ounces gold grading 1.14 g/t at a 0.50 g/t cut-off.
Temex is a Canada-based exploration company focused on its portfolio of precious metals properties in northeastern Ontario.
Friday, Temex shares closed up 22 percent to
.22. Over the past 12 months, the stock is up 10 percent.