Published on: 2/15/2013 2:29:49 PM Print | Font Sizes:  Normal Text Large Text

Temex intersects gold

By: Northern Ontario Business staff

Temex Resources Corp. reports it has intersected gold near surface at its Whitney Project in Timmins. Its assay results are from the surface diamond drilling campaign on the northwest part of the Upper Hallnor portion of its Whitney Property.

“We are very pleased that our exploration efforts continue to deliver excellent near-surface gold values that will add to the size of the Whitney resource,” said Ian Campbell, president and CEO. “We are particularly interested in the new area of high grade visible gold mineralization discovered within 50 metres of surface in an area where mineralization was previously unknown to occur in an area currently designated as waste within our current optimized pit shell on Upper Hallnor.”

Five holes were drilled in the north hanging wall volcanic rocks and intersected gold mineralization typical of the former producing Hallnor Mine and five holes tested the former producing Bonetal Mine.

This area lies within the current optimized pit shell and is currently designated as waste, giving the opportunity to convert waste into potential gold resources.

The drill campaign began in November, 2012 with 10 holes totaling 2,029 metres completed prior to the end of the year.  The 2013 program will continue to define near-surface, high-grade targets suitable for early start-up production opportunities and in some areas will upgrade inferred resources to the indicated category. 

The overall objective will be to meet higher grade, lower tonnage, low capital, and low operating cost criteria with the potential to generate quick cash flow as a first phase to life of mine plan production. 

The property is held under a joint venture under which Temex owns 60 per cent and is operator, and Goldcorp Canada Ltd. owns 40 per cent as manager.

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