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Temex discovers new gold zone at Juby gold project, extends trend 750m

23rd Jul 2012, 9:55 am by Carrie White
Temex Resources has discovered a new high grade gold zone at its Juby gold project in northeastern Ontario, “significantly” extending the known gold mineralized trend Temex Resources has discovered a new high grade gold zone at its Juby gold project in northeastern Ontario, “significantly” extending the known gold mineralized trend

Temex Resources Corp. (CVE:TME) Monday announced it has discovered a new high grade gold zone at its Juby gold project in northeastern Ontario, “significantly” extending the known gold mineralized trend.

The recent discovery is a result of an eight-hole, 3,255 metre drill program at the company’s recently acquired Golden Lake property, part of the Juby gold project located along the southwestern extension of Larder Lake 100 kilometres south of Timmins - Canada’s largest gold camp.

Temex said this is its first drill campaign on the property which is located adjacent to, and along strike of, the Juby deposit, which contains an NI 43-101 compliant gold resource of 934,645 ounces at a grade of 1.30 grams per tonne (g/t) in the indicated category plus 905,621 ounces at a grade of 1.0 g/t in the inferred category.

Highlights of the drill results include hole GL12-01B, which returned 0.57 g/t gold over 238.00 metres, including 0.74 g/t gold over 129.00 metres, 1.21 g/t gold over 31.00 metres, 1.45 g/t gold over 15.00 metres and 1.30 g/t gold over 12.00 metres.

Hole  GL12-02 returned 1.08 g/t gold over 25.61 metres, including 2.58 g/t gold over 3.00 metres; and hole GL12-03 intersected 0.76 g/t gold over 126.00 metres, including 1.21 g/t gold over 24.00 metres, 2.41 g/t gold over 5.00 metres, and 1.34 g/t gold over 16.00 metres. The new footwall zone returned 34.31 g/t gold over 1.50 metres.

Temex said the new footwall zone in drill hole GL12-03 represents a new target that will be drill tested in subsequent programs, with drilling aimed at bringing the current area into NI 43-101 resource categories.

In addition, hole GL12-04 yielded 1.01 g/t gold over 19.50 metres and 1.86 g/t gold over 17.29 metres, including 3.24 g/t gold over 8.29 metres, while hole GL12-06 returned 1.12 g/t gold over 42.45 metres, including 4.94 g/t gold over 0.83 metres and 4.89 g/t gold over 1.00 metre. 

Hole GL12-07 found 0.72 g/t gold over 131.29 metres, including 2.02 g/t gold over 13.00 metres and 12.91 g/t gold over 1.00 metre.

“We are very pleased with these results which have extended the Juby gold mineralization a substantial distance beyond the extent of the current NI 43-101 resource,” said president and CEO Ian Campbell.

“These results clearly demonstrate that we are discovering what is becoming a very large gold system starting from surface, is wide open along strike and at depth, has widened considerably and has an increased frequency of visible gold.

"Additionally, we are very excited that we have intersected high-grade gold mineralization proximal to the main trend in the adjacent volcanic rocks which are virtually untested in this area.”

Temex noted that all eight holes intersected gold mineralization that is typical of the Juby main zone, “over extensive widths”, and that the new holes have extended the known gold mineralized trend a further 750 metres.

The company added that the “excellent continuity of gold mineralization” from the Juby resource now extends over 3.5 kilometres.

Some of the eight holes represent the “longest continuously gold-mineralized sections encountered to date in the Juby main zone deposit area.”

Temex is a Canadian exploration company focused on its portfolio of precious metals properties in northeastern Ontario. Aside from the Juby project, the company is also involved in a joint venture at the Whitney property in Timmins, Ontario.

Whitney, which is owned 60 per cent by Temex and 40 per cent by Goldcorp (TSE:G), is an advanced gold project that includes four kilometres of the prolific Timmins gold trend that remains the  largest gold producing district of Canada.

The asset holds several near-surface gold targets including the Upper Hallnor, the Upper Broulan Reef, the C Zone, and Q Zone.

The company also has an NI 43-101 compliant resource for tailings material on its Gowganda silver project in Ontario. The tailings piles contain a NI 43-101 compliant resource of 1.94 million tonnes grading 47.5 g/t silver for a contained resource of 2.96 million ounces of silver in the indicated category.

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