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News
26.06.2009
Temex Acquires Key Claims Adjacent to West Timmins Mining's Property, Timmins Ontario
Temex Acquires Key Claims Adjacent to West Timmins Mining's Property, Timmins Ontario
TORONTO, ONTARIO: Temex Resources Corp. (TSX Venture:TME, Frankfurt:TQ1) ("Temex" or "the Company") reports it has entered into an option agreement (the "Agreement") with three individuals (the "Optionors") granting the Company the right to earn a 100% interest in 60 mining claim units covering 2400 acres adjacent to property held by West Timmins Mining Inc. ("West Timmins Mining" or "WTM"). One of the Optionors of the newly acquired Croxall Property (the "Property") is the vendor of key claims where West Timmins Mining and Lake Shore Gold Corp. ("Lake Shore" or "LSG") yesterday announced "the broadest high grade gold intercept ever reported from the West Timmins district -- an impressive 83.4 metres (273.55 feet) grading 12.75 g/t (0.37 ounce per ton) gold" (WTM news release June 24, 2009). This Optionor (1/3 interest) held an interest in these two properties as far back as the 1980's, always believing in the potential for the properties to host significant gold mineralization. The Property is known to host more than one 'syenite' type gold bearing porphyry body and also hosts gold mineralization in other geological environments similar to those being explored on the WTM Property.
Ian Campbell, President and CEO of Temex commented: "We have been working for some time on expanding our interests in the Timmins Camp and in particular the acquisition announced today; the drill results released yesterday by West Timmins and Lake Shore underscore our reasons for doing so. Temex personnel have a long history of exploring in the area west of Timmins dating back to the mid 1990's when Bruce Durham, our Executive Chairman served as the VP Exploration for the predecessor company of West Timmins. This experience will allow us to move very quickly and we believe the entire area west of Timmins is going to be a hot spot for gold exploration going forward and the Croxall Property will be one of those hot spots."
The Croxall Property has been explored by other operators over the past two decades and this work resulted in the generation of good quality data and a reasonable understanding of the basic geology has been developed. This database will allow the company to fast track exploration of certain portions of the Property this summer and allow immediate drill testing of prime targets such as the syenite porphyry and other 'red altered' porphyry areas already identified. In the course of exploration work in the mid 1990's, a porphyry in the southern part of the Property is reported to have assayed 2.62 g/t over 0.91 metres in one drill hole while another drill hole in a separate syenite porphyry assayed 2.32 g/t over 1.38 metres. This latter porphyry is estimated to be on the order of 750 metres by 250 metres in surface expression. The geological setting and the level of gold values obtained from previous work are similar to those reported historically at the Rusk zone on the WTM property. Deeper drilling results reported by WTM and LSG underscore the importance of full evaluation of areas of strong alteration associated with syenite type intrusions in existing gold camps.
The data set also includes geophysical data that has identified numerous gold exploration targets that are largely untested. One area of the Property covers the extension of some of the gold mineralized zones drill tested by WTM/LSG including one referred to as the 'North Zone' with a recently reported intersection of 13.64 g/t gold over a core length of 8.2 metres. The Property also covers an interval of roughly 3 kilometres of the Porcupine-Destor Fault, a key marker for gold mineralization in the Timmins Gold Camp. In another area of the Property a drill hole intersected a zone of highly altered sediments containing pyrite and arsenopyrite that assayed 1.59 g/t gold over 1.5 metres in addition to numerous anomalous gold values that warrant follow-up. No drilling appears to have tested this zone of mineralization anywhere nearby.
Temex has initiated a full review and compilation of the historic data on the Property and expects to be in a position to start diamond drilling in July. Other work contemplated for the summer will include geophysical surveying over specific existing gold exploration targets including syenite porphyry bodies similar to those that host the Thunder Creek discovery.
In order to earn a 100% interest in the Croxall Property the Company must make cash payments totalling $120,000, issue 200,000 common shares of Temex and complete work programs totalling $500,000 over a four year term. Initial payments are comprised of 90,000 common shares and $30,000. The Optionors shall retain a 2.5% net smelter return royalty of which Temex may purchase 1.3% for $1.3 million. The Agreement is subject to advance on royalty payments of $9,000 per year after the earn-in for a period not to exceed 10 years. The buyout and the advance royalty payments are to be indexed to the Consumer Price Index. The Agreement is subject to the approval of the TSX Venture exchange.
Bruce Durham, P. Geo., is the designated qualified person responsible for the preparation of this news release. Temex is a Canadian exploration company advancing its precious metal projects in Ontario. For further information, contact Ian Campbell, President and CEO or Bruce Durham, Executive Chairman at 416-862-2246 or visit www.temexcorp.com.
On behalf of the Board of Directors,
"Ian Campbell"
Ian Campbell
President and CEO
*The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release*
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TORONTO, ONTARIO: Temex Resources Corp. (TSX Venture:TME, Frankfurt:TQ1) ("Temex" or "the Company") reports it has entered into an option agreement (the "Agreement") with three individuals (the "Optionors") granting the Company the right to earn a 100% interest in 60 mining claim units covering 2400 acres adjacent to property held by West Timmins Mining Inc. ("West Timmins Mining" or "WTM"). One of the Optionors of the newly acquired Croxall Property (the "Property") is the vendor of key claims where West Timmins Mining and Lake Shore Gold Corp. ("Lake Shore" or "LSG") yesterday announced "the broadest high grade gold intercept ever reported from the West Timmins district -- an impressive 83.4 metres (273.55 feet) grading 12.75 g/t (0.37 ounce per ton) gold" (WTM news release June 24, 2009). This Optionor (1/3 interest) held an interest in these two properties as far back as the 1980's, always believing in the potential for the properties to host significant gold mineralization. The Property is known to host more than one 'syenite' type gold bearing porphyry body and also hosts gold mineralization in other geological environments similar to those being explored on the WTM Property.
Ian Campbell, President and CEO of Temex commented: "We have been working for some time on expanding our interests in the Timmins Camp and in particular the acquisition announced today; the drill results released yesterday by West Timmins and Lake Shore underscore our reasons for doing so. Temex personnel have a long history of exploring in the area west of Timmins dating back to the mid 1990's when Bruce Durham, our Executive Chairman served as the VP Exploration for the predecessor company of West Timmins. This experience will allow us to move very quickly and we believe the entire area west of Timmins is going to be a hot spot for gold exploration going forward and the Croxall Property will be one of those hot spots."
The Croxall Property has been explored by other operators over the past two decades and this work resulted in the generation of good quality data and a reasonable understanding of the basic geology has been developed. This database will allow the company to fast track exploration of certain portions of the Property this summer and allow immediate drill testing of prime targets such as the syenite porphyry and other 'red altered' porphyry areas already identified. In the course of exploration work in the mid 1990's, a porphyry in the southern part of the Property is reported to have assayed 2.62 g/t over 0.91 metres in one drill hole while another drill hole in a separate syenite porphyry assayed 2.32 g/t over 1.38 metres. This latter porphyry is estimated to be on the order of 750 metres by 250 metres in surface expression. The geological setting and the level of gold values obtained from previous work are similar to those reported historically at the Rusk zone on the WTM property. Deeper drilling results reported by WTM and LSG underscore the importance of full evaluation of areas of strong alteration associated with syenite type intrusions in existing gold camps.
The data set also includes geophysical data that has identified numerous gold exploration targets that are largely untested. One area of the Property covers the extension of some of the gold mineralized zones drill tested by WTM/LSG including one referred to as the 'North Zone' with a recently reported intersection of 13.64 g/t gold over a core length of 8.2 metres. The Property also covers an interval of roughly 3 kilometres of the Porcupine-Destor Fault, a key marker for gold mineralization in the Timmins Gold Camp. In another area of the Property a drill hole intersected a zone of highly altered sediments containing pyrite and arsenopyrite that assayed 1.59 g/t gold over 1.5 metres in addition to numerous anomalous gold values that warrant follow-up. No drilling appears to have tested this zone of mineralization anywhere nearby.
Temex has initiated a full review and compilation of the historic data on the Property and expects to be in a position to start diamond drilling in July. Other work contemplated for the summer will include geophysical surveying over specific existing gold exploration targets including syenite porphyry bodies similar to those that host the Thunder Creek discovery.
In order to earn a 100% interest in the Croxall Property the Company must make cash payments totalling $120,000, issue 200,000 common shares of Temex and complete work programs totalling $500,000 over a four year term. Initial payments are comprised of 90,000 common shares and $30,000. The Optionors shall retain a 2.5% net smelter return royalty of which Temex may purchase 1.3% for $1.3 million. The Agreement is subject to advance on royalty payments of $9,000 per year after the earn-in for a period not to exceed 10 years. The buyout and the advance royalty payments are to be indexed to the Consumer Price Index. The Agreement is subject to the approval of the TSX Venture exchange.
Bruce Durham, P. Geo., is the designated qualified person responsible for the preparation of this news release. Temex is a Canadian exploration company advancing its precious metal projects in Ontario. For further information, contact Ian Campbell, President and CEO or Bruce Durham, Executive Chairman at 416-862-2246 or visit www.temexcorp.com.
On behalf of the Board of Directors,
"Ian Campbell"
Ian Campbell
President and CEO
*The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release*
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA87971U1057
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.