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TORONTO, Nov. 7 - Temex Resources Corp. (TSX Venture Exchange:TME, Frankfurt:TQ1) ("Temex" or "the Company") reports results from a recently completed 7-hole 1205 metre drill campaign carried out on the Juby North Gold Property located 20 kilometres west of Gowganda, Ontario. The drill program followed up on the previous program which discovered several new gold zones, and represents the initial phase of a $250,000 approved exploration program that includes geophysics and two phases of drilling. The Property comprises 5,360 acres and is subject to the terms of a 60:40 Joint Venture agreement between Temex and Goldeye Explorations Limited ("Goldeye").
Highlights- New gold zone discovered yielding 15.0 g/t gold over 2.15 metres- New gold zones wide open along strike and defined by a 650-metrelong untested geophysical anomaly- 6.76 metres grading 3.31 g/t gold including 2.52 metres grading7.46 g/t gold within the main Tyrrell Structural Zone- Phase 2 drill program being planned
Drill hole JU 07-89 was drilled 50 metres to the west of previous drill hole JU 04-64 which targeted an induced polarization ("IP") geophysical anomaly and discovered a new gold zone. In previous drill hole JU 04-64, higher grade intercepts of 3.24 g/t gold over 2.24 metres (including 5.85 g/t gold over 1.11 metres) and 5.18 g/t over 1.71 metres were intersected within a broader auriferous zone that averaged 0.89 g/t gold over 29.85 metres. Hole JU 07-89 intersected multiple gold zones including a new gold zone which assayed 15.0 g/t gold over 2.15 metres. Further downhole, two zones of gold mineralization, representing the extension of gold zones in hole JU 04-64, were intersected. The first intersection assayed 3.41 g/t gold over 2.94 metres while the second broad zone of gold mineralization assayed 1.22 g/t gold over 10.06 metres. In addition, a fourth gold zone yielded 5.33 metres grading 2.33 g/t gold, including 1.50 metres grading 4.53 g/t gold. The gold mineralization occurs within intensely altered siltstones and feldspar porphyries within a sequence of mafic volcanic rocks and is associated with up to 10% disseminated pyrite and minor chalcopyrite. This zone is open in all directions and is associated with a 650-metre long induced polarization ("IP") chargeability anomaly with a coincident gold in soil geochemical anomaly.
Commented Ian Campbell, President and CEO, "We are very pleased with the results of this drill program, particularly the gold intersections in hole 89 which illustrates the potential for new gold discoveries. The results continue to expand the area of widespread gold mineralization in an area of the property that has received very little drilling to date, where our technical team recognized excellent potential for new discoveries. We are looking forward to the next drill program."
Among the other drill holes completed during this campaign, two holes tested the depth and strike extension of the gold mineralization intersected in previous hole JU 04-57 which intersected 4.77 g/t gold over 4.91 metres within a broader gold bearing zone which yielded 1.19 g/t gold over a core length of 29.53 metres. Hole JU 07-92 intersected 5.55 g/t gold over 4.62 metres, including 3.23 g/t gold over 9.37 metres, 30 metres vertically below the intersection in hole JU 04-57. This intersection occurred within a broader gold halo grading 1.67 g/t gold over 32.67 metres. Hole JU 07-93, drilled 50 metres to the west of JU 07-92, intersected two gold zones with the upper zone yielding 1.16 g/t gold over 21.20 metres. The lower zone yielded 3.31 g/t gold over 6.76 metres, including 7.46 g/t gold over 2.52 metres. This gold zone is on the Tyrrell Structural Zone ("TSZ") which hosts the Juby Main Zone and is 400 metres to the west of where Inmet Mining Corp. previously intersected 234 g/t gold over a core length of 1.5 metres. Further to the west along the TSZ, Goldeye has reported a number of gold intersections including 9.4 metres grading 7.24 g/t gold and 2.05 metres grading 217.52 g/t gold.
The current drill campaign was focused approximately 2 kilometres to the northwest of the Juby Main Zone, which contains a significant NI 43-101 gold resource on Temex's 100% owned Juby Lease Property (Temex NR February 16, 2005; www.sedar.com). The gold resource at the Juby Lease Property includes a total drill indicated resource of 479,000 ounces of gold grading 1.73 g/t gold at a cut-off grade of 1.0 g/t gold, including a core of 315,000 ounces of gold at 2.20 g/t gold, and a total inferred resource of 120,000 ounces of gold grading 2.03 g/t gold at a cut-off grade of 1.5 g/t gold. This resource is contained from surface to a vertical depth of 400 metres and is unexplored at depth.
Highlights of the drill results are included in the table following this news release. A map illustrating the drill highlights will be posted on the Company website at www.temexcorp.com. Ian Campbell, P.Geo., is the designated Qualified Person responsible for the preparation of this news release.
Temex is a well-funded Canadian exploration company focused on advancing its precious metal, diamond, nickel and uranium projects in Manitoba and Ontario.
On behalf of the Board of Directors,
"Ian Campbell"
Ian Campbell
President and CEO
(x) The TSX Venture Exchange has not reviewed and does not acceptresponsibility for the adequacy or accuracy of this news release(x)Juby North Joint Venture Drill Result HighlightsHole
Juby North Joint Venture Drill Result Highlights
Hole From(m) To(m) Width Gold(g/t)
------------------------------------------------------------------------
JU 07-87 10.85 13.60 2.75 1.40
195.92 200.39 4.47 1.72
including 197.30 198.85 1.55 3.05
230.79 232.30 1.51 2.82
------------------------------------------------------------------------
JU 07-88 No significant values
------------------------------------------------------------------------
JU 07-89 41.97 47.30 5.33 2.33
including 42.70 44.20 1.50 4.53
133.50 135.65 2.15 15.00
including 134.33 135.27 0.94 33.74
180.35 183.29 2.94 3.41
216.25 226.31 10.06 1.22
------------------------------------------------------------------------
JU 07-90 102.70 104.00 1.30 1.24
119.60 120.90 1.30 1.10
------------------------------------------------------------------------
JU 07-91 44.35 46.00 1.65 1.16
53.00 56.00 3.00 1.03
including 54.40 54.60 0.20 7.41
------------------------------------------------------------------------
JU 07-92 87.63 120.30 32.67 1.67
including 87.63 97.00 9.37 3.23
including 87.63 92.25 4.62 5.55
including 88.40 92.25 3.85 5.77
105.00 108.00 3.00 3.37
including 107.00 108.00 1.00 8.23
------------------------------------------------------------------------
JU 07-93 57.60 78.80 21.20 1.16
including 63.00 63.60 0.60 4.11
and 76.30 78.80 2.50 2.53
97.24 104.00 6.76 3.31
including 97.24 99.76 2.52 7.46
The drill core was sampled using a diamond saw to cut the core in half with one half returned to the core tray and the other half put into the sample bag. The samples were transported by Temex personnel to Swastika Laboratories in Swastika, Ontario. Gold analyses were performed using standard fire assay techniques. Quality control/quality assurance standard and blank samples were inserted into the sample stream. No appreciable discrepancies were observed in the results from these samples.
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Executive Chairman Bruce Durham updates investors on events at Temex
