Temex commences drilling on Fishhook Joint Venture in the Noront-McFaulds Lake area
TSX Venture:TME, Frankfurt:TQ1
TORONTO, Aug. 21 /CNW/ - Temex Resources Corp. (TSX Venture:TME,
Frankfurt:TQ1) ("Temex") and partner East West Resource Corporation
(TSXV: EWR), ("East West"), (collectively "the Companies") announce that a 12
hole, 2,000 metre diamond drilling program has commenced on the Fishhook Joint
Venture Property.
The Companies also announce that Noront Resources Ltd. ("Noront") has
entered into an option and joint venture agreement (the "Agreement") to earn
an interest in the Property. Noront can earn a 10% interest by paying $100,000
upon execution of the Agreement and by spending $500,000 in exploration in the
first year. Noront can earn up to a 60% interest by making payments totalling
$600,000 and spending $4.5 million over three years. The Agreement is subject
to the approval of the TSX Venture Exchange.
The Fishhook Property, located approximately 45 kilometres to the south
of the Noront discoveries, is contiguous to the west of the Highbank Intrusion
which is actively being explored by International Nickel Ventures Inc. on
their Fishtrap Property and by Northern Shield Resources Inc. ("Northern
Shield") and Impala Platinum Holdings Ltd. ("Implats") on their Highbank Lake
Project. Recent work by Northern Shield has concluded that the Highbank Lake
Intrusion represents a large layered mafic to ultramafic intrusive complex
with potential to host extensive layered PGE "reef" mineralization similar to
that found in the Bushveld Complex. The Highbank Lake Intrusion covers some
500 square kilometres, ranking it as one of the ten largest intrusive
complexes of its kind in the world (source www.northern-shield.com).
Temex and East West interpret that portions of the Fishhook Property may
cover the basal portions of the Highbank Lake Intrusion and therefore have
potential to host significant Ni-Cu-PGE mineralization in the conduits or
feeders below the intrusive suite, a setting analogous to the Noront
discoveries and other large Ni-Cu-PGE deposits. The current drill program will
test some of the higher priority geophysical targets identified from a
recently completed 1,100 line-km helicopter borne VTEM survey.
Temex is a well-funded Canadian exploration company advancing its
precious metal, nickel, diamond, and uranium projects in Ontario. For further
information, contact Ian Campbell or Bruce Durham at 416-862-2246, David Ellis
at 416-704-0937 or visit www.temexcorp.com. Investors are also invited to
visit the Temex IR Hub at http://www.agoracom.com/ir/Temex where they can post
questions and receive answers or review questions and answers already posted
by other investors. Alternatively, investors are able to e-mail all questions
and correspondence to mailto:TME@agoracom.com where they can also request to
be added to the investor e-mail list to receive all future press releases and
updates in real time.
On behalf of the Board of Directors,
"Ian Campbell"
