Temex options Temagami bet

Toronto-based junior Temex Resources (TEMX-C) has entered into an agreement with Teck (TEK-T) to acquire the 81-ha Diadem/O’Connor base metal property in Strathcona Twp., near Temagami, Ont.

Temex can earn a 100% interest by spending $300,000 on exploration over four years. Teck retains the right to earn back a 51% interest.

Temex says the property is geologically similar to Teck’s former Temagami mine, roughly 20 km along strike to the southwest. The Temagami mine produced about 600,000 tonnes at an average grade of 6% copper from 1959 to 1972.

From two prospectors, Temex has also acquired 100 claims contiguous to the Diadem/O’Connor property.

Temex is also exploring for diamonds in the Temagami region and has discovered kimberlite-indicator mineral terrains leading to bull’s-eye magnetic features.