Temex sizes up Juby Main zone (July 26, 2004)

GeoVector Management has completed an initial resource estimate for the Main zone on the Juby gold project, on the western extension of the Larder Lake Cadillac Fault, near Gowganda, Ont. The property is owned by Temex Resources (TME-V).

The Main zone comprises a higher-grade core defined by equal amounts of feldspar and hornblende porphyry dykes and Timiskaming sediments with gold values of around 0.75 gram per tonne. The same sediments, with a lesser amount of feldspar and hornblende porphyry, host an associated lower-grade halo with grades ranging from 0.25 to 0.75 gram gold. The upper porphyry zone, which is in the hangingwall of the higher-grade zone, returned gold values of at least 0.75 gram per tonne.

The higher-grade core zone is home to an indicated resource totalling 2.2 million tonnes grading 1.8 grams gold, at a 1 gram cutoff. At a 1.5-gram cutoff, indicated resources shrink to 1.2 million tonnes at 2.3 grams gold. Drilling has traced the core zone over 300 metres of strike to a depth of 160 metres.

The Main zone’s resource is based on 43 drill holes totalling 9,993 metres, sunk by Temex between 2002 and early 2004, plus 12 holes totalling 4,724 metres, sunk by Inmet Mining (imn-t) in the late 1990s. In all, the 55 holes are spaced 15-60 metres apart, with an average spacing of 50 metres, over a strike length of 850 metres.

Inmet had previously calculated a historical inferred mineral resource totalling 34 million tonnes grading 1 gram gold per tonne over a 2.2-km strike length. The estimate, which does not comply with Canadian standards under National Instrument 43-101, was based on 18 widely spaced holes.

Encouraged by the latest estimate, Temex plans to sink an additional 10,000 metres worth of drilling during the third quarter. The holes will aim to infill the resource, boost inferred resources to the indicated category, and test other targets. Results will be used to update the resource.

Inmet retains a 2.85% royalty on the Juby project.