Temex Resources (TME-V) continues to get solid intersects from drilling at the Hallnor mine block at its Whitney Township property in Timmins, Ont. Such results, however, have failed to translate into a strong market run.
While other gold stocks have enjoyed a moderate rally since the beginning of the year, Temex’ shares have stayed in the 10 to 15 cent range.
On Feb. 27, the day news of the latest drill hole results were released, the company’s shares were off 4% to 12 cents on a volume of 69,000 shares.
Over the last 52 weeks its share price has ranged from 74 cents to just 4.5 cents and the company has 71 million shares outstanding.
Its latest result come from a single hole, TW08-77W6, which yielded 21.02 grams gold over 2.3 metres including 77.66 grams gold over 0.6 metres.
The hole was the sixth wedge hole of a program a the Lower Hallnor mine block which targeted the south limb of the 19 Vein structure where mineralization occurs in a zone of quartz stringers and veinlets.
The main intersections came 50 and 100 metres below and down dip of the 19 Vein intersections previously encountered in holes TW08-77W1 and TW08-77.
Those holes returned which 3.15 grams gold over 3.1 metres and 21.10 grams over 6.6 metres respectively.
The latest intersection is the deepest 19 Vein intersection drilled to date in the west boundary area. Past mining in the area was unable to explore the zone because of ownership issues.
Temex says the hole also intersected a broad zone of quartz veinlets and stringers within the 13 Vein area and with assay results of 17.83 grams gold over 0.5 metre and 1.53 grams gold over 1 metre.
Drilling is ongoing at the 19 Vein area — a zone that provided the Lower Hallnor mine with its highest gold grades.
Previous results reported by Temex from its current drill program included 86.18 grams gold over 0.5 metre within a zone grading 5.90 grams gold over 9.1 metres and 19.00 grams gold over 0.8 metre.
A fifth wedge hole that was part of the program was stopped due to technical drilling issues.
“We are particularly pleased with the fact that all holes drilled to date have intersected the main mine horizons tested and that these are characterized by mineralization including visible gold in every hole, alteration and structure typical of the mined areas. The presence of visible gold and a strong nugget effect within the vein systems being drill tested was typical of the Lower Hallnor Mine veins where high grade mined stopes commonly had a low percentage of ore grade drill hole intersections,” Ian Campbell, Temex president and chief executive, said in a statement.
The property sits in the heart of the Timmins gold camp, in the centre of a 4 km area that has seen over 10 million oz. of gold mined.
The Hallnor mine was once on the property and it was one of the highest-grade gold mines in the camp, producing 1.65 million oz. of gold at an average grade of 13.71 grams gold.
The property is owned by Goldcorp (G-T, GG-N) and Temex has the option to earn a 60% interest by spending $4 million on exploration over four years.
The clock began ticking in May of 2005 and by of May 2008 the company reported that $2 million had been spent.
The current deep drilling program has a budget of $2 million which would let the company earn into its 60% interest.
Be the first to comment on "Temex gets little praise for solid results"