Temex resumes diamond hunt

Temex Resources (TEMX-C) has launched another round of grassroots exploration at its Wilson Lake diamond property, near the town of Temagami in northern Ontario.

The company’s properties were assembled three years ago after the provincial government removed a 25-year “land caution” that had prevented mineral exploration.

This spring, Temex went public by completing a reverse-takeover of unlisted Transgold Explorations & Investments. Temex now has 12.3 million shares outstanding, $300,000 in working capital and no debt. Temex, as a private company, spent $800,000 at Wilson Lake mapping indicator minerals in till and identifying more than 40 bull’s-eye magnetic anomalies. Temex expects to spend $500,000 on exploration this year.