Temex tests Juby

Temex Resources (TME-V) has begun a 7,000-metre drill campaign on its Juby gold project along the western extension of the Larder Lake Cadillac fault zone near Gowganda, Ont.

In addition to filling in the Juby Main zone, the holes will also test several new gold targets unearthed during a recent stripping program. Drilling is expected to wrap up by mid December.

So far, drilling at Juby has outlined a higher-grade core of gold mineralization at Juby Main. Typical intersections from the core include 1.3 grams gold over 96 metres, 5 grams gold over 14.2 metres, including 4 metres of 8.9 grams, 4.9 grams across 12.2 metres, including 3 metres of 13.2 grams, and 5 metres of 6.6 grams. The zone remains open.

The Juby property is home to an 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 calculated by previous operator Inmet Mining (IMN-T), based on 18 widely spaced holes. Included are two higher-grade zones totalling 2.2 million tonnes running 4.65 grams gold.

Temex is well financed having recently completed a private placement of 1.25 million units and 4.8 million flow-through units at a price of 50 apiece for gross proceeds of $3 million. One unit comprises one share and a share purchase warrant. Each flow-through unit includes one flow-through share plus half of a flow-through purchase warrant. Either warrant is good for one share at 75 per share for 2 years from closing.

Canaccord Capital and Dundee Securities were paid a commission equal to 7% of the gross proceeds for their services as agents for the financing. The pair also received like-priced warrants good for up to 10% of the total number of shares and flow-through shares sold.

Meanwhile, in the boardroom, Brian Groves, who recently took over the reigns as Temex’s president and chief executive, has been added to the board of directors. Groves replaces Richard Taylor who has resigned.

Earlier this summer, Temex bought out a 0.85% net smelter return royalty on the property from an individual in $10,000 in cash and 40,000 shares. The shares are subject to a 12-month hold period. The property is still subject to a 2% royalty, 0.65% of which has the option of buying back.