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Temex Resources reports 1.94Mt indicated tailings resource from Gowganda project

Canadian junior explorer Temex Resources Corp. (CVE:TME) announced Wednesday a 1.94 million tonne indicated resource estimate for the tailings material at its Gowganda silver project in Ontario.

The tailings were generated from the property's Miller Lake O'Brein silver mine, Ontario's largest past-producing cobalt-style silver mine, with historical production of 40.7 million ounces of silver between 1910 and 1972.

The NI 43-101 compliant resource estimate for the tailings piles, at a silver cut-off grade of 10.0 grams per tonne (g/t), was 1.94 million tonnes, grading 47.5 g/t silver, for 2.96 million contained ounces of silver in the indicated category.

The 2011 report was based on 764 auger pipe and sonic drill holes, and 2,039 assay values. Drilling was conducted in 1981, 1987, and 2000, Temex said.

The latest drilling in 2000 consisted of a 32 hole, or 326 metre, sonic drill program by privately-owned Sandy K Mines, to better define the tailings in the core area. It was found that the average grade for the dry tailings from this drill program was about 62.6 g/tonne silver.

Following this, in April 2006, Temex acquired the Miller Lake O'Brien mine and related assets and facilities from Sandy K. That summer, the company completed initial sampling of the deposits and metallurgical test work on silver recovery rates, followed by the resource report announced today.

The Toronto-based company also recently began a 2,000 metre diamond drill program on the property, designed to confirm and test for extensions of past high grade silver veins reported, as well as other near-surface targets discovered by Temex last year.

The project is located 3 kilometres northeast of Gowganda, Ontario, and Temex holds a 100% interest, with no underlying royalties.