Juby Gold Project
Juby Project Land Holdings
| Target | Gold: mesothermal lode gold large tonnage open pit resource |
| Setting | Extension of Larder Lake - Cadillac Fault Zone and mesothermal gold deposits typical of Kirkland Lake in Abitibi greenstone belt. |
| Location | Shining Tree, Ontario |
| Ownership and Size | Juby Lease: 100% Temex 703 acres Juby Joint Venture: Temex 60% Goldeye 40% 5,520 acres Golden Lake: Temex earning 100% 640 acres Tyranite: Temex 25% Creso 75% 960 acres |
JUBY LEASE PROPERTY
The Juby Lease Property consists of one mining lease containing the Juby Main Zone with a NI 43-101 fold resource. In 2005 Temex completed an initial NI 43-101 compliant mineral resource estimate for the Juby Main Zone with an updated resource published June 2010 utilizing a lower cut-off grade of 0.5 g/t gold based on the increase in gold price.
In early 2012 an updated NI 43-101 compliant mineral resource estimate was published to incorporate the results of additional drilling completed by Temex to test the deposit at depth and along a 2.8 kilometre strike length. The updated mineral estimate increased the previous resource estimate published in June 2010 by 50% and is summarized below. The deposit remains open at depth and along strike.
Tailings
The historic mining activity on the Miller Lake O'Brien Mine generated tailings piles which are located on the property. On June 08, 2011 Temex announced a NI 43-101 compliant resource estimate on silver contained in the tailings piles. The resource estimate, summarized below, is based on 764 auger, drive pipe and sonic drill holes (3,012 metres) and 2,039 assay values from drilling conducted by the previous operator in 1981, 1987 and 2000. Temex is conducting a rotasonic drilling program on the tailings to obtain large samples for analyses in order to provide greater confidence of the grade and recoverability of silver from the tailings.
Total Juby Main Zone Resource
Indicated Resource
| Cut-off Grade (g/t) |
Tonnage (Mt) |
Gold Grade (g/t) |
Total Ounces of Gold |
|---|---|---|---|
| 0.30 | 26,733,332 | 1.14 | 983,696 |
| 0.40 | 22,341,850 | 1.30 | 934,645 |
| 0.50 | 19,350,548 | 1.43 | 891,711 |
| 1.00 | 11,608,973 | 1.91 | 712,803 |
Inferred Resource
| Cut-off Grade (g/t) |
Tonnage (Mt) |
Gold Grade (g/t) |
Total Ounces of Gold |
|---|---|---|---|
| 0.30 | 35,611,895 | 0.86 | 989,090 |
| 0.40 | 28,182,894 | 1.00 | 905,621 |
| 0.50 | 23,119,340 | 1.12 | 832,486 |
| 1.00 | 10,994,670 | 1.56 | 550,482 |
The resource estimate is based on: 98 NQ surface drill holes totalling 27,670 metres drilled by the Company in six drill campaigns conducted between 2002 and 2011 on the Juby Lease Property; 7 NQ surface drill holes totalling 1,715 metres drilled by the Company in three drill campaigns conducted between 2004 and 2011 on the Juby JV Property; 22 BQ surface drill holes totalling 8,033 metres drilled by Inmet Mining Corporation in 1999 and 2000 on the Juby Lease Property.
Information regarding the mineral resource estimate on the Juby Main Zone is in the Company's news release dated January 16, 2012 and the technical report filed on SEDAR February 28, 2012. The Mineral Resource Statement was prepared for Temex by GeoVector Management Inc., Ottawa, Ontario according to the "CIM Standards on Mineral Resources and Reserves: Definition and Guidelines" (December, 2005), by Joe Campbell, BSc, P.Geo., Alan Sexton, MSc, P.Geol., and Allan Armitage, PhD, P.Geol., "independent qualified persons" as defined by NI 43-101.