Between 1910 and 1972 the Miller Lake O’Brien silver mine in northeastern Ontario turned out 42 million oz. silver. It also left behind a lot of silver in tailings piles – 2.96 million oz. to be precise.
That’s where Temex Resources (TME-V) comes in. In April 2006, the junior picked up the Miller Lake O’Brien property and related assets from Sandy K. Mines, a private company in Ontario. Temex then performed initial sampling work of the tailings deposits and began metallurgical test work.
In the second week of June, Temex published a National Instrument 43-101 compliant resource estimate demonstrating that at a cutoff grade of 10 grams silver per tonne, the tailings contain an indicated resource of 1.94 million tonnes, grading 47.5 grams silver per tonne for a total of 2.96 million oz. silver.
Temex has started a 2,000-metre diamond drill program at the project, 3 km northeast of Gowganda. The program will test for extensions of high-grade silver veins discovered by Sandy K. Mines, which carried out an underground exploration program between 1988 and 1995.
The area has not been developed, and all holes in Temex’s drill program will be drilled from surface, ranging from 50 to 200 metres in length. Temex is also conducting soil sampling and prospecting.
The Gowganda silver property is 20 km east of the company’s 100%-owned Juby lease property. Temex is working to expand
Juby’s current resource of 14.1 million tonnes grading 1.36 grams gold for 614,000 oz. gold in the indicated category, and 16.5 million tonnes grading 1.14 grams gold for 602,000 oz. gold inferred, both at a cutoff grade of 0.50 gram gold.
At presstime Temex traded at 31.5¢ per share within a 52-week range of 20¢-45¢ per share. The company has about 107.85 million shares, fully diluted.