Assessment Report on the Temex Resources Corp. Latchford Gold
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TEMEX RESOURCES CORP. 1660-141 Adelaide Street West Toronto, Ontario CANADA M5H 3L5 tel: 416-862-2246 fax: 416-862-2244 website: www.temexcorp.com email: [email protected] Assessment Report on the Temex Resources Corp. Latchford Gold Project 2009-2010 Exploration Program Latchford, Ontario Larder Lake Mining Division, Ontario NTS 31M/04, 31M/05 Karen Kettles, M.Sc., P.Geo. January 18, 2011 Project Geologist Temex Resources Corp. 1.0 Summary From November 18 to 23, 2009 and June 9 to 23, 2010 an exploration program of structural and geological mapping, mobile metal ion leach (MMI) sampling, and rock sampling was performed over several gridlines in the Temagami - Latchford region of northeastern Ontario by Temex Resources Corp. Samples were collected on Temex claims belonging to the Brett and BH Properties of the Latchford Gold Project (“LGP”). The LGP is situated within the Cobalt Embayment of the Southern Province, which occurs at the boundary between the Superior Province to the northwest and the Grenville Province to the southeast. Most of the project area is underlain by Proterozoic sedimentary rocks, represented by the 2.5 to 2.2 Ga Huronian Supergroup. The Huronian rocks, consisting mainly of Gowganda Formation conglomerates and Lorrain Formation sandstones, unconformably overlie the Archean Superior Province, and importantly from the point of view of base and precious metal exploration, windows of greenstone belts are exposed within the Cobalt Embayment. The windows of Archean ultramafic to felsic intrusive rocks and mafic to felsic volcanic rocks are exposed in the northern portion of the Brett Property, and the majority of the current sampling was focussed near unconformable contacts of Proterozoic sediments with Archean volcanics and intrusions. Mineralization in the LGP area has been proposed to be the gold analogue to the high grade five- element (“Ni-Co-As-Ag-Bi”) vein systems in the Cobalt silver mining camp just to the north, associated with the Archean - Proterozoic unconformity. The model considers the possibility that the numerous, largely undeformed, discordant precious and base metal mineralized post-Archean vein systems scattered over a large areal extent throughout the early Proterozoic-aged Cobalt Embayment are interrelated and formed as part of a large-scale regional hydrothermal system confined to the Proterozoic cover sequence and the underlying Archean basement. The genetic model suggests the geological setting may be suitable for the genesis of large zones of polymetallic precious and base metal mineralization localized near the Proterozoic-Archean unconformity. The occurrence of numerous base metal and precious metal vein and sulphide bodies in the immediate area may indicate the presence of larger bodies of mineralization localized at the unconformity contact. These features indicate the properties are in a geological setting that has the potential to contain large zones of polymetallic precious and base metal mineralization localized near the Proterozoic-Archean unconformity, as well as having the potential to host gold enriched five-element veins. The current mapping, MMI and rock sampling program was carried out to further evaluate the area of anomalous gold mineralization outlined by Temex in 2008 and 2009, which is concentrated in two zones in an area north of the Brett boulder (6,222 g/t Au). In this area an inlier of Archean volcanics is surrounded by Proterozoic sediments. Work by Temex in 2009 over this area included linecutting, a geochemical soil survey over the northern part of the Brett Property, a more detailed prospecting and sampling program over the northern part of the LGP, and a Titan 24 IP Survey over part of the grid. Using the IP chargeability inversion models and the DC resistivity association, a total of eight first priority targets or anomalous zones were identified for follow-up at the LGP, from near surface to approximately 400 meters depth. The i results from the mapping, MMI and rock sampling along with the IP results were evaluated and used to prioritized future drill targets. The mapping indicated that the area over which the IP survey was completed contains three main fracture directions. The strongest and most commonly occurring fracture set encountered was the steeply dipping northwest-southeast set which appears to parallel the Latchford Fault passing underneath Johnson Lake. The next most common fracture set was one which had an approximate north strike, and may be related to the series of major north-striking transform faults which occur up to the Quebec border. The least frequent fractures observed in the field were the northeast striking fractures. The gold values obtained from samples to date above 1 g/t gold indicates that gold occurs in all three fracture sets with none of the fracture/vein directions standing out as a preferred orientation. The best occurrence of gold (110.26 g/t Au, sample 5937) with associated specular hematite was in a northwest-southeast fracture in close proximity to the footwall diabase contact. The next highest assay of 50.61 g/t gold within the same general area occurred in conglomerate but had much less hematite and a north-east strike orientation. The geology and gold bearing structures within the Archean exposure area appear quite different than that in the conglomerates west of Johnson Lake but may both still be shallow-level expressions of a one larger plumbing system at depth. The orientation of the diabase sill is proposed to be south dipping, but this should be confirmed with future drilling. The mapping also indicated that the depth to the Proterozoic unconformity is approximately at 150 to 300 m below surface in this area. The current MMI and rock sampling program was centered over the same area subjected to IP testing. A total of 196 MMI samples and 36 rock samples were collected during the program from active Temex claims. MMI samples were analyzed for gold, silver, arsenic, bismuth, cobalt, copper, and nickel. Rock samples were analyzed for gold and also 34 element ICP. From the MMI samples, using response ratio calculations, the following results were obtained: 23 samples were anomalous for gold, 19 samples were anomalous for silver, 26 samples were anomalous in arsenic, 21 samples carried anomalous values for bismuth, 12 samples were anomalous for cobalt, 12 samples were anomalous for copper, and 4 samples were anomalous for nickel. Of the 36 rock samples, 17 returned anomalous gold results, 1 sample was anomalous for silver, 2 samples were anomalous in bismuth, 7 samples were anomalous in cobalt, and 5 samples returned anomalous values for copper. The anomalous MMI and rock samples are not necessarily coincident with the IP anomalies outlined in early 2010, but they are confined between IP anomalies 1, 2, 4 and 5. The anomalous results from these three gridlines along with the vein orientations and IP results were evaluated. An initial six priority 1 areas were indicated for follow-up drilling, and two priority 2 areas. These evaluations were based primarily on coincident IP, MMI and rock anomalies. Drill holes should be proposed using these target areas and taking into consideration the local structures and geology. ii TABLE OF CONTENTS 1.0 Summary............................................................................................................................i 2.0 Introduction.......................................................................................................................1 3.0 Property Description, Location and Access......................................................................1 4.0 Climate, Local Resources, Infrastructure and Physiography............................................3 5.0 Geological Setting.............................................................................................................5 5.1 Regional Geology .........................................................................................................5 5.2 Property Geology..........................................................................................................5 5.3 Mineralization and Model.............................................................................................8 6.0 Recent Exploration History.............................................................................................10 7.0 Current Program..............................................................................................................13 7.1 Sample Collection, Preparation, Analysis, and Security ............................................14 7.1.1 MMI Sampling....................................................................................................14 7.1.2 Rock Sampling....................................................................................................15 8.0 Results.............................................................................................................................15 8.1 Geological Discussion ................................................................................................16 8.2 Analytical Discussion .................................................................................................17 8.3 MMI Results ...............................................................................................................18 8.4 Rock Sampling Results ...............................................................................................18 9.0 Recommendations and Conclusions ...............................................................................24