Temex Resources (TME.V) has announced a fresh batch of drill results from its Whitney gold project in Ontario, Canada. Of interest is an intercept of almost 9g/t gold over a length of in excess of 16 meters including 3.6 meters containing just over 20 g/t gold, which is phenomenal if you know the mineralization starts at a depth of just 31 meters.
This emphasizes how important the Whitney project could be, as Temex has now intersected (relatively) high-grade mineralization close to surface in several of its drill holes. Several of these holes also showed visible gold in the core. This drill program was focused on the eastern part of the Whitney property, as Temex thinks it has a good chance to bring this zone into production relatively fast, given the mineralization is close to the surface and its shallow dipping structure.
As of at the end of May this year, Temex Resources had a working capital position of C$5.2M and no debt, which means the company is currently trading at an enterprise value of just C$9M which is quite low given the very interesting Whitney and Juby gold projects.
> Click here to read the press release
Disclosure: The author holds a long position in Temex Resources. Please see our disclaimer for current positions.
