Investors flock to Tempus on release of drilling data
Shares in Tempus Resources Ltd (ASX:TMR) surged more than 60% on Monday morning after the company released historical drilling data from its Mineral Creek Property, located in British Columbia, Canada.
These included a wide bonanza grade return of 7.2 metres at 159 g/t gold from 64 metres, including 4.5 metres at 253.6 g/t gold.
Strong grades were also delineated at depth, including 1 metre at 74.5 g/t gold from 82 metres and 5.3 metres at 13.1 g/t gold from 92 metres.
As shown below, the Mineral Creek Gold Property is located on Vancouver Island, British Columbia, approximately 10 kilometres east of the town of Port Alberni. Tempus recently announced it would accelerate its exploration program here.
The property was acquired by Tempus together with the Blackdome-Elizabeth Gold Project last year, and it consists of 42 contiguous mineral claims totalling nearly 9900 hectares.
All 42 mineral claims are owned 100% by Tempus subsidiary Sona Resources, and have no underlying royalties.
The property is readily accessible by an extensive network of all-season logging roads.
Mineral Creek has a long history of gold mining, dating back to the late 1800’s where placer gold was mined from Mineral Creek and China Creek, and from several adits along the Mineral Creek Fault Zone, where gold was mined from high grade gold-quartz veins.
In the 1980s approximately 50,000 metres of diamond drilling was completed on the property, and while this data has been compiled it hasn’t been reported given lower reliability and the subsequent need for further field validation.
Six zones of high-grade gold
Drilling in the 1980s focused on the volcanogenic massive sulphide (VMS) and gold mineralisation potential.
The second physical exploration phase came in the 2000s when a total of 216 diamond drillholes for 37,500 metres was completed on the property, identifying 6 gold zones (Linda, Ember, 1050, 900, Gap and Big Southeaster).
As indicated below, these included the bonanza grade results we referred to earlier, which more specifically was returned from the Linda zone (up to 7.2 metres at 159 g/t gold).
Gold grading up to 75.25 g/t was delineated in a 4.4 metre intersection at Ember.
Drilling at 1050 identified a 0.8 metre zone grading 244.00 g/t.
The Mineral Creek Property’s predominant geological structure is the north-south trending Mineral Creek Fault Zone that hosts the Mineral Creek Gold Zone.
Within this zone, there are several narrow quartz vein splays off the Mineral Creek Fault that have been known to return bonanza-grade gold assay values.
Many of these splays remain underexplored with significant strike potential.
Further field assessment and sampling programs at Mineral Creek are being planned as part of the upcoming field season, set to commence in the coming weeks at Blackdome-Elizabeth.
Management’s primary focus in British Columbia is its larger, more advanced and also high-grade Blackdome-Elizabeth Gold Project.
However, given the outcomes of this review, Tempus plans to allocate further resources to advancing the Mineral Creek Property.
Compilation of a consolidated database is in progress, which will be used to generate mineralisation models to assist in the planning of new drilling programs.