Tempus accelerating exploration in June quarter

By Trevor Hoey. Published at Mar 19, 2020, in Mining

Tempus Resources Ltd (ASX:TMR) has provided an update on the company’s Canadian and Ecuadorian gold project activities, pointing to the imminent commencement of exploration activities at some of the projects.

The 2020 exploration program at Blackdome-Elizabeth in British Columbia is currently on schedule for commencement in the June quarter, and this will comprise sampling and analysis of potentially mineralised drill core from previous drilling programs.

Significant drilling and sampling programs are scheduled to commence at both Blackdome and Elizabeth later in the June quarter, focusing on resource extension, verification, and exploration of newly discovered targets, including the prospect 2.5 kilometres from the known Elizabeth deposit.

Key Tempus management and contractors are based locally in British Columbia, with individuals working remotely, allowing the company to quickly change gears.

The Blackdome-Elizabeth Project includes an historical tailings Mineral Resource of nearly 300,000 tonnes grading approximately 1.5 g/t gold for 14,145 ounces.

This resource is declared under Canadian NI43-101, which is a “qualifying foreign resource estimate.”

Uptick in gold price brings forward Preliminary Economic Assessment

Given the current strength in the gold price, and the potential for a fast track development of this resource, the company has commenced a review of the Preliminary Economic Assessment previously completed for the project.

This review will assess the value of the project given the current gold price and exchange rates, and determine the requirements and timeframe for a Definitive Feasibity Study to be completed on this part of the overall Blackdome-Elizabeth Project development.

The previous financial modelling and technical work programs completed on the Blackdome Tailings Project did not take into account the considerable quantity of silver present in the tailings, which Tempus believes is likely to make a significant contribution to the potential revenues from the project.

Management will also consider significant technical advances made in the treatment of tailings since the last technical work was completed.

Awaiting 3D modelling of Zamora projects

Permits have been recently received to enable drilling to commence at the Rio Zarza Project, located directly adjacent to the world class, producing Fruta del Norte gold-silver mine.

Rio Zarza can be seen close to the south-east border between Ecuador and Peru on the following map - note the close proximity to Fruta del Norte.

However, given current travel restrictions, drilling will likely take place later in 2020 after physical exploration work at Blackdome-Elizabeth has been able to be commenced and ramped up.

Preliminary 2D results from the recently completed ZTEM airborne geophysical survey over the entire Zamora Projects in Ecuador have been received, with 3D inversion modelling in progress.

The 3D inversion modelling will afford greater definition on the targets already identified in the 2D data, and a market update will be provided once this work is complete.

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