Tempus Resources commences gold drilling in Canada

By Jonathan Jackson. Published at Jul 23, 2020, in Mining

Tempus Resources Ltd (ASX:TMR) has commenced diamond drilling at the Blackdome-Elizabeth Gold Project, located in British Columbia, Canada.

This is a significant milestone as it marks the first drilling to be undertaken since 2011.

With drilling now in full swing and being undertaken by British Columbia based Full Force Diamond Drilling Ltd, Tempus is aiming to rapidly verify and expand the historical high grade Mineral Resource at the Blackdome-Elizabeth Project by drilling extensions to existing mineralisation and other high priority targets within the 350 km2 licence area.

Approximately 8,500 metres of diamond drilling will be conducted throughout this current program. It will begin with approximately 2500 metres of drilling at Blackdome.

“We aim to drill approximately 8,500 metres in this program to verify and extend the existing high-grade gold mineralisation at Blackdome and Elizabeth. We will also test the significant gold in soil anomalies identified in the geochemical sampling program that have outstanding potential to expand the scale of the known mineralisation,” Managing Director, Brendan Borg said.

Once drilling is completed at Blackdome, the company will follow up with approximately 6,000 metres to be drilled at Elizabeth. This further drilling will also be used to verify and expand the NI43-101 Mineral Resource.

Drilling at Elizabeth will target extensions to mineralisation along strike, supported by gold in soil anomalies, as well as at depth.

Tempus also intends to leverage the existing permitted mill, tailings dam and other infrastructure at Blackdome with the aim of re-commencing production as the Project proceeds.

Tempus drill rig operations first hole.
Tempus drill rig operations first hole.

Can Tempus leverage the macro outlook?

Tempus picked up the Blackdome-Elizabeth Project in this underexplored British Columbia region, because it presented the company with a low risk, high producing, high grade mine that comes with a ~300,000 ounce resource.

Putting that into perspective, previous economic studies on Blackdome-Elizabeth were conducted when the gold price was just US$950 dollars per ounce. Today gold is trading at over US$1,800/oz.

This is one of two key projects the company has possession of: Blackdome-Elizabeth is a nearer term, lower risk play than TMR’s Rio Zarza project in Ecuador.

Rio Zarza is located directly adjacent to the world-class producing Fruta del Norte gold mine, the most valuable greenfields gold discovery of the last 15 years operated by the $2.8 billion capped Lundin Gold (TSX: LUG).

Both assets offer Tempus and its investors overall rewards in this positive gold climate with major catalysts to come.

With drilling having commenced at Blackdome-Elizabeth, results should flow freely over the coming weeks and months.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

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