Tempus Resources rallies in lead up to Ecuadorian drilling

By Meagan Evans. Published at Feb 18, 2020, in Mining

Tempus Resources is up 24% intraday on no apparent news as the company prepares to commence a significant drilling program at its Rio Zarza Project in Ecuador that’s set to kick off in March.

The Rio Zarza Project is one of two projects, along with Valle del Tigre, that make up the Zamora Gold Projects in Ecuador. But this is just one of the $10 million company’s projects, along with its newly acquired 100% interest in the Blackdome-Elizabeth and Mineral Creek Gold Projects located in the Tier-1 jurisdiction of British Columbia, Canada.

But with drilling set to commence next month, the Rio Zarza Project is the current focus.

All that’s required now, prior to drilling, is a water permit which is expected to be approved in coming weeks.

The Rio Zarza Project comprises two concessions covering approximately 1,000ha, directly adjacent to C$2.6 billion Lundin Gold’s (TSE:LUG) Fruta del Norte tenements — the most valuable greenfields gold discovery of the last 15 years.

Fruta del Norte was first discovered in 2006, by the previously Toronto-listed, Aurelian Resources. The discovery and its estimated 13.7Moz of contained gold and 22.4Moz of contained silver saw Aurelian’s share price lift from circa C$0.30 to over C$40 per share.

Rio Zarza’s eastern boundary is just 850m west of the Fruta del Norte deposit and shows similar geology and alteration. Fruta del Norte hosts strikingly similar geochemistry, alteration and geological features to the Tempus’ Ecuadorian project.

Limited exploration was undertaken at Rio Zarza between 2008 and 2012, including surface magnetics, IP, gravity surveying, soil/stream sampling, mapping and limited diamond drilling.

This exploration did delineate a number of targets, the majority of which were situated in the eastern part of the property. However, this was done without modern equipment leading to a lack of geological understanding, suggesting that further exploration could prove fruitful.

Tempus Resources’ second asset, the Blackdome-Elizabeth and Mineral Creek Gold deposits in Canada, is a significantly de-risked project with a history of past production. The project has demonstrated excellent metallurgical recoveries and key approvals and permits are in place.

Furthermore, with solid infrastructure, this project provides Tempus with a pathway for a low cost, fast-track re-start.

Like Rio Zarza, the Blackdome and Elizabeth projects are in close proximity to producing mines. Blackdome-Elizabeth lie just 35 kilometres northeast of past producing Bralorne Gold Mine and the Mesothermal type vein system is analogous with Bralorne, which was mined to ~2,000 metres.

Bralorne, which was recently acquired by Tallisker Resources, has a long production history, having produced 4.2 million ounces of gold at a grade of 17.7 g/t largely between 1928 and 1971.

Today’s ~25% rise in TMR shares could be attributed to a comprehensive article on the company from the Next Mining Boom, that highlighted the impressive nearology of the company’s assets, or it could just be that the market is looking ahead to the pending approval of the water permit and upcoming drilling program at its Rio Zarza Project in March.

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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