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Tempus Resources acquiring highly prospective gold projects in Ecuador

The flagship acquisition project, Rio Zarza, is adjacent to the most valuable greenfields gold discovery in the last 15 years, Lundin Gold’s Fruta del Norte.

Ecuador flag
Ecuador has become a sought-after exploration jurisdiction for gold

Tempus Resources Ltd (ASX:TMR) is acquiring the Zamora Projects in Ecuador, adjacent to and within the same district as the world class Fruta del Norte gold project, currently under development by Lundin Gold (TSE:LUG).

The Zamora Projects comprise the highly prospective Rio Zarza and Valle del Tigre projects.

Rio Zarza

The flagship acquisition project, Rio Zarza, is adjacent to Fruta del Norte’s western boundary and exhibits strikingly similar geological characteristics.

Rio Zarza comprises two concessions covering about 1,000 hectares with epithermal calcite-quartz veining recognised in the Zamora granodiorite, validating the potential to host gold-silver vein system.

Mineralogical studies of the extensive alluvial gold mineralisation situated in the central and western areas indicated the gold is sourced locally and is epithermal in nature.

A large number of coincident geophysical and geochemical anomalies remain untested in over 70% of the concession area.

Valle del Tigre

The additional acquisition project, Valle del Tigre, provides 2,195 hectares of highly prospective greenfield exploration area between Fruta del Norte and Lundin-Newcrest joint-venture concessions.

Significant gold in stream sediment anomalies were found in the southern part of the concession and potential targets will be structural in nature.

The exploration plan for Valle del Tigre will include magnetics, gravity and ionic soil sampling, followed up by stratigraphic drilling of the coincident targets.

Valle del Tigre drill targets

The initial phase of ground work is planned to commence as soon as practicable after the completion of the acquisition by Tempus, expected within the next 2-4 months.

Sought-after exploration jurisdiction

Ecuador has, in recent times, become one of the most sought-after exploration jurisdictions for gold and base metals.

Companies such as BHP, Rio Tinto, Fortescue Metals Group, Newcrest, and Solgold have made significant advances in the country in the past three to five years.

It is worth noting that Ecuador received the Best Country award at Mines and Money London in 2017.

Management strengthened

As part of the acquisition, the board and management of Tempus will be strengthened to support an aggressive exploration program on the Zamora Projects and to pursue further opportunities in Ecuador and the broader Latin American region.

Rodrigo Izurieta will be appointed as chief operating officer, Latin America.

Izurieta is an economist and business manager with 20+ years’ experience, who previously served as president and board member for the Chamber of Mines of Ecuador.

Quick facts: Tempus Resources Ltd

Price: 0.18 AUD

Market: ASX
Market Cap: $6.29 m

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