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Tempus Resources acquiring advanced high-grade gold project in British Columbia

Tempus to review and update the historical Preliminary Economic Assessment and report it in accordance with the JORC Code before commencing a feasibility study.

Tempus Resources Ltd - Tempus Resources acquiring advanced high-grade gold project in British Columbia
Project includes permitted historically producing Blackdome Gold Mine

Tempus Resources Ltd (ASX:TMR) has entered into an agreement to acquire 100% of the shares in Sona Resources Corp, which holds the Blackdome-Elizabeth Gold Project in Canada.

The Blackdome-Elizabeth Gold Project is in the prolific gold producing area of southern British Columbia, Canada.

The project includes permitted historically producing Blackdome Gold Mine, mill, and tailings storage facility.

Advanced high-grade asset

Tempus executive director Brendan Borg said: “The Blackdome-Elizabeth Gold Project provides our shareholders with exposure to an advanced high-grade asset with a demonstrated history of gold production.

The acquisition complements our recently acquired earlier stage gold exploration assets adjacent to the high-grade, multi-million ounce Fruta del Norte deposit in southern Ecuador.”

The Blackdome-Elizabeth Gold Project consists of two separate mineralisation styles:

Elizabeth Zone

Located about 35 kilometres northeast of the past-producing Bralorne Gold Mine, which produced 4.2 million ounces of gold at a grade of 17.7 g/t largely between 1928 and 1971.

The auriferous quartz vein mineralisation at the Elizabeth Zone in analogous to that found at the Bralorne Gold Mine.

A historical inferred mineral resource estimate, completed by SRK (2009), reported 206,000 ounces of gold at 12.26 g/t.

Drilling to date has focused on shallow mineralisation from two quartz veins (to about 200 metres below surface).

Notably, the nearby Bralorne Gold mine reached 2,000 metres below surface along multiple quartz veins.

Blackdome Zone

Located about 30 kilometres north of the Elizabeth Zone, Blakdome previously produced 225,000 ounces of gold at a grade of 20 g/t.

A historic NI43-101 resource estimate completed by SRK (2010) reported 52,600 ounces of gold at 11.29 g/t Indicated and 25,900 oz of gold at 8.79 g/t inferred.

The Blackdome Zone mineralisation is consistent with low-sulphidation, structurally controlled, epithermal gold mineralisation.

Assets at Blackdome Gold Mine remain permitted. The Blackdome tailings facility and mill have been under care and maintenance but remain in good standing for future production.

Elizabeth Zone 2010-2011 drilling

Further drilling was undertaken on the Elizabeth Deposit after declaration of the NI43-101 resource.

Significant high and bonanza grade gold intercepts from the most recent drilling, conducted at Elizabeth Zone in 2010-2011 (not included in the historical resource) include 5.06 metres at 76.5 g/t gold and 2.50 metres at 96.3 g/t gold.

Visible gold in 2010 drill core

A total of 80 diamond drill holes were completed with the aim of infilling and extending the existing resource. Visible gold was observed in several holes from these programs.

Exploration potential

The Blackdome-Elizabeth Gold Project is underexplored and remains highly prospective for extending existing resource-bearing mineralisation, and for discovering new mineralized areas.

Tempus’ technical staff have conducted a preliminary review of the data and are very encouraged by the continuity of the high-grade gold veins that appear to remain open at depth and along strike and the broader prospectivity of the large, 315 square kilometre land package.

Terms of the acquisition

The consideration for the 100% acquisition of the projects comprises:

  • C$500,000 cash, C$50,000 of which is payable within 7-days of the agreement, and is non-refundable.
  • The balance of C$450,000 is payable within 3 months, with discounts of up to C$50,000 for earlier completion.

The acquisition is subject to standard conditions, including completion of technical, environmental and legal due diligence to the satisfaction of the Tempus.

Quick facts: Tempus Resources Ltd

Price: 0.18 AUD

ASX:TMR
Market: ASX
Market Cap: $7.35 m
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Tempus Resources acquires advanced high-grade Blackdome-Elizabeth Gold Project

Tempus Resources Ltd (ASX:TMR) executive director Brendan Borg updates Proactive Investors on the acquisition of the Blackdome-Elizabeth Gold Project in British Columbia, Canada. The project is located in a prolific gold producing area and hosts a historical gold mine with permitted...

on 23/8/19

3 min read