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Tempus Resources redefining Zamora gold targets in Ecuador ahead of 2020 drilling

Snapshot

The company completed an airborne geophysical survey over the Zamora Projects during the December quarter with processed data and interpretation expected this month.

Tempus Resources Ltd - Tempus Resources to redefine Zamora targets in Ecuador ahead of 2020 drilling

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ASX:TMR
Market: ASX
Market Cap: $8.56 m
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Tempus Resources Ltd (ASX:TMR) will redefine gold drilling targets at the Zamora Projects in Ecuador after receiving results from the recently completed airborne geophysical survey.

The Zamora Projects are adjacent to and within the same district as the world-class Fruta del Norte Gold Project, which is under development by Lundin Gold Inc (TSE:LUG).

Rio Zara permitting advancement

Following the acquisition completed in October 2019, the company gained a portfolio of projects in the exploration hotspot of Ecuador, which comprise the highly prospective Rio Zara and Valle del Tigre projects.

Processed data and interpretation is expected to take place this month and once received, results will be integrated with the recently completed soil sampling survey to redefine targets.

Advancement of permitting for drilling at Rio Zarza continued during the December 2019 quarter, with the water permit being the only authorisation remaining to allow the program to take place.

Community engagement in the Valle del Tigre II area also continued with a small field office to be set up on the licence to actively engage with community groups.

Field exploration will begin following appropriate discussions in the area.

Blackdome-Elizabeth Project due diligence

Tempus has also completed the acquisition of shares in Sona Resources Corp, which holds the Blackdome-Elizabeth Gold Project in British Columbia, Canada, after the completion of due diligence in November 2019.

A key item for consideration during the due diligence was the requirement to allow the transfer of key mineral claims that cover the currently defined Elizabeth deposit.

These claims had been under option by the current owner (and predecessors) since 2002, with a final court-mandated requirement for completion of a bankable feasibility study (BFS) by the end of 2020.

During the due diligence period, Tempus consulted extensively with the original claim holders to negotiate an agreement to provide flexibility around this date for completion of a BFS and is very pleased to have reached an agreement.

Fast-track to production

Additionally, Thomas Illidge, one of the Elizabeth claim holders, will be appointed as a project advisor to Tempus.

Illidge has an extensive history with, and knowledge of, the Elizabeth project which Tempus believes will be a significant asset as it progresses exploration and evaluation.

The company believes one of the key benefits of the acquisition of the Blackdome-Elizabeth Gold Project is its advanced stage nature, allowing for a potential fast-track to production strategy.

However, the more flexible agreement with the original claim holders on the Elizabeth deposit is seen as a significant de-risking of the ownership structure.

Planning is continuing for a significant new phase of resource infill, expansion and exploration drilling, expected to begin in the June quarter of ,as weather conditions allow, and all relevant permitting and consultation processes have been completed.

These new phases of drilling will be complemented by additional project studies to support the conversion of the existing historical NI43-101 mineral resources to JORC 2012 standard.

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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

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