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Tempus Resources encouraged by diamond drilling progress at Canadian gold project

Geological logging indicates that alteration and veins have been intersected in all 11 holes drilled so far and based on historical exploration results the area is expected to host mineralisation.

Tempus Resources Ltd - Tempus Resources encouraged by diamond drilling progress at Canadian gold project
Assay results from the first five holes are expected in two weeks

Tempus Resources Ltd (ASX:TMR) is encouraged by the steady progress of diamond drilling at the Blackdome-Elizabeth Gold Project in British Columbia, Canada.

The company has drilled 11 holes for a total of 2,165 metres, mainly focusing on the Giant Vein, No 17 Vein and the Redbird Vein at the project.

Geological logging indicates that in all the holes drilled so far, the alteration zones and veins have been intersected and the area is expected to host mineralisation.

Drilling in these areas is focused on verifying and expanding upon the known gold and silver mineralisation within the 350 square kilometre licence area that remains relatively unexplored.

Same veining and alteration

Tempus managing director Brendan Borg said: “It’s very pleasing to see the same veining and alteration in our holes drilled to date that in the past was associated with gold and silver mineralisation at Blackdome.

“We very much look forward to receiving the assays back for these initial holes.”

Assays expected

Laboratory results of the samples cut and collected from the first five holes at the northern end of the Giant Vein are expected within the next two weeks.

Assays are expected to provide further new data for inclusion in a maiden JORC-compliant mineral resource.

Another batch of samples from the holes drilled at the Redbird and No 17 veins will be dispatched to the laboratory at the end of this week.

The company is also doing additional sampling of historical core from the project focusing on prospective zones that were not sampled previously but are expected to contain gold mineralisation.

Funding secured

Recently, the company completed a capital raising exercise of $4 million in two tranches to fund exploration projects in Ecuador and Canada.

Out of the $4 million raised, around $3 million will be spent on exploration at Blackdome-Elizabeth Gold Project.

Quick facts: Tempus Resources Ltd

Price: 0.24 AUD

Market: ASX
Market Cap: $20.74 m

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on 12/11/20

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