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viewTempus Resources Ltd

Tempus Resources increasing American market focus in line with leadership changes

Snapshot

The company intends to unlock value from its Mineral Creek Gold Project through the transaction with Robinhood Gold Corp.

Sprott Asset Management -

Quick facts: Tempus Resources Ltd

Price: 0.24 AUD

ASX:TMR
Market: ASX
Market Cap: $20.74 m
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Tempus Resources Ltd (ASX:TMR) (CVE:TMRR) is an exploration company established in 2018 and primarily focused on exploring and developing gold opportunities in the Americas. 

Recently, the company has continued its management transition while focus increases in the Americas, with managing director Brendan Borg notifying the board of his intention to resign.

The news comes on the back of the recruitment of Vancouver-based president Jason Bahnsen in August 2020 and two Canadian directors, Tom Peregoodoff and Tony Cina.

Chairman Alexander Molyneux said: “Under Brendan’s leadership the company moved through a number of significant milestones including the initial listing on the ASX, acquisition of our flagship gold projects in Canada and Ecuador, completion of various physical exploration programs and the listing on the TSX Venture Exchange.

“With the focus of operations now in the Americas, it makes sense to consolidate management there.

“On behalf of Tempus’ stakeholders, I would very much like to thank Brendan as a co-founding director for his substantial contributions and to wish him well in his future endeavours.”

Blackdome-Elizabeth Gold Project 

Separately, the company is waiting to receive assay results from 12 drill holes recently completed at the Elizabeth sector of the Blackdome-Elizabeth Gold Project in British Columbia, Canada, including the intervals where visible gold was observed.

The modelling process to prepare an independent mineral resource estimate for the project is ongoing and will be concluded following the receipt of remaining assays.

Tempus observed visible gold in drill hole EZ-20-06 at the project on December 16, 2020, with the hole intersecting the southwest vein from 116 metres to 121.5 metres downhole and gold was observed over about two metres of core length within the quartz vein interval.

Diamond drilling at the high-grade Elizabeth sector of the project has been completed for the 2020 field season, with a total of 12 diamond drill holes totalling 2,006 metres.

The remainder of the planned 6,000 metres of drilling will begin in the Canadian spring of 2021.

Core from the first four drill holes has been received at SGS laboratory in Burnaby, British Columbia, for analysis and assay results are expected early in the new year

Joint venture with Robinhood Gold

Tempus executed a joint venture agreement with Canadian company Robinhood Gold Corp (RGC) covering the Mineral Creek Gold Project in British Columbia, Canada on January 4.

The property consists of 42 contiguous mineral claims totalling 9,877.29 hectares. All 42 mineral claims are owned 100% by Tempus subsidiary Sona Resources and have no underlying royalties.

Mineral Creek, which is readily accessible by an extensive network of all-season logging roads has a long history of gold mining, dating back to the late 1800s where placer gold was mined from Mineral Creek and China Creek, and from several adits along the Mineral Creek Fault Zone, where gold was mined from high-grade gold-quartz veins.

Results from the most recent diamond drilling programs conducted between 2005 and 2010 include:

  • 7.20 metres at 159.03 g/t gold from 63.80 metres, including 4.50 metres at 253.6 g/t from 63.30 metres;
  • 1.65 metres at 215.55 g/t from 26 metres;
  • 4.40 metres at 75.25 g/t from 75.05 metres; and
  • 0.80 metres at 244 g/t from 42.1 metres.

Non-brokered private placement 

On December 21, Tempus closed its Canadian non-brokered private placement, issuing 4.73 million ordinary shares at an issue price of C$0.265 per share (around A$0.28 per share) for gross proceeds of C$1,253,450.

The placement was to two institutional investors, including one managed by Sprott Asset Management LP.

Proceeds from the placement will fund work at the company’s high-grade Blackdome-Elizabeth Gold Project in British Columbia, Canada.

The placement shares were issued as Canadian flow-through shares, which provide tax credits to those investors for capital to be used in qualifying mining and exploration activities.

Tempus may go public on the TSXV via an IPO or RTO, however, there are no specific plans at this stage.

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Tempus Resources welcomes start of drilling at Elizabeth gold project in Canada

Tempus Resources Ltd's (ASX:TMR) (FRA:4W0) Brendan Borg speaks to Proactive's Andrew Scott after announcing they're set to start drilling at the Elizabeth sector of the Blackdome-Elizabeth Gold Project in southwestern British Columbia, Canada, after receiving final approval. They've received a...

on 12/11/20

4 min read