Tempus Resources Ltd (ASX:TMR) (CVE:TMRR) is trading higher on receiving strong assays of up to 186 g/t gold from the first 11 drill holes completed as part of phase-I drilling on the Elizabeth sector of Blackdome Elizabeth Gold Project in Canada.
A total of 2,006 metres was completed as part of the total 6,000-metre program from mid-November to mid-December 2020.
The primary focus of the initial drilling was infill and down-dip extension at the southern portion of the southwest vein and a single drill-hole testing the extension of the west and main veins.
“High-grade potential”
President Jason Bahnsen said: “The phase-I drilling results confirm the high-grade potential of Elizabeth.
“We look forward to continuing with the drilling program there in the Canadian spring, leading to an updated NI43-101 resource estimate thereafter.”
Results include:
- 5 metres at 61.3 g/t gold from 116.5 metres, including 1.5 metres at 186 g/t gold from 118 metres; and
- 3.2 metres at 28.1 g/t from 184 metres, including 0.5 metres at 178 g/t from 184.5 metres.
Shares have been as much as 27.3% higher to A$0.305.
Looking ahead
Around 4,000 metres of drilling remains in the phase-I drilling program and Tempus expects to re-start drilling in the Canadian spring.
Given the early success of the Phase 1 drilling program, it will be immediately followed by:
- Preparation of an updated NI 43-101 mineral resource estimate; and
- An additional 7,500-metre phase-II program focused on the delineation of additional resources at the Southwest, Main and West Veins as well as untested soil geochemistry targets identified in previous years.
Tempus is very encouraged by the first tranche, phase-I results at the Elizabeth Project, with the results increasing the confidence level of the geological model that will be utilised for resource estimation work over the coming year.