Tempus Resources moves closer to acquisition of Blackdome-Elizabeth Gold Project in British Columbia

27 September 2019

Tempus Resources Ltd is pleased to provide an update on the progression of its proposed acquisition of the advanced, high-grade Blackdome-Elizabeth Gold Project in Canada.

Tempus has appointed legal firm Gowling WLG and technical specialists SRK Consulting to assist with due diligence on the acquisition, ahead of anticipated completion by 15 November, 2019.

Tempus Managing Director Brendan Borg and Exploration Manager Kevin Piepgrass have recently completed a detailed site visit and series of meetings in Canada as part of the Company’s due diligence assessment of the Project and related infrastructure, and to introduce the Company to a variety of stakeholders. Discussions included the project vendors and staff, government officials, technical and legal consultants, and other mining companies operating the area.

Tempus Resources Blackdome-Elizabeth Gold Project in British Columbia

• Legal and technical consultants engaged to assist with due diligence on the acquisition of the high-grade, past producing gold Project located in British Columbia, Canada
• Site visit and a series of meetings undertaken by Tempus in Canada for due diligence and to introduce the Company and the pending acquisition to relevant stakeholders
• Geochemical sampling program commenced over key target areas for additional resources at both Blackdome and Elizabeth
• Due diligence includes review of on-site plant and infrastructure that recorded historic production of 225,000 ounces of gold between 1986 and 1989 (at ~20g/t)
• Planning underway for resource extension and infill drilling programs to commence upon completion of the acquisition and receipt of required approvals
• Historical Mineral Resources and Preliminary Economic Assessment (PEA) to be updated to current ASX/JORC standard upon successful completion of the transaction

Tempus Resources Blackdome-Elizabeth Gold Project in British Columbia

Tempus, in conjunction with the vendor, has recently commenced a soil sampling program across the Blackdome and Elizabeth project areas, targeting:

  • Extensions to known mineralised veins;
  • Structural targets prospective for the discovery of additional gold mineralised veins; and
  • Resampling of historical gold soil anomalies that were not drill tested.

Initial results from this program are anticipated in November.

Approval for a multi-year program at Blackdome, including drilling of known mineralised veins, not yet in the existing historical Mineral Resource, is pending with the British Columbia Ministry of Energy, Mines and Petroleum Resources. At Elizabeth, a drilling program is currently being designed to extend and infill the current historical Mineral Resources, to conduct additional drilling on known mineralised veins not yet part of the historical Mineral Resource, and to explore for new mineralised gold veins.

Tempus Resources Blackdome-Elizabeth Gold Project in British Columbia

About the Blackdome-Elizabeth Gold Project

Tempus has entered into a binding Heads of Agreement to acquire 100% of the shares in Sona Resources Corp (“Sona”), which holds the Blackdome-Elizabeth Gold Project.

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

Elizabeth Zone – Located approximately 200 km north of Vancouver and 35 km 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 mineralization at the Elizabeth Zone in analogous to that found at the Bralorne Gold Mine. An historic Inferred Mineral Resource estimate, completed by SRK (2009), reported 206,000 oz of gold at 12.26 g/t. Drilling to date has focused on shallow mineralization from two quartz veins (to approximately 200 m below surface). The nearby Bralorne Gold mine reached 2,000 m below surface along multiple quartz veins.

Blackdome Zone – Located approximately 30 km north of the Elizabeth Zone, Blakdome previously produced 225,000 oz of gold at a grade of 20 g/t. An historic NI43-101 resource estimate completed by SRK (2010) reported 52,600 oz of gold at 11.29 g/t Indicated and 25,900 oz of gold at 8.79 g/t Inferred. The Blackdome Zone mineralization is consistent with low-sulphidation, structurally controlled, epithermal gold mineralization. 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.

About Tempus Resources

Tempus Resources Limited is an exploration company, established with the purpose of exploring and developing copper and other mineral opportunities.

The Company was incorporated as an unlisted public company limited by shares on 18 April 2018 for the primary purpose of acquiring a 90% interest in Montejinni Resources Pty Ltd, which is the registered holder of EL31539 (the Montejinni Project) in the Northern Territory and EL 6153 (the Claypan Dam Project) in South Australia.

The Company intends to list on the ASX and continue the exploration and development of copper and other mineral opportunities on the Montejinni and Claypan Dam Projects.

Find out more at https://www.tempusresources.com.au

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James Hyland, MiningIR