Tempus Resources (TMRR.V, TMR.AX) is evaluating and exploring projects in British Columbia and Ecuador. In recent months, Tempus has had a focus on the flagship Elizabeth Gold Project in British Columbia.
In 2022, Tempus did a 40 drill hole program at Elizabeth where 9,760 metres of drilling was completed. Bonanza results were found with new vein extensions.
In today’s press release, more drill hole results were reported from Elizabeth Gold. More bonanza results:
- No. 9 Vein intersections include:
- EZ-22-28 – The most northernly hole on the No. 9 vein confirming the continuity of the high-grade mineralisation along strike
- 5.2g/t gold over 6.60m from 214.10m, including:
- 35.0g/t gold over 1.63m from 216.75m;
- 5.2g/t gold over 6.60m from 214.10m, including:
- EZ-22-23 – Multiple high-grade gold zones in sheeted quartz
- 5.6g/t gold over 13.70m from 141.1m, including
- 5.4g/t gold over 0.70m from 144.00m, and
- 24.0g/t gold over 2.78m from 152.02m
- 5.6g/t gold over 13.70m from 141.1m, including
- EZ-22-35 – Upper portion of drill hole intersected the No.9 Vein
- 9.5g/t gold over 1.28m from 129.18m
- EZ-22-28 – The most northernly hole on the No. 9 vein confirming the continuity of the high-grade mineralisation along strike
- Blue Vein intersections include:
- EZ-22-35 – The lower portion of the drill hole intersected the Blue Vein
- 3.9g/t gold over 1.57m from 194.32m, including:
- 35.2g/t gold over 0.17m from 194.32m;
- 3.9g/t gold over 1.57m from 194.32m, including:
- EZ-22-36 – The lower portion of the drill hole intersected the Blue Vein
- 24.0g/t gold over 0.25m from 188.38m
- EZ-22-35 – The lower portion of the drill hole intersected the Blue Vein
- West Hanging Wall Vein – A potential new vein discovery located midway between the SW Vein and the West Vein
- EZ-22-24 – 14.3g/t gold over 1.10m from 82.90m
Tempus Resources, President and CEO, Jason Bahnsen, commented, “The final drilling results from the 2022 drilling program released today provide further evidence of the extension of the high-grade gold zone associated with the No. 9 Vein to over 250 metres and the Blue Vein to over 285 metres. In addition, we are extremely pleased to announce the potential discovery of a new vein set located midway between the SW Vein and the West Vein evidenced by drill hole EZ-22-24 that intersected high-grade gold, 14.3g/t over 1.10 metres.”
The No.9 vein was explored via an underground adit back in the early 1940’s and saw limited historic drilling in the 1980’s. During the 2022 drill program, Tempus completed 10 drill-holes targeting a potential strike extension from the historical workings to the southwest.
On 26 September 2022, Tempus announced that visible gold was observed in multiple locations over approximately two metres of the drill core. Assays for EZ-22-28 confirmed the presence of high-grade gold mineralization with an intersection of 5.2g/t gold over 6.60 metres from 214.10 metres including a subsection with “Bonanza” grades of up to 35.0g/t gold over 1.63 metres from 216.75 metres.
Drill-hole EZ-22-23, located approximately 40 metres south of EZ-22-28, returned wide zones of high-grade mineralization including 5.6g/t gold over 13.70 metres from 141.1 metres, including 5.4g/t gold over 0.70 metres from 144.00 metres, and 24.0g/t gold over 2.78 metres from 152.02 metres.
With recent results, bonanza and high-grade gold mineralization has now been demonstrated over a strike length of more than 250 metres.
With today’s press release, the high-grade mineralization zone within the Blue Zone has been extended to over 285 metres. The drill-holes intersected multiple zones of bonanza and high-grade gold mineralisation including EZ-22-35 with 3.9g/t gold over 1.57 metres from 194.32m (including a sub-section of 35.2g/t gold over 0.17 metres) and EZ-22-36 with 24.0g/t gold over 0.25 metres
Exploration excitement continues with a potential new vein set located at drill hole EZ-22-24. Assay results included 14.3g/t gold over 1.10 metres from 82.90 metres. Further delineation will be targeted in the Elizabeth 2023 drill program in May 2023.
Above are the charts of Tempus Resources on both the Canadian exchange (first chart) and the Australian exchange. You will see the volume on the Australian exchange is more consistent.
However, I would like to point out to our readers that the charts are showing some early signs that a bottoming and a potential reversal could be coming. Patterns we have notified to readers before, and which have seen major breakouts and moves.
In terms of market structure, Tempus Resources is in its range stage. All markets move in three ways: downtrend, range and an uptrend. With the stock in its range phase, it usually means one trend phase is ending. In this case, the downtrend as a range indicates that selling pressure has exhausted. A reversal could be next. But the trigger remains the breakout of the range. This means a close and break above $0.09 on the ASX chart and $0.085 on the TSX chart.
Currently, the stock is trading quite close to the lower point, or support of the range. Buyers are expected to be here to keep the price above support. I would keep a close eye on the ASX listing. The stock needs to see either a large wick candle or a substantial bodied green candle to indicate buyers are holding this support. If so, it could provide a great platform and base for a move to the upper portion of the range and then the eventual breakout.
A catalyst will be required for the breakout, but Tempus is set up for a busy 2023 with plenty of catalysts to carry the momentum after posting bonanza grades:
A potential worry for precious metal traders would be the recent action in the US dollar after hot inflation reports to kick off 2023 are shaking the markets. Money is running into the US dollar as investor’s expect more Federal Reserve interest rate hikes.
With the dollar rising, it means gold will be heading lower. In fact, gold looks to be breaking below the weekly support at $1820. A breakdown likely means another leg lower down to the $1780-$1800 zone. This would put pressure on mining stocks that are also at their make or break support zones.
