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.

Bonanza results were announced in February 2023 which has increased interest in the company. Results include:

• 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;
  • 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
  • EZ-22-35 – Upper portion of drill hole intersected the No.9 Vein
    • 9.5g/t gold over 1.28m from 129.18m
• 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;
  • EZ-22-36 – The lower portion of the drill hole intersected the Blue Vein
    • 24.0g/t gold over 0.25m from 188.38m
• 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 stock has been in a range since July 2022. 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 would require a break and close above $0.085.

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.

And we have evidence that there indeed is strong buying here. On April 5th 2023, a large engulfing candle printed right at the major support zone. This could be the beginnings of a rally up to the top portion of the range and potentially, a break above $0.085.

Potential catalysts for Tempus Resources this year are:

The move in gold should also be watched.

Gold did have a major rally last week and even closed above $2000. At time of writing, and to kick off the week, the US dollar is gaining a bid which is putting pressure on gold. We are back below $2000, but the uptrend remains intact as long as we hold the $1940 zone. Higher gold prices would see gold stocks at major support bounce.