Australian-based 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.
Today, Tempus Resources announced the completion of the first phase rock sampling program at the Elizabeth gold project located in Southern BC. The recent drilling program at Elizabeth has focused on a small area of intrusive hosted quartz veins with an area of approximately 110 hectares.
In 2021, Tempus completed a 735 line-km airborne magnetics and radiometric survey over the entire Elizabeth Project license area. The geophysical surveys identified the Blue Creek Porphyry, which is the known host of the high-grade Elizabeth gold-quartz veins. The geology is similar to that of the Bralorne mineralization, which is a well explored mesothermal vein system, which was mined to a depth of approximately 2,000 metres and produced more than 4 million ounces of gold over a period of 70 years.
In total, 90 rock samples have been collected across target areas.
Fourteen rock samples taken from an area to the north west of the Elizabeth Main zone. Three historical drill holes (E04-01, E04-03 and E04-05) indicated presence of a gold-mineralized vein structure on this area.
Tempus took 55 rock samples across the Elizabeth East anomaly area. The 2019 soil geochemistry survey identified a 400m x 150m east-west trending gold in soil anomaly in an area with no previously known mineral showings.
A total of four samples were collected from the Elizabeth South area which indicated the presence of dioritic intrusive rocks.
In terms of the updated JORC/NI43-101 resource estimate for the Elizabeth and Blackdome Projects:
- Work is continuing on the completion on the updated JORC/NI43-101 Resource estimate for the Elizabeth and Blackdome Gold Projects
- Complexity of the mineralisation associated with the No. 9 and Blue Veins requires additional study work to complete the resource estimate
- SRK Canada have been appointed to complete a structural mapping study at Elizabeth and Blackdome scheduled for early August
- Following completion of the structural mapping study, SRK will complete the updated JORC/NI43-101 resource estimate for both Elizabeth and Blackdome Projects
A planned 4,000 metre drill program at Elizabeth has been put on hold until after the resource estimates have been completed.
Tempus Resources, President and CEO, Jason Bahnsen, commented, “We have taken 90 rock samples in three key target areas within an overall area of 20 km2. This sampling program has the potential to significantly increase the overall footprint of the gold mineralisation at the Elizabeth Project and follows up on the 2021 airborne geophysics survey targets that identified magnetic lows associated with intrusive bodies prospective to host gold mineralisation.”
The stock has broken down below major support at $0.04. And the stock has printed new all time record lows at $0.025. The stock has developed a range here with the upside resistance being $0.03. A break of this range would take us back to retest the broken support now turned resistance at $0.04. A close back above this zone would be key for a reversal. The resource estimate could be the upcoming catalyst for the recovery.
