Tempus Resources (TMRR.V) drops assays and a lithium bomb

A few days ago, I wrote a long floral article about the value of waiting. Of having faith. Of not looking at the daily share price and just sitting for a bit, even as others abscond, having given in to weak hands.

I even pulled an old Guiness ad out of cotton wool that illustrated the point.

I’ve got to tell you, there’s nothing better than having told people to be patient, and two days later the company lays out exactly how that patience is to be rewarded.

Because that’s what happened; after months of shhh, Tempus Resources (TMRR.V) came to life.

The stock didn’t budge much, but a soft stirring is how I’d describe the trading of the last few days as assay results dropped on one side, and a whole new venture was announced on the other, and a 43-101 looms.

Here’s a simplified rundown of what’s going on with Tempus and their gold-mining efforts at the Elizabeth Project:

Recent Tests: Tempus Resources did some rock sampling at the Elizabeth site in July. That wasn’t news, but the test results show there’s more gold in the area than previously thought.
New Zones with Gold: They found two new areas – Elizabeth East and Elizabeth Northwest, where there seems to be good potential for more gold, and the assays found some high-grade gold samples in Elizabeth East.
Upcoming Drilling: The company plans to do more drilling in these new areas to better understand and hopefully expand the gold findings there, and Tempus is also working on updating their official resource estimate for Elizabeth, with the new numbers expected in October.
- Intense focus: The Elizabeth project covers a big chunk of land, but the recent focus has been on a small portion with some promising gold veins.
- Geological Mapping: They did a detailed study of the land to understand where gold might be, and confirmed some of their theories with the rock samples they collected.
- Past Findings: Some historic drill holes also showed signs of gold, backing up their new findings.
Bottom Line: Tempus’s recent work hints at more gold being present at Elizabeth than initially known, and they’re planning more work to dig into these promising areas, which is exactly the kind of news you’d want to see on the Australia/Canada duel listing.

That’s all good, we like that.

But on the same day, Tempus announced a foray into lithium.

Agreement Details:
- Tempus Resources Ltd. has secured an agreement giving it the option to fully own Aurora Lithium, a private company with claims on certain mineral resources, notably in the Cormorant pegmatite field and White Rabbit lithium prospect in central Manitoba.
Location Significance:
- These projects are situated in a new lithium district within central Manitoba, along the Flin Flon-Snow Lake greenstone belt, a mineral-rich area stretching over 250 kilometers.
- The region is garnering recent attention as a lithium belt, with several other companies, like Leeuwin Metals, also setting up projects here.
Company’s Outlook:
- Tempus sees this as a chance to diversify its assets and step into the energy metals sector which might be a nice pivot as gold lingers.
- The promising geological setting and nearby high-grade lithium projects, along with good infrastructure, provide an optimistic outlook for exploration.
- Both Cormorant and White Rabbit projects are in a well-connected area, serviced by road and rail, with power resources nearby, which makes development far less expensive and drawn out.
White Rabbit Project:
- Spread over 70 square km, located near significant infrastructure, awaiting claim approval from Manitoba Economic Development and Trade as of July 2023.
- It’s close to another promising lithium project by Leeuwin Metals, hinting at a favorable lithium-rich geological setting.
- The region showcases ideal conditions for lithium-bearing pegmatites (rock formations), making it a primary target for lithium exploration.
Cormorant Project:
- Covering about 187 square km, again well-connected to infrastructure, with claim approval in process.
- Historically explored for base metals but showcases geological features conducive for lithium, evidenced by historic drilling campaigns revealing significant pegmatite mineralization.
- Tempus has acquired drill logs from past exploration which indicate presence of pegmatite, a rock type often associated with lithium.
Historic Drilling Insights:
- Past exploration mainly targeted base metals, overlooking the lithium potential, which happened a lot in the days before lithium ion batteries. However, the structural trends and geological settings hint at a rich lithium prospect.
- Tempus plans to explore both lithium projects alongside its ongoing gold project, which could unfold more mineralization potential and diversify its portfolio.

CEO’s Statement:
- Jason Bahnsen sees this venture as a diversification into the energy metals sector with good infrastructure and year-round accessibility support simultaneous exploration with other projects. I think he’s right on point.

Due Diligence:

- Tempus has until October 30, 2023, to complete the due diligence process.
- Tempus geologists conducted an on-site inspection from September 10 to 15, examining core samples and initiating a permit request for assay sections.
- Analysis of historic drilling and other exploration data, with requests to the Manitoba Geological Survey (MGS) for permission to sample stored core.
- Three rock samples from the White Rabbit project were collected for assay.
Royalty Clause:
- A 2% gross revenue royalty on all recovered minerals, with a buyback option for Tempus.

Say what you will about whether you’d hoped Tempus might have moved quicker to get to this point, but they’ve got to this point. The Australian markets love a lithium play, so that’s a nice add-on for this crowd, and it gives the company some cross sector exposure to off-set any delays in gold investors putting their hands back in their pockets..

Tempus is a CAD 4.9 million company, so at a $0.02 stock price, any upward action is a significant percentage shift. Since we talked about it last, it’s shifted up from the $0.015-$0.02 range to $0.025 so, considering there may be some long timers seeing a chance to offload some of their stake into the good news, the fact that there’s any upward movement at all is a good sign.

To be clear, this won’t pop to $0.10 in the short term. Companies that have been largely static for some months usually take a while for their tires to catch the blacktop when things do shift, but you’ve got to like that Jason Bahnsen isn’t sitting on his haunches like most of the gold space, waiting for things to happen. Going after a lithium play warms the stove a little and shows casuals that he’s serious.

And if you think he’s done, there’s a 43-101 coming some time in October.

I like it. And that desrves another Guiness ad.

“Dont worry, I say. You’ll never lose.”