Why the Tempus Resources (ASX:TMR) share price is popping 25% today

The Tempus Resources share price is going ballistic today, up 20% in late afternoon trading. What's driving interest in the ASX gold explorer?

| More on:
asx share price rise represented by man holding bunch of balloons soaring through the air

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Tempus Resources Ltd (ASX: TMR) shares are going gangbusters today after the gold and mineral exploration company released the latest assay results from its Elizabeth Gold Project in British Columbia, Canada. At the time of writing, the Tempus share price is surging 20% to 30 cents. 

What did Tempus Resources report?

The Tempus share price is on a tear after the company revealed this morning it now has the results of the first 11 drill-holes of its Phase 1 drilling program. All the diamond drill holes, for a total of 2,006 meters, were drilled in the Elizabeth sector of the Blackdome Elizabeth Gold Project. The drilling was completed from mid-November through to mid-December.

Five of the drill-holes unveiled significant intersections of more than 5 grams per tonne (5g/t) of gold. The company reported that the outstanding intersections included:

  • 5.0m at 61.3g/t gold from 116.5m, including 1.5m at 186.0g/t gold from 118.0m, and
  • 3.2m at 28.1g/t gold from 184.0m, including 0.5m at 178.0g/t gold from 184.5m

According to Tempus, these results boost the level of confidence in the company's geological model that will be used for resource estimation work over the next year.

Commenting on the positive assay results, Tempus Resources President Jason Bahnsen said:

The Phase 1 drilling results confirm the high-grade potential of Elizabeth. We look forward to continuing with the drilling program there in the Canadian spring, leading to an updated NI43-101 resource estimate thereafter.

Roughly 66% of the Phase 1 drilling program at the Elizabeth sector has yet to be completed. The company stated it plans to re-start drilling at Elizabeth and complete the Phase 1 program during the northern spring.

Tempus further advised there are still some 4,000 metres of drilling to be done. Once complete, the company plans to prepare for an updated mineral resource estimate immediately and launch a new 7,500 metres Phase 2 drilling program.

Tempus Resources share price snapshot

Tempus Resources is a microcap company with a current market capitalisation of around $20 million. The company began trading on the ASX in August 2018.

With today's intraday gains, the Tempus Resources share price is up 20% so far in 2021. By comparison, the All Ordinaries Index (ASX: XAO) is up 3% this calendar year.

Over the past 12 months, Tempus shares are up nearly 43%.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Animation of a man measuring a percentage sign, symbolising rising interest rates.
Share Market News

Here's when Westpac says the RBA will now cut interest rates

Will borrowers need to wait until the middle of next year for relief? Let's find out.

Read more »

Boys making faces and flexing.
Opinions

3 ASX 300 shares to buy and hold for the long run

I believe these stocks have loads of growth potential.

Read more »

Young girl drinking milk showing off muscles.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a great end to the trading week for ASX investors today.

Read more »

Hands reaching high for a trophy with a sunset in the background.
Record Highs

The ASX 200 Index is on its way to another all-time high today. Here's why

These blue chip stocks are driving the index towards a new record today...

Read more »

Group of friends trading stocks on their phones. symbolising the 3 most traded ASX 200 shares today
Share Market News

3 ASX mining stocks topping the most-traded list in October

Chinese stimulus news and company announcements likely contributed to the higher trading activity.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Share Gainers

3 ASX 200 stocks smashing the benchmark this week

These three ASX 200 stocks are leading the charge this week. Here’s how.

Read more »

Two people tired and resting after sports race.
Broker Notes

Fundie rates 2 ASX 200 stocks in short-term pain but with long-term gain potential

Blackwattle Investment Partners sees these 2 ASX 200 stocks as worthy of a buy and hold strategy.

Read more »

A young woman holding her phone smiles broadly and looks excited, after receiving good news.
Share Gainers

Why A2 Milk, EOS, GQG, and Mineral Resources shares are racing higher today

These shares are ending the week strongly. But why?

Read more »