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.
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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%.
