Tempus Resources holds the key to potentially lucrative Gold mining investment in Canada and Ecuador
Tempus Resources (ASX:TMR | TSXV:TMRR) is a gold company hoping to strike it big in Canada and Ecuador. It’s based in Perth, Western Australia, has recently completed a TSX.V listing and has plans to complete an OTCQB listing in the coming weeks. Tempus Resources recently raised around C$7.8 million. It’s part-way through an exciting drill program at its Canadian project in British Columbia and has started making progress on initial exploration in Ecuador. For investor’s there’s a lot to like in this company’s setup and it’s got the backing of some impressive players in the gold mining industry.
Why invest in gold?
The price of gold was rocketing through 2020 as the pandemic took its grip on the world. The long-awaited news of a vaccine rollout let everyone breathe a collective sigh of relief, but the gold price subsequently slipped from its 2020 all-time-highs. That’s the nature of the commodities markets, and volatility is par for the course. Don’t be deterred. Many believe the dip in the gold price is a temporary blip and hopes are high for a bullish return in 2021.
The demand picture for gold hasn’t dissipated. In fact, the Chinese are buying it up faster than you can imagine. And some central bankers are snapping it up to reduce their exposure to ailing currencies. Q4 2020 saw a return to net buying and global official reserves grew by 44.8t during the quarter. Meanwhile, gold bar and coin demand grew 10% year-on-year in Q4, pushing annual retail investment up 3% to 896.1t.
Billionaire investor Jim Rogers remains a precious metals bull and has recently confirmed he’s in the market to buy up more gold and silver. Meanwhile, the global path to a tech revolution is creating more demand for the precious metal than ever before.
Gold has long been sought after, not just for its lustre, but because it’s so useful. It doesn’t rust, and it’s the world’s most reliable and durable conductor of electricity. It’s essential for the digital electronics we use daily, and satellite communications technologies require gold too. All of these areas are making strides into the future and gold is coming along for the ride. It’s necessary for use in green technologies, modern healthcare and our rapidly advancing digital world.
Tempus Resources is on a mission to find this marketable commodity and bring it to surface.
Exciting prospects abound
First up is its fully funded exploration program at the Blackdome-Elizabeth Gold Project in British Columbia, which has two areas of development featuring two separate mineralization styles. 11,000 metres of Phase 1 diamond drilling program is underway and results so far are excellent with high grade visible gold, multiple ounce intersections and confirmation of the kind of vein structure the team were hoping for. Tempus acquired the Blackdome-Elizabeth Project from Skeena Resources Corp. in late 2019. The project is 100% owned by Tempus Resources.
In the Elizabeth zone, an initial 6,000-metre drilling program is underway with 2,000 meters completed in December last year. The initial assay results of the Phase 1 holes completed to date are outstanding, with gold intersections assaying up to 186 g/t over good widths. Drilling at Elizabeth will get underway again in the spring with the completion of the current Phase 1 program (+4,000 meters) plus a planned 7,500 meter phase 2 program focused on infill and the identification of new high grade resources in the multiple veins identified on the property.
In 2000, SRK completed a resource estimate for the Elizabeth deposit, estimating 206,000 oz at 12.26 g/t in an inferred category. The drill program being completed by Tempus on the project is expected to significantly increase the size of the resource given the potential of the veins identified to date appear open in all directions.
Discovering new life in a past producer
The Blackdome Project is a previous producing gold mine, approximately 225,000 oz of gold at an average mill head grade of over 20 g/t was produced between the years 1986 and 1991. There are over 8 km of high grade gold veins that have been identified so far with only 5,000 meters of new drilling that was completed by Tempus in 2020. Blackdome is a high grade epithermal gold deposit that has no drilling below 200 meters depth. Tempus is planning to complete additional drilling at Blackdome in 2021 that will further define the exploration potential of the deposit.
In addition to the exploration upside at Blackdome, the project has key infrastructure items in place that provide a potential fast track to production and cash flow for the company. These key infrastructure items include a fully enclosed process plant including a 300 tpd mill used for previous production; plus a fully permitted tailings storage facility. The Blackdome mill is connected to the Elizabeth deposit by a 70km corridor roadway through the contiguous claim group covering the Blackdome Elizabeth Project.
An SRK resource estimate from 2010 shows 52,600 oz of gold at 11.29 g/t Indicated and 25,900 oz of gold at 8.79 g/t Inferred. With additional planned drilling at depth and along several of the yet undrilled veins and over 8 km of total strike length across the property, there is significant upside to the currently defined resource at Blackdome.
Advancements in exploration technology mean Tempus Resources can cover the ground with heightened accuracy than the last time the area was drilled. Tempus has already completed an Orthophoto survey in 2019 and has re-interpreted historic mag survey results. High tech work planned for 2021 includes analysis of the ore alteration using PIMA spectral analysis and other work focussed on identifying location of the bonanza zone within the Blackdome mineralized system.
There is also considerable scope for enhanced exploration of the property covering high priority targets within the 350 km2 licence area. Much of this is still comparatively unexplored.
Mineralization in Blackdome is consistent with low-sulphidation, structurally controlled, epithermal gold mineralization. That means the likelihood of a gold presence is not merely a guessing game. Initial results are heartening and confirm high grades and continuity of its prosperous vein structure. Grades of up to 28.3 g/t gold and 513 g/t silver over 0.6 metres were reported.
There are also hints of additional gold mineralisation outward bound from these high-grade veins that have never been previously drilled enhancing the thrill of the chase.
Latin America is legendary for its lost treasures, tales of gold rush bounties and a multitude of treasure hunting feats. Ecuador straddles the equator on South America’s West coast. Nowadays, the country is renowned for its oil and gas finds and less so for precious metals. But an underexplored area is all the more ripe for the picking and what Ecuador presents is a massive opportunity for great undiscovered wealth.
In the 1980’s there was a gold-mining revival in Ecuador, but this was short lived due to lack of foreign investment. The areas worth exploring appeared to be difficult to access, which hindered progress. In 2013 a new mining law encouraged foreign investment, and this led to a rush of mining majors into the country including Lundin Gold (TSX:LUG) who have discovered the 10Moz Fruta del Norte deposit in north eastern Ecuador..
Tempus Resources entered Ecuador in 2018 with the acquisition of the Rio Zarza and Valle de Tigre II properties. The Tempus properties are surrounded by Newcrest and Lundin ground including Fruta del Norte Gold Mine which is adjacent to the Rio Zarza project.
The Tempus properties in Ecuador are at an early stage but hold the potential to host major gold and/or copper porphyry deposits. Geophysics has been done on both projects with target generation being followed up with field sampling. Tempus Resources’ projects in Ecuador have the potential to bring untold riches to shareholders willing to invest in the potential find.
Tempus Resources has successfully raised a significant sum in three equity rounds split between Canada and Australia. This C$7.8 million raised is being put towards accelerating exploration at its Canadian Blackdome-Elizabeth project and furthering investment in its Ecuadorian projects.
Notable backing and significant leadership strength
Given that prolific gold investor Eric Sprott is a substantial shareholder in Tempus Resources should lend added credibility to the company. It will also entice shareholders who routinely follow Sprott’s lead in finding investment gems. There’s also no doubt Tempus Resources has some supercharged ambition at its helm.
The board is led by Alex Molyneux which has been enlarged recently with the addition of new non-executive directors. Together with the company’s management team led by Canadian based Jason Bahnsen, the Tempus team has decades of exploration and mining experience.
Non-Executive Chairman, Alexander Molyneux, is a Mining industry executive and financier with 20+ years’ industry experience. Alongside Tempus Resources, he currently serves as CEO of Galena Mining Ltd (ASX: G1A).
Gary Artmont is a senior exploration geologist who has spent over 40 years of experience in gold exploration including a period as Chief Geologist of Freeport McMoran when the Grasberg mine was being developed.
Meanwhile, Tempus Resources’ COO, Rodrigo Izurieta, is an Economist and business manager with 20+ years’ experience. He previously served as President and Board Member for the Chamber of Mines of Ecuador.
In strategizing its planned North American listings, the company is strengthening its leadership team to take it to the next stage. This will help it meet regulatory compliance in Canada and provide a recognised Canadian presence within the board room.
Jason Bahnsen was appointed as President last summer. He’s an accomplished mining engineer with over 30 years of experience in natural resources finance and operations. More recently the company appointed Tom Peregoodoff, Anthony Cina and Jonathan Shellabear as Non-Executive Directors.
Peregoodoff is an industry veteran with 30+ years of mineral industry exploration experience. Shellabear is Perth based and brings over 30 years of mining and capital markets experience. While Cina has over 30 years’ involvement in finance and is Chairman of TSX listed Itafos (TSX-V: IFOS).
Exciting news in the pipeline
Lining up its gold mineralized assets, Tempus Resources stands to transition from junior explorer to gold producer. If this happens, it could unlock fantastic value for shareholders in the process. The company has tantalising news due in the next few weeks that’s sure to excite existing and potential shareholders alike.
The notion of a hidden hoard of golden treasure is enthralling both to investors and prospectors. It keeps businesses ticking over as the potential to discover a vast fortune that can be put to use in a multitude of life-changing ways is mesmerizing and an investment worth making. For without precious metals, innovative progress cannot be made. These natural resources were put in the ground for a reason and now they’re begging to be retrieved.
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