Tempus Resources Ltd. Completes Phase 1 Sampling at Valle Del Tigre II Project in Ecuador
PERTH, February 22, 2021 - Tempus Resources Ltd. ("Tempus" or the "Company") (ASX:TMR) (TSXV:TMRR) is pleased to announce that it has completed the Phase I exploration program at its Valle de Tigre II Project located in southeastern Ecuador. Field crews at Valle del Tigre II (VdT) have successfully completed the Phase I sampling program consisting of 167 soil samples, 20 stream sediment samples and 9 rock samples (Figure 2). All samples have been sent to SGS del Ecuador, in Guayaquil, where they will be prepared before being sent to SGS del Peru for analysis.
During the sampling program, Tempus geologists identified coarse gold in streams using traditional panning methods (see figure 1) with up to 11 gold grains in one pan along with several artisanal gold workings in the sampling area (figure 2). Rock samples proximal to these gold workings contained sulphide veins with visible pyrite-chalcopyrite-bornite within altered sandstone and granitic rocks. The gold mining activities at VdT appear to be along mineralized structures which are coincident with strong conductive anomalies identified in the airborne ZTEM geophysical survey.
Figure 1: Visible gold from stream sediment panning at Valle del Tigre
Figure 2: Valle del Tigre II Sample Location Map
Tempus CEO/President Jason Bahnsen commented, "We look forward to receiving the assay results from the 198 samples in this initial program. The presence of both visible gold and copper mineralization during the field work is very encouraging and together with the geophysical anomalies suggest the potential for both gold and copper porphyry mineralization within the project area. Valle del Tigre II is situated in the heart of the Cordillera del Condor mineral belt of southeast Ecuador with the Mirador porphyry copper mine to the north and the Fruta del Norte gold project to the south."
Figure 3: Valle del Tigre II & Rio Zarza Locations
The Valle del Tigre II project is a grassroots-stage exploration project in the highly prospective Cordillera del Condor mineral belt of southeast Ecuador. The Valle del Tigre II boundary is situated approximately 2.5 km northwest of Lundin Mining's, Fruta del Norte, epithermal Au-Ag deposit (7.35 M oz Au @ 9.61 g/t Indicated Resource) and approximately 15 km southwest of the Mirador Cu-Au porphyry deposit (3.2 Mt Cu, 3.4 Moz Au, and 27.1 Moz Ag in proven and probable reserves) owned by CRCC-Tongguan Investment Co., as shown in figure 3. The property is underlain by the same sedimentary and volcanic rock sequence and lies within the same structural corridor as Fruta del Norte (FdN).
The Identification of Geophysical Targets for Valle del Tigre II
Tempus has engaged Insight Geophysics to interpret the ZTEM airborne geophysical survey data, conducted by Geotech Ltd. over the VdT property in late 2019 (news release, Dec. 16, 2019). The recent interpretation by Insight has defined strong conductive anomalies which were identified using geophysical response and parameters defined by direct FdN studies.
The entire Tempus data set was examined for FdN class targets. Definition of RZ plus two additional mineralized trends outlined on VdT are under examination for drill testing and will be reported in due course. The ZTEM trends coincide with known regional structures important to mineralization in the area. The ZTEM highlights the NNW-SSE structure bound by NE-SW structures in VdT, which is similar to the controlling structures present at Fruta del Norte.
Geotech Ltd., with contributions from Insight Geophysics and Tempus, will be presenting a case study at the Canadian Exploration Geophysical Society (KEGS) using ZTEM data from Rio Zarza which covered Fruta del Norte and the Valle del Tigre II property. The case study titled: ZTEM Natural Field EM, Magnetic and Radiometric Results over the Rio Zarza Au-Ag epithermal project Zamora Province, Ecuador, will be presented online March 18, 2021.
Tempus Exploration in Ecuador 2021
Due to the impact of COVID-19 global pandemic over the past year, the Ecuadorian Presidential elections and the recent exploration results, Tempus has placed previous strategic discussions regarding the Rio Zarza project on hold for the present time. Tempus is currently not planning to complete any drilling on the Rio Zarza Project during the 2021 year.
The Tempus exploration activities in Ecuador during 2021 will focus on the identification and development of drill targets at Valle del Tigre II to complement the drill ready Rio Zarza project.
The Company is encouraged by the potential of its Valle Del Tigre II and Rio Zarza exploration projects in Ecuador and believe these projects will generate significant value for Tempus shareholders.
This announcement has been authorised by the Board of Directors of Tempus Resources Ltd..
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Kevin Piepgrass, who is a Member of the Association of Professional Engineers and Geoscientists of the province of BC (APEGBC), which is a recognised Professional Organisation (RPO), and an employee of Tempus Resources. Mr. Piepgrass has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves, and as a Qualified Person for the purposes of NI 43-101. Mr. Piepgrass consents to the inclusion of the data in the form and context in which it appears.
For further information:
Melanie Ross - Director/Company Secretary Phone: +61 8 6188 818
About Tempus Resources Ltd
Tempus Resources Ltd. ("Tempus") is a growth orientated gold exploration company listed on ASX ("TMR") and TSX.V ("TMRR") and OTCQB ("TMRFF") stock exchanges. Tempus is actively exploring projects located in Canada and Ecuador. The flagship project for Tempus is the Blackdome-Elizabeth Project, a high-grade gold past producing project located in Southern British Columbia. Tempus is currently midway through a drill program at Blackdome-Elizabeth that will form the basis of an updated NI43-101/JORC resource estimate leading to a PEA study. The second key group of projects for Tempus are the Rio Zarza and Valle del Tigre projects located in south east Ecuador. The Rio Zarza project is located adjacent to Lundin Gold's Fruta del Norte project. The Valle del Tigre project is currently subject to a sampling program to develop anomalies identified through geophysical work.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Tempus's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein may include, but are not limited to, the continuation of drilling in the Spring of 2021, the receipt of the analysis and assay results from the lab early in 2021, the ability of Tempus to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Tempus to control or predict, that may cause Tempus' actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein and the other risks and uncertainties disclosed under the heading "Risk Factors" in the Company's listing application dated December 3, 2020 filed on SEDAR. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Tempus believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Tempus does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Tempus or persons acting on its behalf is expressly qualified in its entirety by this notice.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Tempus Resources Ltd.