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Corporate Spotlight

Tempus is an exploration company, established with the purpose of exploring and developing copper and other mineral opportunities.
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EXPLORATION POTENTIAL

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GEOCHEMICAL SURVEYS HIGHLIGHT EXPLORATION POTENTIAL AT BLACKDOME-ELIZABETH 

ASX Announcement 8 January 2020 


  • Soil sampling program consisting of 1,740 samples completed at Blackdome-Elizabeth Gold Project 
  • New prospect discovered approximately 2.5 km east-northeast of the existing Elizabeth Gold Deposit 
  • Blackdome geochemical trends identified in 2018 extended, and an additional two new trends identified 
  • New targets to be prioritised for drilling as part of the 2020 exploration programs, commencing in Q2 2020


Tempus Resources Limited (“Tempus” or “the Company”) is pleased to provide an update on exploration at its highgrade Blackdome-Elizabeth Gold Project (“BEGP” or the “Project”) in Canada. 


The objectives of the recently completed exploration program were to geochemically survey prospective terrain in the vicinity of the Blackdome and Elizabeth mines to identify potential lateral extensions to existing mineralisation and targets for new discoveries. These objectives were successfully accomplished through a 1,740 sample program collectively captured across a single grid at target locations in the vicinity of the Blackdome Mine and Elizabeth Deposit. The survey grid at Blackdome expanded on a prior 2018 program, whilst a wider-spaced reconnaissance survey grid was employed at Elizabeth, draped over a prominent SE/NW trending ridge identified as a geologically significant structure in relation to possible mineralisation there.


The survey results from both Blackdome and Elizabeth were successful in identifying statistically significant gold anomalies combined with strong correlations with known pathfinder elements.


Approximately 2.5 km from the Elizabeth Deposit, the survey identified a 400 m x 150 m east-west trending gold in soil anomaly in an area with no previously known mineral showings, including multiple samples > 0.1 g/t gold to a maximum of 0.66 g/t gold (Figure 1).


The results from the expanded grid at Blackdome were successful in extending geochemical trends identified in 2018, as well as discovering two new trends parallel to and northeast of the 2018 anomalies (Figure 2). An exceptional soil sample of 0.92 g/t gold was collected during this program, located at the far northern edge of the grid. 


Managing Director, Brendan Borg commented, “We are very encouraged by the number and tenor of new soil anomalies generated outside of the known mineralisation at Blackdome-Elizabeth. We have established promising targets to extend existing resources with upcoming drilling and potential for a completely new discovery near Elizabeth.” 


Elizabeth Results 

A distinct coincidental group of strongly anomalous gold-silver-bismuth-lead responses covers an approximate area of 400 m x 150 m, elongated in an east-west direction, and is flanked by weak to moderately anomalous soil values. The strongly anomalous multi-element results are identified as residual soils, implying that the anomaly is true and locally derived. This anomaly strongly correlates with a historically mapped porphyry intrusion (Figure 1).


Sample notes from lines along strike of this target identified the presence of feldspar porphyry-like intrusive rocks along talus slopes, which likely correlate to the Blue Creek Porphyry unit at the Elizabeth Mine that was the dominant host to gold-bearing quartz veins. Strong multielement anomalies seem to consistently occur between 1795-1820 m in elevation. The significance of the elevation constraint is not understood at this time, but may represent a favourable horizon for mineralisation. 


A prominent northeast/southwest trending valley cutting the overall southeast trend of the Shulaps Range is visible on orthophotos just upslope from the sample locations, and a line carried along trend to the southwest would transect the above identified target.


The Company considers the significant geochemical anomaly discovered in the Elizabeth survey as having prospectivity for a potential new discovery, and will prioritise further evaluation of it in the 2020 drilling and trenching program.


Figure 1 – Significant New Gold Anomaly near Elizabeth 


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INVESTOR PRESENTATION

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BLACKDOME-ELIZABETH ACQUISITION

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TEMPUS PROGRESSES BLACKDOME-ELIZABETH ACQUISITION 

ASX Announcement 11 November 2019 


  • Successful completion of due diligence on the acquisition of the high-grade, past producing Blackdome-Elizabeth Gold Project located in British Columbia, Canada 
  • Formal settlement of the acquisition expected later this week, upon completion of closing deliverables and documentation requirements 
  • Letter of Intent signed over key Mineral Claims on the Elizabeth portion of the Project, to provide flexibility in Project Development schedule 
  • Update of prior NI43-101 Mineral Resource Estimates to current JORC standard to commence immediately 
  • Planning underway for major resource infill, expansion and exploration drilling programs to commence in April, 2020, in support of the next phase of feasibility studies 


Tempus Resources Ltd (“Tempus” or “the Company”) is pleased to provide an update on its acquisition of the advanced stage, high-grade Blackdome-Elizabeth Gold Project (“BEGP” or the “Project”) in Canada. 


Legal firm Gowling WLG (Canada) LLP and technical specialists SRK Consulting have assisted with detailed due diligence on the acquisition and letter of intent, which has now been completed to the satisfaction of Tempus, and provided sufficient confidence to proceed with the transactions.


Formal settlement of the transaction is expected later this week upon completion of closing deliverables and documentation requirements. 


Managing Director, Brendan Borg commented, “We are very pleased to have successfully navigated the due diligence period for the acquisition of this exciting advanced stage high-grade Project. We now look forward to rapidly advancing the project through further feasibility studies and targeting significant extensions to the existing resource base.” 


A key item for consideration during the due diligence period was the requirements to allow transfer of the key Mineral Claims that cover the currently defined Elizabeth Deposit. These Claims had been under option by the current owner (and predecessors) since 2002, with a final court mandated requirement for completion of a Bankable Feasibity Study (“BFS”) by the end of 2020.


During the due diligence period, Tempus consulted extensively with the original claim holders to negotiate an agreement to provide flexibility around this date for completion of a BFS, and is very pleased to have reached an agreement with the following key terms:


  • Removal of requirement to complete a Bankable Feasibity Study for the Project Page | 2 
  • Tempus to issue the Claim Holders 1,000,000 TMR shares upon execution of the Definitive Agreement 
  • Completing an advance royalty payment due to be paid in cash on the Claims in the amount of CAD15,000 by December 31, 2019 (as per existing agreement) 
  • Making minimum expenditure of CAD1,000,000 on the Claims before December 31, 2020 
  • Completing a buy-out of one percentage point of the Elizabeth Net Smelter Royalty by December 31, 2020 for CAD500,000 in cash and CAD500,000 in cash or ordinary shares of Tempus, at Tempus’ option (the price of ordinary shares of the Optionee will be based on the 20-day volume weighted average price up to and including the date prior to issuance) 
  • Advance Royalty payments to increase to CAD30,000 by December 31, 2020 and to CAD60,000 for each year thereafter until commercial production begins. Any and all advance royalty payments previously made under the new agreement or previous agreements will be credited to future royalty payments on the Claims


Additionally, Mr. Thomas Illidge, one of the Elizabeth Claim holders, will be appointed as a Project Advisor to the Company. Mr. Illidge has an extensive history with, and knowledge of, the Elizabeth Project, which Tempus believes will be a significant asset as we progress our exploration and evaluation. 


The Company sees one of the key benefits of the acquisition of Blackdome-Elizabeth Gold Project to be its advanced stage nature, allowing for a potential fast-track to production strategy. However, the more flexible agreement with the original claim holders on the Elizabeth Deposit is seen as a significant de-risking of the ownership structure.


Immediate Next Steps 

Tempus will immediately initiate an update of the Mineral Resource estimate for the Project, to incorporate a significant amount of new drilling that was completed in 2010 and 2011, but not yet included in the prior Mineral Resource Estimates. Upon declaration of a Mineral Resource estimate compliant with the JORC Code, the Company will then commence a new pre-feasibility study for the Project.


Concurrently, planning is continuing for a significant new phase of resource infill, expansion and exploration drilling, expected to commence in the second quarter of 2020, as weather conditions allow and all relevant permitting and consultation processes have been completed. These new phases of drilling will be complimented by additional project studies to support the completion of a pre-feasibility study, expected in Q4, 2020.


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MONTEJINNI

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The Montejinni Project, located near Top Springs in the Northern Territory has abundant anecdotal and physical evidence of copper rich float within the tenement location. Historical data has been collated and reviewed from previous site work undertaken between 1968 and 1997 by Renison Goldfields, Stockdale, Tipperary Land Corporation and Metals Exploration. The data has a directly northwest trending and likely structurally controlled 20 kilometre long geochemical copper anomaly which appears to be associated with a magnetic trend.

Amalgamation of the data has produced a new exploration target with potential for a significant high grade poly metallic (copper & zinc) deposit. Due to the number and age of the various sources, many features are not available that would enable verification and validation of the historical data and therefore a systematic, modern exploration approach is required to locate and define the prospective portion of the historic copper‐zinc anomaly.

High grade copper samples have been taken from costeans within the Montejinni Project area, including results of 21.7%, 11.5% and 10.2%. Copper occurrences are observed at the contact between the Montejinni limestone and the Kalkarindji volcanic suite but little systematic exploration has been carried out to determine whether mineralisation persists along this contact or has been sourced from volcanic vents or similar feeder zones. Such feeder zones would also be prospective for nickel – PGE (platinum group element) mineralisation.

Tempus intends to systematically explore the Montejinni Project using ground gravity and surface geochemical surveys to delineate targets for drilling.


WWW.TEMPUSRESOURCES.COM.AU

BOARD

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ALEXANDER MOLYNEUX

Executive Chairman | BEcon

Mr Molyneux is an experienced mining industry executive.  He is Co-Founder and Chairing Member of Azarga Resources Group (2012 – present).  Mr Molyneux currently serves as Non-Executive Chairman of Azarga Metals Group (2012 – present) and Non-Executive Chairman of Argosy Minerals Ltd (ASX: AGY) (2016 – present).  He was previously Executive Chairman of Azarga Uranium Corp (TSX: AZZ) and its predecessor companies (2012 – 2015), Non-Executive Director of Goldrock Mines Corp (TSX-V:GRM) (2012 – 2016) and CEO of SouthGobi Resources Limited (Ivanhoe Mines Group) (TSX:SGQ / HKEX:1878 (2009 – 2012).  Prior to joining SouthGobi, Mr Molyneux was Managing Director, Head of Metals and Mining Investment Banking, Asia Pacific, with Citigroup.  In his position as a specialist resources investment banker he spent approximately 10 years providing advice and investment banking services to natural resources corporations.


BRENDAN BORG

Non-Executive Director | BSc, MSc, MAusIMM

Mr. Borg is a highly respected consultant geologist who has specialised in the “battery materials” sector including lithium, graphite and cobalt mineralisation, participating in numerous successful projects, in an investment and/or operational capacity. Mr. Borg has 20 years’ experience gained working in management, operational and project development roles in the Exploration and Mining industries, with companies including Rio Tinto Iron Ore, Magnis Resources Limited, IronClad Mining Limited, Lithex Resources Limited and Sibelco Australia Limited. Brendan is currently the Managing Director of Celsius Resources Ltd (ASX: CLA).  He is also a Director of geological consultancy Borg Geoscience Pty Ltd.


MELANIE ROSS

Non-Executive Director & Company Secretary | CA, AGIA ACIS

Ms Ross is an accounting and corporate governance professional with over 18 years’ experience in financial accounting and analysis, audit, business and corporate advisory services in public practice, commerce and state government.  She has a Bachelor of Commerce and is a member of the Institute of Chartered Accountants in Australia and New Zealand and an associate member of the Governance Institute of Australia.  Ms Ross is currently a Director of a corporate advisory company based in Perth that provides corporate and other advisory services to public listed companies.  She is the Company Secretary for Celsius Resources Ltd (ASX: CLA), Great Boulder Resources Ltd (ASX: GBR) and Antilles Oil and Gas NL (ASX: AVD).

WWW.TEMPUSRESOURCES.COM.AU

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