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- Tempus Resources has entered a binding heads of agreement to obtain 100 per cent of shares in Sona Resources
- Sona Resources hosts the Blackdome-Elizabeth gold project in Canada
- The total agreement consists of $500,000 in cash and must be paid within three months
- Tempus is one of the big gainers today – up almost 30 per cent
Tempus Resources has entered a binding heads of agreement to obtain 100 per cent of the shares in Sona Resources, which hosts the Blackdome-Elizabeth gold project.
The agreement consists of $500,000 cash of which $50,000 is payable, and non-refundable, within seven days of the agreement.
The remaining $450,000 must be paid within three months however, discounts of up to $50,000 apply for earlier completion.
This purchase is also subject to standard conditions such as the completion of environment, technical and legal due diligence to the satisfaction of Tempus.
The project is in the prolific gold producing area of southern British Columbia in Canada and consists of two distinctly separate mineralisation styles – the Elizabeth zone and the Blackdome zone.
The Elizabeth zone is located approximately 200 kilometres north of Vancouver and 35 kilometres northeast of the past producing Bralorne gold mine.
Between 1928 and 1971 Bralorne produced 4.2 million ounces of gold with an average grade of 17.7 grams per tonne.
The gold-bearing quartz vein mineralisation at Elizabeth is similar to that found at Bralorne with a 2009 inferred mineral resource estimate reporting 206,000 ounces of gold with an average grade of 12.26 grams per tonne.
Drilling to date has focused on shallow mineralisation from two of the quartz veins which are approximately 200 metres below surface.
The Blackdome zone is located approximately 30 kilometres north of Elizabeth and has previously produced 225,000 ounces of gold averaging 20 grams per tonne.
A historic NI43-101 2010 resource estimate reported 52,600 ounces of gold, averaging 11.29 grams per tonne, indicated and 25,900 ounces of gold, averaging 8.79 grams per tonne inferred.
This mineralisation is consistent with low-sulphidiation, structurally controlled, epithermal gold mineralisation.
Its tailing facility and mill have been under care and maintenance but remain in good condition for future production.
Further drilling was conducted at the Elizabeth deposit after the declaration of the NI43-101 resource.
The most recent drilling program completed at Elizabeth consisted of 80 diamond drill holes with the aim of infilling and extending the existing resource. Visible gold was observed in several of the holes.
Significant high-grade gold intercepts from the most recent drilling at Elizabeth include 5.06 metres @ 76.5g/t gold, and 2.50 metres @ 96.3g/t gold.
The Blackdome-ELizabeth gold project is under-explored and remains highly prospective for extending the existing resource-bearing mineralisation and discovering new mineralised areas.
Tempus’ technical staff have conducted a preliminary review of the data and are encouraged by the continuity of the high-grade gold veins. These veins appear to remain open at depth and along strike.
Tempus shares are up 28.6 per cent this morning, trading for 18 cents apiece in a $5.11 million market cap.
