- Projects located adjacent to the world-class Fruta del Norte gold project
- Ecuador is an exploration hot-spot where companies, such as BHP, Rio Tinto, Fortescue Metals Group and Solgold, build their exploration and development portfolios
Tempus Resources Ltd has entered into a binding agreement to acquire two Ecuadorian companies, Condor Gold S.A. and MiningSources S.A.
These Ecuador Companies collectively own three mineral exploration concessions, known as the Zamora Project are located in the same area as the world-class, high-grade Fruta del Norte gold project.
The Fruta del Norte prospect is considered one of the world’s most valuable gold discoveries of the last 15 years, with probable reserves of 5.02 million ounces of gold grading at 8.74 grams per tonne. Being situated nearby, the Zamora Projects will provide Tempus with the prospect of exploring high-quality gold.
Rio Zarza’s eastern boundary, where majority of exploration will take place, is 850 metres west of the Fruta del Norte deposit and shows similar geological, structural and alteration characteristics.
The 2,195-hectare concession hosting Valle del Tigre is situated to the north of Fruta del Norte and contains repeats of the sub-parallel rift faults that control the Fruta del Norte deposit.
Tempus has adjusted its management team to best support the exploration program. Tempus has appointed Rodrigo Izurieta as the CEO in Latin America. Rodrigo previously served as President and Board Member for the Chamber of Mines of Ecuador and has over 20 years of experience in the industry. The Company has also shifted its current management team between different roles.
The consideration for the 100 per cent acquisition of the Projects comprises US$100,000 cash and 3,446,205 Tempus shares to be escrowed for a period of 12 months.
Once the acquisition is complete, Tempus will commence drilling key targets at Rio Zarza’s eastern boundary within six to seven months. The exploration program at Valle del Tigre will include magnetotellurics, magnetics, gravity and ionic soil sampling, followed by stratigraphic drilling of the targets. Ground work is planned to commence after the completion of the acquisition within the next two to four months.