Image Sourced ShutterStock Ecuador Landscape
Market Herald logo


Be the first with the news that moves the market
  • 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.

Please see the ASX announcement for further details

TMR by the numbers
More From The Market Herald
The Market Herald Video

" Cleanaway Waste Management (ASX:CWY) to raise $400m to acquire Global Renewables

Cleanaway Waste Management (ASX:CWY) has launched $400 million capital raise program to fund its BluePrint 2030…
Titomic (ASX:TTT) - Managing Director, Herbert Koeck

" Titomic (ASX:TTT) enters key Middle Eastern markets

Titomic (ASX:TTT) signed an agreement with Repkon Foreign Trade and Marketing to become an official reseller…
Emeco (ASX:EHL) - CEO & Managing Director, Ian Testrow

" Emeco (ASX:EHL) recaps a solid FY22 performance with growth across all segments

Mining equipment solutions provider Emeco (ASX:EHL) increases revenue by 22 per cent to $754 million for…
XTEK (ASX:XTE) - CEO, Scott Basham

" XTEK’s (ASX:XTE) HighCom receives $2.7m US Government order

XTEK's (ASX:XTE) HighCom Armor Solutions business has received a $2.7 million order from a US Federal…