Tembo President & CEO, David Scott, stated, “We are extremely pleased that exploration is being progressed on the properties purchased by Barrick from Tembo and eagerly anticipate the commencement of drilling once the ground truthing and target generation phase has been completed. Tembo’s Exploration Manager, Hendrik Meiring, commented “It is great to see the exploration activity on the adjoining licenses of Barrick and the Tembo activity on our PL, and look forward to a strong cooperative relationship with the Buly team.” The Buly geological team has visited the Tembo camp and core yard and reviewed some of the recent core drilling being carried out by Tembo.īarrick Gold Growth Opportunities Identified Along Structural Trends Associated with Favourable Host Lithology.The work demonstrated the high-grade potential, with results of samples of quartz veins from artisanal dumps giving values of 39.5g/t Au and 38.7g/t Au, and with numerous variable and lower grade samples as low as 1.5g/t and Planning of future activities and work programmes to generate targets for geophysical and targeted drilling programmes, and improve confidence in these, have been advanced.Detailed regolith analysis over the greenstone inlier has been completed.Geophysics surveys are to be carried out using a Tanzanian service provider.Extensive alluvium preserves near surface discovery potential, geophysics and geochemical drilling is planned to advance blind satellite opportunities.Prioritization for follow up is based on potential impact on the business.Growth opportunities have been identified along structural trends associated with favorable host lithology (See Figure 1).Inlier-wide data integration and camp scale geological model update has been completed.Community issues regarding access to the area have been resolved.The Buly exploration team have completed field validation of the licenses and preliminary reconnaissance mapping.The transaction closed on April 22, 2022, fieldwork by Buly has commenced and Buly has provided the first report of exploration activities to date. This follows the sale by Tembo of six non-core licenses to Buly through the Asset Purchase Agreement (APA) signed on December 7, 2021, between Mineral Industry Promotion and Consulting Company Limited (a Tembo Gold Corp subsidiary), Tembo Gold Corp, Bulyanhulu Gold Mine Limited, and Barrick Gold Corporation. (TSX-V: TEM FSE:T23) (“Tembo” or the “Company”) is pleased to report that Bulyanhulu Gold Mine Limited (“Buly“), a subsidiary of Barrick Gold Corporation (“Barrick”), has provided the Company with the first Quarterly Report on work carried out on the licenses which Tembo recently sold to Buly. November 10, 2022, Vancouver, British Columbia – Tembo Gold Corp.
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