The Tempus Resources Ltd (ASX: TMR) share price has soared into the green in afternoon trading.
Today's gain comes as Tempus released an update on its Elizabeth gold project, located in Canada.
Let's walk through what the announcement entails.
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Quick recap on Tempus Resources
Tempus Resources is in the minerals exploration business and has expertise in developing minerals such as gold and copper.
The company has several projects focused on these minerals dotted across Ecuador, Canada and Australia.
At the time of writing, Tempus has a market capitalisation of around $22 million.
What did Tempus announce?
Tempus has provided readouts from its "first-ever high resolution airborne magnetic and radiometric geophysical surveys" that were completed at Elizabeth.
The company describes its Elizabeth gold project as a "relatively under-explored high-grade mesothermal gold system".
Tempus states the geological characteristics at this site show similarities to a neighbouring system, which was "mined to a depth of approximately 2,000 metres" and produced a mammoth 4 million ounces "over 50 years".
The surveys identified the potential for "a much larger scale gold system" at the site, which equates to an increased "footprint and depth extensions of potential gold mineralisation".
In addition, the surveys found "two additional anomalies" that show "strong continuity" at a reasonable depth.
Speaking on the readouts, Tempus CEO Jason Bahnsen mentioned:
The results of the geophysical surveys show that the intrusive system that hosts the gold veins at Elizabeth is much larger and extends much deeper than previously thought. There are also two additional large-scale anomalies within the project licence. The results highlight the potential for Elizabeth to complement its high-grade nature with very large scale.
Investors have continued buying the company's shares this afternoon, pushing the Tempus Resources share price 16% higher on the day.
Tempus Resources shares are now exchanging hands at 21.5 cents apiece, just off their intraday high of 22 cents.
Tempus Resources share price snapshot
The Tempus Resources share price has posted a loss of 82% since January 1, extending the previous 12 month's loss of 33%.
These returns have lagged the S&P/ASX 200 index (ASX: XJO)'s return of around 23% over the past year.
Despite these returns, Tempus shares have climbed 28% into the green over the last month and more than 15% into the green over just the past week.
