Tempus Resources (ASX:TMR) share price leaps 6% on new gold discovery

Some exciting news out of Tempus’ discovery update.

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The Tempus Resources Ltd (ASX: TMR) share price is higher today, currently trading up 5.56% at 19 cents each.

Tempus shares are on the move after the company announced a key drilling and exploration update on its Elizabeth Gold project in Canada.

Apparently, the company has intersected a “bonanza” gold target after completing its drilling program at the site.

Here are the details.

What was announced?

Tempus advised it had intersected a new bonanza gold discovery at its Elizabeth site via drill hole EZ-21-12.

The release notes the newly discovered gold vein, known as the “Blue Vein”, has now been extended with five additional intersections over a strike length of 380 metres.

Assays related to the Blue Vein discovery reported almost 34 grams of gold per tonne from 118 metres; 24.6 g/t gold at 0.5m from 131 metres; and 8.4 g/t gold over 0.5m from 164 metres.

This most recent drill hole marks a total of 26 holes drilled for 7,280 metres now completed at Elizabeth so far in 2021. There are still multiple assays pending on the results.

Currently, it has 12 assays awaiting results in the lab while results on the remaining 14 holes have been received in full.

The majority of drill holes have returned a positive result, with most of the holes drilled by Tempus “intersect[ing] gold vein structures” at the site.

Overall, the drilling program at the Elizabeth site is “focused on increasing the size and confidence of the historic inferred resource of around 206,39 ounces of gold”.

Tempus explains that drilling at the site is showing remarkable similarities to the “Bralorne-Pioneer mesothermal vein system, approximately 30km away”.

The Bralorne-Pioneer site was “mined to a depth of 2,000 metres and produced more than 4 million ounces over a period of more than 70 years, from 1900 to 1971”.

If there are similarities at the Elizabeth project, it appears to bode well for the Tempus share price.

Temps Resources share price snapshot

The Tempus Resources share price has struggled this year to date, having posted a loss of 22.5% since January 1.

This extends its loss over the last 12 months to 24%. Both results are well behind the benchmark S&P/ASX 200 Index (ASX: XJO)’s gain of around 21% in that time.

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The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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