The Tempus Resources Ltd (ASX: TMR) share price entered the stratosphere on Tuesday after coming out of a trading halt.
During market open, the exploration company's shares kicked off at 7.7 cents apiece but quickly shot up thereafter.
These shares are now up an astonishing 53.33% to 9.2 cents apiece.
Let's take a closer look at what's driving these gains today.
Tempus Resources reports 'highest grade intersections'
Investors are fighting to get a hold of the Tempus Resources share price following the company's assay results.
In its release, Tempus Resources advised it has received assay results for the first three drill holes at the Elizabeth Gold Project.
Located 200 kilometres north of Vancouver in Canada, drill holes EZ-22-01 through EZ-22-03 intersected blue vein gold mineralisation multiple times.
In particular, drill-hole EZ-22-03 had the highest grades ever recorded at Elizabeth Gold Project.
Some of the strongest assay results included:
- 523.0 grams per tonne of gold over 0.42 metres from 96.91 metres
- 32.7 grams per tonne of gold over 0.45 metres from 124.02 metres
- 7.4g grams per tonne of gold over 1.73 metres from 164.41 metres
In total, 18 drill holes have been completed so far in the program that commenced in late May.
A further 15 holes are currently pending assay results, however no timeline has been given on this.
Commenting on the results, Tempus Resources president and CEO Jason Bahnsen said:
We have a phenomenal start, with drill-hole EZ-22-03 reporting the highest-grade intersections we've ever seen at Elizabeth!
The spectacular grades are a cause for celebration given the Blue Vein was only discovered late last year but what's potentially more important is that every hole had multiple gold intersections spaced relatively close together. This indicates potential for stacked high-grade vein mineralisation within a wider Blue Vein structure.
About the Tempus Resources share price
Despite today's strong gains, the Tempus Resources share price has fallen almost 62% over the last 12 months.
The company's shares touched a near all-time low of 5.6 cents last Friday before leaping to April 2022 levels today.
Tempus Resources presides a market capitalisation of roughly $14.34 million with approximately 155.93 million shares outstanding.
