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Tempus Resources Ltd (ASX: TMR) (TSXV: TMRR) (“Tempus”) is pleased to announce that it has executed a Property OptionJoint Venture agreement with respect to the Company’s Mineral Creek Gold Project, located in British Columbia, Canada.
The key terms of the agreement, with Canadian company Robinhood Gold Corp (“RGC”) are:
RGC to earn an initial 75% interest in the Mineral Creek Gold Property by completing the following work commitment and consideration payments:
Complete minimum expenditure on the Property of C$100,000 by December 31, 2021;
Complete total cumulative property expenditures of C$500,000 by December 31, 2022; and,
Complete total cumulative property expenditures of C$2,000,000 by December 31, 2023.
If RGC completes and initial Public Offering (IPO) then RGC will pay Tempus C$100,000 in fully paid common shares of RGC at the IPO issue price; OR
If RGC does not complete an IPO but becomes listed on any stock exchange via any transaction then RGC will pay Tempus $30,000 of fully paid common shares of RGC at a price equivalent the valuation implied by a concurrent equity raise or as agreed between the parties.
Tempus retains a 1% Net Smelter Royalty on the Mineral Creek Property.
RGC will be the operator of the Mineral Creek Property and will be responsible for all costs associated with maintaining the mineral claims in good standing, with Tempus having no obligation to contribute to project expenditures during the term of the Option/Joint Venture Agreement.
Following completion of the Option, the parties will establish a joint venture and contribute to project expenditures on an equity basis (after C$2,000,000 minimum expenditure by RGC).
RGC has the right to acquire an additional 5% of the Mineral Creek Property by paying Tempus C$1,000,000 at any time during the Option/Joint Venture Agreement period.
Agreement is subject to a 30 day due diligence period and is subject to ASX and/or TSX.V exchange approval as required.
Managing Director, Brendan Borg commented: “The Mineral Creek Gold Project was acquired along with our flagship Blackdome-Elizabeth Gold Project in late 2019. We welcome this opportunity to unlock value from the Project through this transaction with Robinhood, and look forward to seeing the story develop as exploration proceeds.”
About the Mineral Creek Gold Project
The Mineral Creek Gold Property is located on Vancouver Island, British Columbia, approximately 10 kilometres east of the town of Port Alberni (Figure 1), and was acquired by Tempus together with the Blackdome-Elizabeth Gold Project last year. The Property consists of 42 contiguous mineral claims totalling 9,877.29 hectares. All 42 mineral claims are owned 100% by Tempus subsidiary Sona Resources, and have no underlying royalties. The Property is readily accessible by an extensive network of all-season logging roads.
Mineral Creek has a long history of gold mining, dating back to the late 1800’s where placer gold was mined from Mineral Creek and China Creek, and from several adits along the Mineral Creek Fault Zone, where gold was mined from high-grade gold-quartz veins.
Results from the most recent diamond drilling programs (2005-2010) include:
- 7.20 m @ 159.03 g/t gold, from 63.80 m (BTT-L54), Including 4.50 m @ 253.6 g/t gold from 64.30 m
- 1.65 m @ 215.55 g/t gold, from 26.00 m (BTT-L58)
- 4.40 m @ 75.25 g/t gold, from 75.05 m (MC2009-E57)
- 0.80 m @ 244.00 g/t gold, from 42.10 m (BTT-1053)
- 5.30 m @ 34.12 g/t gold, from 71.50 m (BTT-1058)
- 1.10 m @ 152.66 g/t gold, from 21.30 m (BTT-L14)
- 2.70 m @ 45.48 g/t gold, from 13.50 m (BTT-L3)
- 0.90 m @ 130.97 g/t gold, from 14.60 m (BTT-L43)
- 1.80 m @ 61.57 g/t gold, from 24.50 m (BTT-L56)
- 2.95 m @ 26.30 g/t gold, from 31.40 m and
1.65 m @ 15.34 g/t gold, from 82.45 m (MC2009-E53) - 1.00 m @ 74.50 g/t gold, from 82.40 m (BTT-1059)
- 5.30 m @ 13.08 g/t gold, from 92.00 m (MC2009-E39)
- 2.30 m @ 29.18 g/t gold, from 87.90 m (MC2009-E60)
- 2.70 m @ 22.66 g/t gold, from 15.40 m (BTT-L10)
- 3.60 m @ 14.33 g/t gold, from 98.80 m (MC2009-E06)
- 0.90 m @ 54.77 g/t gold, from 38.90 m (BTT-L17)
- 0.70 m @ 71.51 g/t gold, from 14.80 m (BTT-L2)
- 7.05 m @ 5.82 g/t gold, from 54.25 m (BTT-1052)
- 2.80 m @ 14.44 g/t gold, from 38.40 m (BTT-L25)
- 1.40 m @ 20.05 g/t gold, from 72.90 m (BTT-1052)
For further information on the historical work at Mineral Creek, refer to the ASX announcement of 20 April, 2020.
Figure 1 – Mineral Creek Property Prospect Map
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7585/71276_3b67f713849a49f3_001full.jpg
This announcement has been authorised by the Board of Directors of Tempus Resources Limited.
For further information:
TEMPUS RESOURCES LTD
Melanie Ross – Director/Company Secretary Phone: +61 8 6188 8181
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Kevin Piepgrass, who is a Member of the Association of Professional Engineers and Geoscientists of the province of BC (APEGBC), which is a recognised Professional Organisation (RPO), and an employee of Tempus Resources. Mr. Piepgrass has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves, and as a Qualified Person for the purposes of NI43-101. Mr. Piepgrass consents to the inclusion of the data in the form and context in which it appears.
Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Tempus’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as ”plans”, ”expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, ”anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, ”will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include, but are not limited to, the successful completion of the 30 day due diligence period relating to the agreement , the ability of Tempus to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Tempus to control or predict, that may cause Tempus’ actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Tempus believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Tempus does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Tempus or persons acting on its behalf is expressly qualified in its entirety by this notice.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71276