|By Marketwired .||
|December 19, 2013 02:00 AM EST||
TORONTO, ONTARIO -- (Marketwired) -- 12/19/13 -- Tembo Gold Corp. (TSX VENTURE: TEM)(FRANKFURT: T23) ("Tembo" or the "Company") is pleased to report that, following the successful first closing in the amount of $5.95M of the recent Private Placement, the Company has recommenced drilling on the Tembo Property in the Lake Victoria goldfield of Tanzania. With one diamond drill currently operating, drilling will initially be focused on the Ngula 1 target to follow-up on the high grade intersections obtained during the earlier 2012 diamond drilling campaign, specifically the deepest intersection obtained to date (TDD0041). It is anticipated that an additional diamond drill rig will be mobilized during early Q1 2014.
Highlights of the intersections obtained to date at Ngula 1 (previously reported) include:
-- TDD0004: 3.13 g/t Au over 25.89m including 8.87 g/t Au over 3.89m; -- TDD0005: 10.76 g/t Au over 4.00m, including 93.3 g/t Au over 0.38m; -- TDD0041: 22.81g/t Au over 15.00m from 299.00m including 34.78g/t Au over 9.70m from 302.30m, including 205 g/t gold over 1 meter -- TDD0054: 8.17g/t over 11.05m from 116.95m. -- TDD0146: 10.70g/t Au over 1.00m from 308m -- TRC0001: 38.20g/t Au over 1.00m from 85m -- TRC0003: 25.57g/t Au over 3.00m from 54m, and 5.28g/t Au over 4.00m from 72m -- TRC0008: 3.75g/t Au over 6.00m from 35m -- TRC0013: 17.23g/t Au over 4.00m from 19.00m, including 48.8g/t Au over 1.00m, and 13.00g/t Au over 1.00m from 104m; -- TRC0014: 19.80g/t Au over 1.00m from 114.00m and 10.00g/t over 1.00m from 122.00m
David Scott President & CEO stated, "It is gratifying that both the existing and new shareholders (primarily the Investor Group) of the Company have recognized the potential of the Tembo project which led to the recent Private Placement. I am currently on site and very pleased to report that drilling commenced on Monday this week on the extension of TDD0041. The drill hole deepening is targeting the potential depth extensions to north dipping shear structures that hosted the mineralization in TDD0004. Follow-up drilling at the Ngula 1 target has been recognized as our first priority target of the initial seven targets identified within the Tembo property and the results from TDD0041 (22.81g/t Au over 15.00m from 299.00m including 34.78g/t Au over 9.70m from 302.30m (as previously reported), support this. The TDD0041 intersection is the deepest obtained to date (approximately 250m below surface) which gives confidence that the mineralizing system continues (and may well improve) at depth. Thus this initial drilling program will focus on further testing of the Ngula 1 target at depth and thereby improve our understanding of the structural controls on the mineralization. It is anticipated that exploration activities will be ramped-up in 2014 to allow for closer spaced drilling at Ngula 1 (depending on results) and to further explore the other six priority targets on the Tembo property."
Commenting on the recommencement of drilling Stratex (AIM: STI) CEO Bob Foster said, "Stratex is very pleased to see drilling recommencing so quickly following our investment in Tembo. Tembo has built on extensive historic work and artisanal activity with encouraging results from over 35,000 metres of drilling on half a dozen targets, however, it has yet to report a resource. We see Tembo as a "tipping point" opportunity, where tightly focused exploration, primarily drilling, will hopefully take us to that next level."
The Ngula 1 Target
The Ngula 1 target consists of a 600m long, 150-200m wide corridor of massive and locally intensely sheared mafic meta-volcanic rocks and thin intercalated meta-sedimentary units. This package contains numerous intensely deformed, veined and altered shear structures that typically have elevated gold values. A single section through the package may host as many as 5-10 such structures ranging in width from less than one metre to several tens of metres and dipping steeply to the north. Zones of intersection and convergence of the structures are considered to be the favoured location for wider zones of mineralization and higher grades. Gold mineralization is closely associated with quartz veining, alteration and disseminated sulphides, which comprise mostly pyrrhotite with lesser pyrite and chalcopyrite. The stronger and more sulphide rich structures (pyrrhotite) are interpreted to correspond closely to lineaments that are evident in the structural interpretation of magnetic imagery.
Drill Program at Ngula 1
The initial Tembo (Phase 1) drill program at Ngula 1 consisted of alternating 100m-spaced diamond and reverse circulation drill hole sections drilled from the south targeting the zones at vertical depths of approximately -50m, -100m, -150 and -200m, and 100m-spaced diamond hole drill sections drilled from the north to similar depths. Recent deeper drilling (TDD0041) intersected a wide zone of high-grade gold mineralization at a vertical depth of approximately 250m - 15.00 m @ 22.81 g/t Au. Comparison with the nearby Bulyanhulu Mine suggests that deeper drilling may return more consistent and laterally extensive good results such as achieved in TDD0041. Consequently the initial objective is to deepen TDD0041, which was terminated prematurely as a result of the 2012 end-of-year-break). Thereafter, TDD0043 (E:436750, S:9647495) will then be collared to test the down-plunge continuation of the mineralization intersected in TDD0041.
The results from the above drilling will then be reviewed, together with a major on-site project analysis, in early January, 2014, to determine the subsequent programme, which will be accelerated by the mobilization of at least one more drill rig to site.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/918716FIG1.pdf
A stringent QA/QC practice is being applied to all sample batches. A Verified Reference Material standard is inserted every 20th sample, a known blank or blank standard every 20th sample and all samples with assays greater than 0.5 g/t Au are re-assayed. 1% of all samples are submitted to an alternative laboratory for check analysis. In addition the laboratory adheres to an internal QA/QC procedure including standard samples and repeats and blanks inserted independently.
The above information has been prepared under the supervision of David Scott, Pr. Sci. Nat., who is designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the data.
About Tembo Gold Corp.
Tembo Gold Corp. is a Canadian publicly listed mineral exploration company focused on the exploration and development of gold projects in Tanzania and the rest of Africa. The Company currently has 100% interest in the Tembo Gold Project that is located adjacent to African Barrick's 14Moz Bulyanhulu Mine in the prolific Lake Victoria Greenstone belt in Tanzania. The company is led by a highly experienced team with a proven history of developing, financing, and operating mining projects in Africa. The Company's exploration strategy is to discover mineral resources as well as continue to look for additional opportunities that can bring value to the Company and shareholders.
On Behalf of the Board of Directors of Tembo,
David Scott, President & CEO
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of the results of the gold deportment studies conducted by SGS, including, without limitation, expected CIL recoveries and the expectation of high recoveries based on the preliminary gold deportment results, Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding, among other things, the ability to develop the Company's Tembo project, the economic climate in the jurisdictions where the Company carries on operations at its Tembo project and commodity prices. Although the Company believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, a significant drop in the price of gold, political turmoil in Tanzania and other risk factors set forth in the Company's continuous disclosure. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.