Tembo Gold Corp (CVE:TEM, OTCKMTS:TBGPF, FRA:T23A), a mining company in Tanzania, has made a significant new discovery at their Tembo Project.
The new artisanal working, known as Mwasabuka, is located along strike of the neighboring Bulyanhulu Mine, which is operated by Barrick Gold Corp (NYSE:GOLD, TSE:ABX). This is an entirely new location for artisanal activity and grab samples from the site have returned excellent grades averaging 11.21 g/t gold. The excavations consist of a series of vertical, hand-excavated shafts along a linear zone approximately 200m in strike. The zone being mined at Mwasabuka corresponds closely to two Priority 1 target locations identified during the Goldspot study announced on June 1, 2021 with further sampling continuing.
CEO David Scott also discusses Tanzania's improved infrastructure, new costs of drilling in relation to inflation, and attending PDAC mining conference in March.
The discovery at Mwasabuka is a promising development for Tembo Gold and the mining industry in Tanzania. It highlights the potential for further discoveries in the area and the importance of continued exploration and development in the region.
Learn more about Tembo Gold here: https://tembogold.midasletter.com
00:00 Tembo CEO David Scott
00:47 New Gold Discovery
01:31 Continuation of Barrick Structure?
02:09 Exploration Plan
02:58 Plans at other sites
03:56 Barrick Drilling
04:28 Barrick Development investment for 2023
05:02 Cost of Drilling
05:40 Tanzania Infrastructure
07:19 Other Foreign Companies in Tanzania
07:59 Tanzania Barriers to Entry
08:41 African Mining Indaba & PDAC
Tembo Gold has a 100% interest in the Tembo Gold Project which has over forty thousand meters of drilling and is located adjacent to Barrick’s 20Moz Bulyanhulu Mine in Tanzania’s prolific Lake Victoria Goldfield. Tembo recently completed a transaction with Barrick (who now owns approximately five percent of Tembo), whereby Tembo sold six of its non-core licenses to Barrick for $6mm USD, and Barrick is committed to spending $9mm USD over the first four years. Additionally, Tembo will receive contingent payments of up-to $45mm USD on the first five million ounces discovered by Barrick. The company has assembled a highly experienced team with a track record of developing, financing, and operating mining projects in Africa. Tembo is focused on the discovery and development of world-class gold projects in Africa as well as seeking additional opportunities that can bring value to the company and shareholders.
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