The resource calculation will primarily include the three targets, Ngula 1, Nyakagwe Village and Nyakagwe East. A significant number of high grade and in some cases wide gold intercepts are available from all three targets, including 22.18g/t Au over 15.00m of 299.00m; 6.55g/t Au over 7.46m of 370.46m; 12.96g/t Au over 5.54m of 89.01m; 16.58g/t Au over 3.55m of 43.88 and 27.88g/t Au over 3.00m of 65.90m.
Recent drilling in particular has greatly improved geological understanding, providing confidence that there is the potential for a significant resource on all three targets. The Tembo project is geologically adjacent to the Bulyanhulu mine and the project boundary is within 5km of the Buly mine shaft, with the mine's host structures passing directly into the Tembo ground. A major conclusion of the recent drill program is that in addition to the immediate continuation of the Bulyanhulu Mine structural zone, numerous parallel and oblique gold-bearing structures are present at the Tembo Gold Project.
Tembo geologists use extensive historical groundwork
The company has spent a total of $28 million on exploration of the Tembo Gold property since 2011. In total, 40,000 meters of drilling have been completed. However, work had to be put on hold for several years for political reasons. Only the new opening of the country and a license transaction with neighbor Barrick made it possible to resume exploration work from the second quarter of 2022. Tembo sold to Barrick six of its non-core licenses for $6 million. At the same time, Barrick has committed to invest USD 9 million over the first four years. In addition, Tembo will receive contingent payments of up to USD 45 million for the first five million ounces discovered by Barrick.
Based on the considerable and extensive preliminary work, the company has initially focused on three targets: Ngula 1, Nyakagwe Village and Nyakagwe East. All three targets have been shown to comprise multiple (up to eight) sub-parallel shear structures hosting gold mineralization within broad shear zones up to 250m wide, interpreted as interconnected shears. The structures were found to persist along strike and dip, but gold grades and thicknesses vary due to squeezing and swelling of the gold-bearing veins.
Summary: Tembo CEO David Scott has been following the Tembo project for more than a decade. His interest was actually piqued when he was instrumental in expanding the resource at Barrick's world-class Bulyanhulu mine some 20 years ago. It was always clear to the geologist that the Tembo license area had the potential to host several high-grade ore bodies. The challenge was more one of too many targets and understanding the complex continuation of Buly trends with its many intersecting structures. A study prepared jointly with GoldSpot identified 38 targets within the current Tembo license. Now Tembo finally dares to release its first resource for the first time. This will be an important milestone for the company.
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