Vancouver, British Columbia–December 3, 2020 – Tembo Gold Corp. (TSXV: TEM) (“Tembo” or the “Company”) is pleased to announce that it has secured, under license, an additional 70km2 including 30km2 directly adjoining Barrick’s Bulyanhulu Mine. The Company’s prospecting licence holding in Tanzania’s Lake Victoria goldfield, encompassing the Tembo Project, now total 181km2.
Highlights
- Tembo Gold formerly held 38 prospecting licences covering an area of 110km2 that constituted the Tembo Project area.
- The Tembo Project area has been consolidated into 7 prospecting licenses totaling 181km2, significantly reducing the administrative burden and costs associated with licenses.
- Importantly, this increase of ~70km2 includes additional highly prospective greenstone belt extending immediately to the north from Bulyanhulu.
- The most important new area hosting favorable greenstone geology includes the immediate northern extension of the Bulyanhulu Mine greenstone stratigraphy and structure which trends to the northwest into Tembo’s new license area.
- Recently, artisanal miners have been extremely active working in the Bulyanhulu special mining license area which extends over a strike of ~1.5km in a northwesterly extension and close to the Bulyanhulu-Tembo boundary and the newly acquired license area.
- This working consists of a linear series of vertical artisanal shafts to bedrock that were active for the past five years.
- These greenstone lithologies are the host to gold mineralization encountered to date on the Tembo Project, at Bulyanhulu along strike to the southeast and in the goldfield regionally, as seen at other significant Tanzanian greenstone deposits such as Tulawaka.
David Scott, President & CEO, stated, “The addition of these new licences will allow the Company to continue and expand on the exploration conducted to date. Furthermore, it will allow us to expand our work programs aimed at discovering and developing a mine on one or more deposits. The quality of the Bulyanhulu deposits and the proximity of Tembo’s licence holding is a strong indicator of the potential of the licence area and coupled with the success already achieved in our drilling programs promises much for the future.”
Simon Benstead, Director and CFO , stated, “Our goal at the beginning of this year was to execute a series of corporate initiatives that would secure Tembo’s future and put us is in a position of strength to create value for shareholders. We consolidated our closely held capital structure and as reported in our most recent quarterly financials, we cleaned up our balance sheet by eliminating almost $2mm in debt. With the issuance of these new licenses we have secured and expanded our land tenure in one of the world’s most prolific gold regions. Our technical team has made great progress working with GoldSpot Discoveries interpreting our data and we will now be able to accelerate our full re-engagement of the Tembo project. The local geo-political backdrop has stabilized, and we are encouraged to see the long term financial and infrastructure commitments by several of our large neighbours.”
About Tembo Gold Corp.
Tembo is a Canadian publicly listed mineral exploration company with a 100% interest in the Tembo Gold Project. Tembo’s focus is the discovery and development of gold projects in Africa. The Company has assembled 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.
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.
On Behalf of the Board of Directors of Tembo:
David Scott
President & CEO
Phone: 255-767-366146
Email: dscott@lakevictoriagold.com
For more information please contact:
Simon Benstead
Director & VP Corporate Development
Phone: 604-685-9316
Email: investors@lakevictoriagold.com