Vancouver, British Columbia — August 20, 2020 – Tembo Gold Corp. (TSXV: TEM) (“Tembo” or the “Company”) is pleased to announce that the Company has entered a collaboration agreement with GoldSpot Discoveries Corp (“GoldSpot”), whereby GoldSpot will apply the experience and knowledge of a multidisciplinary geoscientific team as well as artificial intelligence computing technology to interpret the Tembo and regional geological data to generate and prioritise exploration targets within Tembo’s licence area.
Highlights
- Goldspot is a Canadian-based multidisciplinary team of geoscientists and data scientists engaged in the exploration and mining industry offering interpretative and advisory services utilizing its team and computational methods incorporating multivariate analysis.
- Tembo has engaged Goldspot to reprocess and reinterpret the Tembo data together with public domain regional data as an independent expert consultant. Tembo will provide Goldspot with all historical exploration data including regolith mapping, soil geochemical results, cover-bedrock interface RAB (rotary air blast) drilling results, reverse circulation drilling results, diamond drilling results, raw airborne magnetic and radiometric geophysical data and interpretations, lidar generated DTM and orthophotography data.
- The project will process, integrate and interpret the data, applying data analytics and AI techniques, and geological knowledge to generate and prioritize targets.
- The exploration targeting deliverables resulting from the project will include high-quality maps, 2-D and 3-D interpretations and a comprehensive report.
- Regular communication and interaction with the Tembo team will ensure a collaborative approach.
- The computation technology and multidisciplinary approach offered by Goldspot is appropriate for the extensive and rich database available to Tembo through the historical work.
- Two phases of study are planned, initially the first phase will focus on the regional level of the extensive property and surrounding geological terrane, and the second phase will follow, focusing on the brownfield targets where Tembo has already returned promising results.
- As results arise Tembo will initiate follow-up fieldwork programs, primarily consisting of further detailed geological techniques including geophysics and geochemical methods, as well as drilling, where considered appropriate.
Simon Benstead, director and chief financial officer, stated: “Having spent $25-million (U.S.) on drilling campaigns between 2011 and 2014 Tembo is sitting on a treasure trove of data waiting to be interpreted. Goldspot will examine our entire database looking for trends to identify areas of potential mineralization at various depths while seeking to minimize exploration risk and mitigate exploration and drilling costs. We are excited to work with Goldspot, leveraging their state-of-the-art machine learning and AI technology to reduce capital risk as we plan our drill program.”
David Scott, president and chief executive officer, stated: “Our team is extremely excited to have secured the services of Goldspot for this next phase of our exploration of the Tembo project. The integrative multidisciplinary approach and innovative use of computer techniques promises to advance the project considerably and optimize our work programs and expenditure, fast-tracking our endeavours to drilling, targeted for Q4 2020 and 2021 with a view to a resource development thereafter.”
Denis Laviolette, executive chairman and president of Goldspot, stated: “The increase in gold price has resulted in an increased interest in high-quality explorers, Tembo Gold being one of them. We are excited to bring our team and narrative to another district size play with high-impact potential. Tembo’s gold asset is a 110-square-kilometre contiguous area adjacent to Barrick Gold’s Bulyanhulu mine the prolific Lake Victoria greenstone belt of Tanzania. Throughout the years a war chest of data has been collected and we are excited to use our expertise to unlock value in Tembo’s prolific land package.”
About Tembo Gold Corp.
Tembo is a Canadian publicly listed mineral exploration company with a 100-per-cent 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.
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
Cautionary Note Regarding Forward-Looking Statements
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. This news release contains forward-looking statements, including, without limitation, the anticipated filing date for the Required Filings. 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. Readers are cautioned not to place undue reliance on forward-looking statements.
These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include that the Company does not file its Required Filings by the anticipated date. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.
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