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Tembo Gold’s Outstanding Drill Results

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Tembo Gold Corp (TSX-V: TEM | OTC: TBGPF) just published initial results from its 2022 drilling program on the Lake Victoria Goldfields in Tanzania, and they are pretty impressive.

The marquis result – 12.96g/t Au over 5.54m from 89.01m including 29.67g/t Au over 2.35m from 91.44m at Nyakagwe Village – demonstrates the prospectivity of the Tembo project, and shows that the geology supporting neighbouring Bulyanhulu’s gold resource trends across Tembo’s project.

This has always been the expectation of both Barrick Gold, who besides owning 5.5 percent of Tembo, is also a partner in exploration and the logical buyer of the Tembo Gold Project should exploration continue to produce good results.

Barrick’s total commitment to Tembo, in fact, totals over $60 million, considering that the first million ounces of gold in any category discovered by Barrick on the 6 concessions they bought outright from Tembo will result in a payment to Tembo.

According to the agreement, Barrick and Tembo have agreed to sliding scale contingent payments based on resource definition milestones on the acquired concessions up to a maximum total of five million ounces of resources in all categories:

  • $20/oz Au for the first million ounces
  • $10/oz Au for the second million ounces
  • $5/oz Au for ounces defined beyond the first two million ounces.

Barrick has been very vocal about their reliance on relationships such as Tembo, as disclosed in a press release on October 22nd.

“Barrick’s core strategy is one of long-term value creation and our focus remains firmly on this goal. We continue to maintain a strong balance sheet and to develop our wealth of organic growth projects. We also keep a sharp lookout for M&A opportunities, but those that could pass our strict investment filters are few and far between,” Barrick CEO Mark Bristow said in a recent press release.

More drilling is expected to continue through into 2023, with Barrick expected to begin drilling on its Tembo prospects then.

Original article: Tembo Gold’s Outstanding Drill Results

©2022 Midas Letter. All Rights Reserved.


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