On December 7, 2021, Tembo announced (See news release here) that it had entered into a binding agreement with Barrick Gold Corporation (TSE: ABX; NYSE: GOLD)(“Barrick”), Bulyanhulu Gold Mine Limited (“Buly“), a subsidiary of Barrick, agreeing to sell to Buly a 100% ownership interest in six of Tembo’s non-core prospecting licences. On April 22, 2022, Tembo announced the completion of this transaction.
The Licences sold (See Figure 1), are located in areas on which Tembo has not previously focused its exploration activities. Tembo retains its core licence on which all of Tembo’s exploration activities over the past two drilling campaigns have been conducted, and on which there remain a significant number of untested new targets, as well as the three prime targets on which the bulk of the drilling was carried out.
Figure 1: Before / After Visual