September 13, 2022, Toronto, Ontario – Tembo Gold Corp. (TSX-V: TEM; FSE:T23) (“Tembo” or the “Company”) is pleased to report that nearly 2,000m of diamond drilling had been completed at the Company’s Tembo Project in the Lake Victoria goldfield in Tanzania. The initial drill holes have been focused at previous good intersections at Ngula 1 and Nyakagwe Village. The first batch of samples is currently at the SGS laboratory in the nearby town of Mwanza for analysis and results are expected shortly.
- 1,983m comprising 10 drillholes were completed at Ngula 1 and Nyakagwe Village targets since drilling commenced at the beginning of June.
- At Ngula 1 a number of visual zones of shearing and mineralization were observed in the metabasalt sequence in the boreholes at this target.
- Borehole NG1DC003 intersected no less than 8 shears, all weakly to well mineralized and most notably intersected a fractured and mineralized argillite.
- A 14.85m fractured, sheared and mineralized zone was intersected between 168.47m and 283.32m in NG1DC003.
- Borehole NG1DC005 intersected four zones, and NG1DC006 seven zones, of shearing and veining with mineralization.
- A mineralized shear zone of 11.03m was intersected in NG1DC006 from 241.6m to 252.63m.
- Logging of the Nyakagwe Village diamond core is ongoing and a number of mineralized shear zones are observed.
- The drill rig has been relocated to Nyakagwe East to commence the planned programme at this target.
- Once the initial 2022 drilling plan has been completed at Nyakagwe East, the last of the three primary targets subject to this drilling campaign, and structural analysis and analytical results have been compiled and interpreted, further drill holes will target the extensions of the known mineralized zones.
2022 Diamond Drilling Programme
The 2022 drilling programme commenced at the beginning of June and progress has been good. The first three existing targets planned for this campaign are Ngula 1, Nyakagwe Village and Nyakagwe East, all three of which returned outstanding results in the earlier campaigns of 2012 and 2014. This drilling programme is attempting to replicate the existing intersections, gather detailed structural data from oriented core, and once this data has been analysed to follow the mineralized zones down and along the interpreted structural trends.
The drilling has been completed at Ngula 1 and Nyakagwe Village and the single drill rig is currently drilling at Nyakagwe East.
The Ngula 1 Target Result of Previous Drilling Campaigns
Tembo President & CEO, David Scott, stated, “The visual presentation of the core at Ngula 1 and Nyakagwe Village indicates the presence of gold mineralization and the detailed structural analysis is expected to provide the geologists with a projected target direction along which further drilling will be undertaken to establish extent and continuity. We anticipate the next phase of this programme to commence towards the end of September.”
The above information has been prepared under the supervision of John Fleming, Pr. Sci. Nat., who is designated as a “Qualified Person” with the ability and authority to verify the authenticity and validity of the data.
About Tembo Gold Corp
Tembo Gold is a Canadian public company listed on the TSX Venture Exchange (“TSX-V”) under the symbol TEM. The Company currently has 100% interest in the Tembo Gold Project which is located adjacent to African Barrick’s 20Moz Bulyanhulu Mine in the prolific Lake Victoria Greenstone belt in Tanzania. Our focus is the discovery and development of world-class 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. With approximately $13 million in the Treasury, 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
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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. 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. With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding, among other things, the ability to develop the Company’s properties, the economic climate in the jurisdictions where the Company carries on operations and commodity prices. Although the Company believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, a significant drop in the price of gold, political turmoil in Tanzania and other risk factors set forth in the Company’s continuous disclosure. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
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