Tembo Gold Corp. (TEM.V) filed an updated technical report on their Tembo-property in Tanzania, where 43 diamond and 84 reverse circulation holes have been completed at the date of the report (July 31st).
As stated in earlier press releases, Tembo discovered continuous gold mineralization in a number of structures along a strike of 600m at Ngula 1. The current and future drill holes are aimed at extending the range of known mineralization and improving grade and structural correlation across drill holes, particularly targeting potentially plunging high-grade zones.
At Nyakagwe East, another mineralized zone with a strike length of over 1000m was discovered, and drilling confirmed two distinct parallel northwest-trending. Zones of artisanal workings characterize this area. Current and future drilling will focus on establishing the continuity of the structures, intersecting at progressively greater depths and along strike. Holes will be extended to depth beneath the target structures to test for additional parallel structures in the footwall.
Tembo Gold is currently conducting a 90,000m drill program at its Tanzanian project, which should result in a NI43-compliant resource estimate in the first half of 2013. Based on the current drill results we are confident the company has already reached the 1M oz-mark, and we expect them to end up at around 2-2.5M ounces in their first NI43 compliant resource estimate (if the drill program continues to be successful).
According to SEDAR-filings, Tembo had only $3.2M in working capital at the end of June 2012, so we expect the company to raise additional capital this autumn.
Disclosure: Tembo Gold Corp. is a sponsoring company. The author has also visited TemboGold’s project in Tanzania in February 2012, ad all of his costs have been reimbursed by the company. Please see our disclaimer for current positions.
