Earlier this week, Tembo Gold Corp. (TEM.V) announced new drill results on the Ngula 1 target area to the market.
RC drill hole TRC0110 had the best intercept, intersecting 21.1 gram-meters at a depth of 195 meters. The company also intercepted 5.09g/t over 2.77 meters, and drilled a 94-centimeter intercept of approximately 19 g/t.
It’s important to emphasize all diamond drill holes have intersected mineralization, and Ngula 1 now has a strike length of in excess of 600 meters and a width of 200 meters. The current Ngula 1 drill program has intersected gold mineralization along extensions of the zones that are being exploited by artisanal miners.
Tembo stated the grade might be higher along strike or down dip, so we expect them to drill some deep holes this winter to test this hypothesis. At the nearby Bulyanhulu mine, owned by African Barrick Gold (LON:ABG), grade also improves at depth. African Barrick has found mineralization at a depth of in excess of 2000 meters, and they still haven’t found the bottom yet.
We had a meeting with David Scott, President and CEO of Tembo on Tuesday, and we asked how much money he’d need to complete a maiden NI43 compliant resource estimate. His guesstimate was approximately $18M, so we expect Tembo Gold to raise additional capital pretty soon.
You can read the full press relese here.
Disclosure: Tembo Gold Corp. is a sponsoring company. Please see our disclaimer for current positions.
