Tempus Resources Ltd (ASX:TMR, TSX-V:TMRR) is expanding its portfolio of exploration assets, acquiring the “highly prospective” Prescott copper and base metals project in Canada’s Nunavut region.
The company has entered into a conditional agreement to acquire 100% of the issued capital of Somerset Minerals which holds the Prescott Project through its local subsidiary.
Prescott consists of 48 licences covering 589 square kilometres predominantly located on Prince of Wales Island.
These licences are interpreted to host an anticlinal repetition of the same geological formation hosting American West Metals (ASX:AW1) Ltd’s Storm Copper Project.
The Prescott Project is just 100 kilometres from the Storm Project, which hosts an indicated and inferred resource of 17.5 million tonnes at 1.2% copper and 3.4 g/t silver for 205,000 tonnes of contained copper.
Prescott also includes a significant land package of a further 130 square kilometres directly along strike from the Storm Copper Project.
Interpreted anticlinal repetition of the same geological sequence hosting American West Metals, Storm Copper Project.
Tempus non-executive director Chris Hansen said, “We are excited to announce the conditional agreement to acquire 100% of the highly prospective Prescott Project in Nunavut, Canada.
“The Prescott Project covers a substantial area on both the Prince of Wales and Somerset islands, and importantly is interpreted to share the same geological sequence that hosts the nearby Storm Copper Project operated by ASX-listed American West Metals.
“This proximity and the interpreted geological continuity presents a compelling opportunity for Tempus to explore for both sediment-hosted copper deposits and Mississippi Valley Type deposits (zinc-lead) in a proven jurisdiction.
“District-scale exploration opportunities like this are becoming increasingly rare, with Tempus being one of the first movers in this emerging region.
“Exploration is scheduled to commence immediately following completion of the acquisition in June this year.”
Maiden exploration planned
Tempus expects exploration at the Prescott Project to principally target sediment-hosted copper deposits as well as Mississippi Valley-type (zinc-lead) deposits.
Sediment-hosted copper deposits are a globally significant source of copper, forming one of the two main types of copper deposits, the other being porphyry copper deposits. These types of systems present significant opportunity for a material mineral discovery.
Permitting and planning activities are already underway for the maiden exploration campaign that should commence once the acquisition is completed in June 2024.
The maiden exploration campaign will leverage off both historical and more recent discoveries in the region and will consist of an airborne gravity gradiometric (AGG) survey and geochemical sampling.
Prescott Project licence area and surrounding landholders.
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