Tempus Resources Ltd (ASX:TMR, TSX-V:TMRR) has successfully completed its acquisition of the “highly prospective” Prescott copper and base metals project in Nunavut, Canada, with exploration activities already commenced.
A large airborne geophysical survey is now underway and due for completion in mid-July, the preliminary data from which will be used to guide a detailed geochemical mapping program that’s on track to begin in early-August.
The Prescott Project area stretches over 240 kilometres of apparent strike with excellent potential to host a sedimentary-hosted copper deposit or Mississippi Valley-type deposit (zinc-lead).
The project consists of 49 licences covering 607 square kilometres that are predominantly located on Prince of Wales and Somerset Island, and are interpreted to host an anticlinal repetition of the same geological formation that hosts American West Metals (ASX:AW1) Ltd (ASX:AW1, OTCQB:AWMLF)’s Storm Copper Project.
Prescott is just 100 kilometres east of the Storm Project, which hosts an indicated and inferred resource of 17.5 million tonnes at 1.2% copper and 3.4g/t silver.
Interpreted anticlinal repetition of the same geological sequence hosting American West Metals, Storm Copper Project.
District scale exploration opportunities increasingly rare
Tempus non-executive director Chris Hansen said, “We are excited to announce the completion of the Somerset Minerals acquisition, and to have added this potentially world class exploration opportunity to our portfolio.
“With the first exploration work already underway via means of a high-quality airborne gravity survey, we have a head-start with the field season, and will soon have widespread modern data over a previously unexplored area for copper and base metals.
“The Prescott Project covers a substantial area on both the Prince of Wales and Somerset Islands, and 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 unique 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 timeline
Exploration at the Prescott Project will be principally targeting sediment hosted copper deposits, as well as Mississippi Valley-type (zinc-lead) deposits.
Tempus notes that 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.
A maiden geophysical campaign, consisting of an airborne gravity gradiometry (AGG) and magnetic survey across the entire project area using a fixed-wing aircraft, has already commenced.
Once the survey and its processing and interpretation is complete, the preliminary data will be used to guide the geochemical mapping program that is scheduled for early-August, with all data then being sent for post-processing and 3D inversion.
A two-week geochemical and mapping program is planned for early August, leveraging off the preliminary geophysical data.
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