Tempus Resources Ltd is diversifying its gold portfolio to encompass in-demand energy metals after securing an option to acquire a private company which holds two highly prospective tenements in an emerging lithium region of Manitoba.
A binding Heads of Agreement has been executed to acquire 100% of Aurora Lithium which holds the applications for mineral claims including the Cormorant Pegmatite Field and the White Rabbit Lithium Prospect.
Emerging lithium belt
These projects are in central Manitoba defined along the Flin Flon-Snow Lake greenstone belt which extends over 250 kilometres in length and about 75 kilometres wide with both projects serviced by road and rail infrastructure while power sources are closely available.
This district is emerging as a new lithium belt and has attracted several other companies including Leeuwin Metals Ltd with two projects in the area including the JenPeg/Cross Lake Lithium Project, 40 kilometres south of the White Rabbit Project.
Shares higher
Shares have been as much as 67% higher this afternoon to A$0.04.
The company plans to explore these projects at the same time that it continues to explore and build its gold inventory at the Elizabeth-Blackdome Project in British Columbia, where sampling has increased the gold mineralisation footprint.
Tempus Resources president and CEO Jason Bahnsen said: “The option over the White Rabbit and Cormorant lithium projects provides an excellent opportunity for Tempus to diversify its asset portfolio and enter the energy metals sector.
"The geological setting, historic drilling with wide pegmatite dyke intersections and proximity to other high-grade lithium projects bodes well for the exploration potential of the projects.
"With good infrastructure and all-year access, Tempus plans to explore the White Rabbit and Cormorant projects concurrently with the Elizabeth-Blackdome Gold Project.”
Project locations.
White Rabbit
The White Rabbit Project of around 70 square kilometres is adjacent to major railway and power infrastructure with year around road access. It is about 40 kilometres north of the Cross Lake community and around 100 kilometres southeast of the mining centre of Thompson.
Mineral claims have not yet been granted with applications filed in July 2023, which are being processed by the Manitoba Economic Development and Trade. Processing time for the granting of new mineral claims varies but is expected to take several months.
White Rabbit is 40 kilometres north of the Cross Lake Project of Leeuwin Metals Ltd, where multiple, sub-parallel spodumene-bearing lithium, caesium, tantalum (LCT) pegmatites of up to 20 metres in thickness and strike lengths of more than 400 metres with assay grades +1% LiO2 have been identified.
The unique geological setting of the greenstone belt in contact with granite/tonalite bodies provides ideal conditions for the formation of LCT pegmatites.
Historic exploration is limited to surface mapping by Manitoba Geological Service (MGS). An outcrop mapping survey indicates pegmatite dyke outcrops with strike lengths up to 2.5 kilometres and widths up to 600 metres, although this is based on historical information and has not been verified by Tempus.
Cormorant Project
Cormorant Project of around 187 square kilometres is adjacent to major railway and power infrastructure with year around road access.
The town of The Pas, with a population of about 5,000, is 40 kilometres to the southwest and is a regional centre for workforce plus construction, mining and engineering services.
Mineral claims have not yet been granted with applications filed in July 2023, which are being processed by the Manitoba Economic Development and Trade.
Bedrock geology indicates pillowed to massive mafic volcanic rocks in contact with granite bodies. Historic drilling confirms key structural trends associated with favourable LCT pegmatites in close proximity to granitic bodies.
The project has been subject to seven historical exploration drilling campaigns between 1975 and 2006. This was focused on base metals with no assays completed for lithium and associated elements.
Tempus has obtained drill logs for six historic drill holes which indicate the presence of intersections of pegmatite mineralisation up to 33 metres in thickness.
Due diligence
Under the terms of the option agreement, Tempus has until October 30, 2023, to complete due diligence.
Tempus geologists visited the White Rabbit and Cormorant projects from September 10 to 15, to conduct initial due diligence.
The geological team was able to inspect the core for drill hole 180-02 which is stored by the Manitoba Geological Survey (MGS) in The Pas, Manitoba. Tempus is requesting a permit to assay sections of the core from this hole.
Tempus is also conducting further due diligence on historic exploration drilling of the Cormorant Project and the location of additional historic drill core and logs.
The company will apply to the MGS for permission to take samples of the stored core from the project for the assay of lithium.
Tempus is also reviewing the historic exploration information on the projects and the findings from the site trip.
Three rock samples from the White Rabbit project were collected and will be submitted for assay.
Lithium in Manitoba
There are currently two operating mines in Canada that provide a source for lithium, the Tanco Mine in southeast Manitoba and the North American Lithium mine near Val-d’Or, Quebec.
With numerous occurrences of hard rock and brine sources, Manitoba is encouraging companies to come to the province to explore for lithium to meet the forecast global supply shortfall.
Elizabeth gold sampling
Meanwhile, at Elizabeth Gold Project Tempus has received assays from a rock sampling program completed in July that highlight the potential for two new areas prospective to host gold vein mineralisation.
At Elizabeth East, about 2.5 kilometres east of the current Elizabeth drilling area, rock chip samples returned assays of up to 5.9 g/t gold.
Over at Elizabeth Northwest, which is 1 kilometre north of the current drilling area, two samples returned anomalous gold grades and this has been identified as a northern extension of the Listwanite Vein.
These two zones will be included in future drill programs targeting expansion of the overall gold mineralisation footprint at Elizabeth.
Resource update
The company also advises that SRK Consulting (Canada) Inc. is continuing to work on an updated gold resource estimate for the project and this is expected to be completed next month.
Bahnsen said: “The results of the rock sampling program provide further evidence of the potential to significantly increase the mineralisation footprint at Elizabeth.
"Work continues on the updated resource estimate for Elizabeth with results expected to be received in October.”