Tempus Resources Ltd (ASX:TMR, TSX-V:TMRR) has secured firm commitments to complete a non-brokered private placement, raising A$740,000.
This financial development is accompanied by encouraging outcomes from geological site visits to the company's lithium projects in Manitoba, Canada.
Together, these developments have set the stage for an intensified exploration program.
President and CEO Jason Bahnsen said: "The proceeds raised will be used to fund exploration work at our newly acquired lithium projects in Manitoba, at the Elizabeth Gold Project in British Columbia, and for general working capital requirements."
Shares will be issued on or about October 6, 2023. Empire Capital Partners and Aesir Capital Pty Ltd have acted as the joint lead managers for the private placement.
Site visits to Manitoba
Tempus geologists visited the White Rabbit and Cormorant lithium exploration projects in mid-September to further due diligence investigations.
Based on the success of those visits, a follow-up visit to White Rabbit is planned for early October to complete additional rock sampling and mapping.
During the geological reconnaissance at the projects, the team confirmed mapped pegmatites and collected physical samples at White Rabbit, for which assay results are pending.
At Cormorant, approximately 74.81 metres of pegmatite mineralisation was observed across an 89.79-metre section of the core.
The success of these initial visits has led the company to plan more extensive site visits for early October. It is also aiming to conduct more detailed rock chip sampling and geological mapping at White Rabbit.
Additional pegmatite intersections at Cormorant will be a focal point of these upcoming expeditions.
“Our geological team completed initial site visits to the White Rabbit and Cormorant lithium projects and were able to verify the presence of outcropping pegmatite dykes at White Rabbit and inspected the drill core for DH180-2 from the Cormorant Project that is stored in the Manitoba Geological Survey where wide zones of pegmatite up to 33 metres in width were observed,” Bahnsen said.