Tempus Resources Ltd (ASX:TMR, TSX-V:TMRR) has released a robust mineral resource estimate (MRE) update for the Elizabeth Gold Project in southern British Columbia, Canada, upgrading 63% of the resource to the higher confidence indicated category.
A total of 60,900 ounces of gold now sits in the indicated category, with the remaining 35,200 classified as inferred.
The MRE covers five main vein groups, with the Southwest Vein group representing some 67% of the total, or 253,100 tonnes at 6.63 g/t gold for 54,000 ounces indicated plus 172,000 tonnes at 4.21 g/t gold for 23,300 ounces inferred.
Resources open at depth and along strike
“The updated MRE highlights the potential for the Elizabeth Project with over 63% of resource gold ounces being in the Indicated category across five key vein groups that remain open at depth and along strike,” Tempus Resources president and CEO Jason Bahnsen said.
“Opportunities for expansion of the resource are excellent with fourteen separate veins identified within the Elizabeth Main area with the potential for additional mineralised vein sets at the Elizabeth East and Elizabeth Northwest zones.”
Tempus is particularly pleased with the result of the updated MRE, as the average gold grade of the indicated portion of the MRE is about 4-times higher than the cut-off grade of 1.5 g/t gold, indicating high potential for economic extraction in future.
This particular MRE is also based on underground extraction, which would occupy a smaller ground footprint with a lower impact to the local environment.