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Tempus Resources Ltd (ASX:TMR)

ALERT: Price-sensitive ASX Announcement for TMR
Current share price for TMR : $0.004 -0.002 (-33.33%)+
Announcement
Release
29 Apr 2024 8:21AM
Price at Release
$0.006
Full Release
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Summary
Tempus Resources Ltd has announced a conditional agreement to acquire 100% of the Prescott copper and base metals project located in Nunavut, Canada. This project is strategically positioned near the American West Metals' Storm Project, which has a substantial indicated and inferred resource of copper and silver. The Prescott Project, which spans over 240 km and includes 48 licenses covering 589 km2, is interpreted to have geological formations similar to those of the Storm Project, presenting a significant opportunity for exploration and potential mineral discoveries. The initial exploration campaign is set to begin in June 2024, pending necessary approvals and completion of due diligence.
Key Points
  • Tempus has entered into a conditional agreement to acquire 100% of the Prescott copper & base metals project.
  • The Prescott Project is located only 100km from the Storm Project, which has an Indicated & Inferred resource of 17.5 Mt @ 1.2% Cu.
  • An interpreted anticlinal structure indicates potential similar geology to the Storm Project.
  • The Project area covers 240km of strike with potential for both Sedimentary Hosted Copper and Mississippi Valley-Type deposits.
  • Exploration planning activities are underway for a maiden campaign starting June 2024.
  • The acquisition is subject to conditions including shareholder approval and completion of due diligence.
  • The Prescott Project consists of 48 licenses covering 589km2 on Prince of Wales Island.
  • Sediment-hosted copper deposits are significant sources of copper and present material discovery opportunities.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.