Join our daily newsletter At The Bell to receive exclusive market insights
Gold-seeking explorer Tempus Resources Ltd (ASX: TMR) has seen its shares rise by more than eight percent on news that it is set to acquire the Prescott Project in Canada, which it believes shares geological features with American West Metals’ (ASX: AW1) Storm project 100 kilometres away.
The Prescott project encompasses 240 kilometres of territory within the Nunavut region, stretching across both Prince of Wales Island and Somerset Island, with the 17.5 million-tonne Storm located on the latter.
Crucially, Tempus has found that an interpreted anticlinal structure at Prescott repeats the geological sequence hosting storm, with the geological pattern carrying across both islands.
On this basis, Tempus believes that Prescott has the potential to host either a Sedimentary Hosted Copper Deposit or Mississippi Valley-Type deposit.
Straight off the bat, the company is planning a maiden exploration program for June, expected to include both gravity gradiometric surveying and geochemical sampling.
Non-Executive Director Chris Hansen said the company board was excited to enter into a conditional agreement to take on the play.
“The Prescott Project covers a substantial area on both the Prince of Wales and Somerset Island’s, and importantly is interpreted to share the same geological sequence that hosts the nearby Storm Copper Project operated by ASX-listed American West
Metals,” he said.
“This proximity and the interpreted geological continuity presents a compelling opportunity for Tempus to explore for both sediment-hosted copper deposits and Mississippi Valley Type deposits (hosting zinc and 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.”
The Storm project holds an indicated and inferred resource of 17.5 million tonnes at 1.2 percent copper and 3.4 grams per tonne of gold.
Tempus was trading at 0.6c at 12:45 AEST, a rise of 8.33 percent since the market opened.
