SOURCE: Tembo Gold Corp.

Tembo Gold Corp.

May 21, 2014 08:30 ET

Tembo Reports First Drilling Results From the 2014 Drilling Program in Tanzania

TORONTO, ON--(Marketwired - May 21, 2014) - Tembo Gold Corp. (TSX VENTURE: TEM) (FRANKFURT: T23) ("Tembo", or the "Company) is pleased to provide an update to shareholders and to report results from its 2014 drilling program on the Tembo Property in the Lake Victoria goldfield of Tanzania.

Diamond drilling at Nyakagwe Village, targeting eastern extensions and the down dip continuity to excellent earlier results achieved on east-west structures, has shown the mineralized structures continue to the east and more importantly that there is also a previously unknown well-mineralized northeast trending gold bearing structure developed at the target. Five diamond drillholes totaling 1,164m have been completed to date at the Nyakagwe Village target area.

Highlights of the latest drill results at Nyakagwe Village include:

  • TDD0071: 9.64g/t Au over 3.95m from 85.25m, including 24.72g/t Au over 1.45m;
  • TDD0103: 15.10g/t Au over 1.00m from 54.00m; and
  • TDD0112: 3.49g/t over 4.98m from 65.12m.

David Scott President & CEO stated, "The diamond drilling program at Nyakagwe Village has continued to confirm the potential of the Tembo Project. Aside from demonstrating the eastern continuation of the mineralized structure intersected in the 2012 drilling program, an entirely new and previously unknown mineralized structure associated with a northeast trending magnetic lineament has been discovered. There are at least thirty such northeast trending magnetic lineaments in the project's focus area, a number of which have artisanal workings along them, but many of which, like this one, are untested. Careful consideration is being given as to how to prioritize where drilling should be done along these, drilling is underway and I look forward to reporting on results from other target areas such as Nyakagwe East, and the Buly trend as they become available."

The Nyakagwe Village Target

The Nyakagwe Village target is located at the southern edge of the broad, semi-arcuate belt of active artisanal workings (up to 1000m wide) stretching eastwards through the Mgusu target to the Nyakagwe East target area (a distance of some 1,500m). The main artisanal workings at Nyakagwe Village comprise a 100m x 100m 15m deep pit within an area containing numerous vertical shafts within a rectangular area some 200m by 100m and are located at the intersection of a strong northeast and east west magnetic lineaments. Artisanal shafts located on the southern edge of the pit extend to depths in excess of 30m below surface. Higher-grade grab samples collected from these workings exhibit very fine-grained visible gold associated with vein quartz. The high grades intersected in earlier drill holes (published September 11, 2012) are associated with quartz veining and sulphides (predominantly pyrite) within meta-basalts.

The 2012 results included:

  • TDD0107: 16.58g/t Au over 3.55m from 43.88m and 27.88g/t Au over 3.00m from 65.90m
  • TDD0101: 78.1g/t over 1.00m from 294.00

Drillhole TDD0107 intersected a moderately south dipping pair of well-mineralized structures that contained prominent white quartz veining with associated abundant disseminated sulphide in a moderately foliated shear structure. The additional drilling planned for the current program aims to: confirm the structural controls on, and attitude of, the mineralization; test the lateral extent to the east, where follow up RC holes drilled in the 2012 campaign had already demonstrated an eastern extension intersecting good grades; and test the down dip continuity.

Table 1: Nyakagwe Village Drilling Results 2014
BH ID From To Width Au Width Au g/t Width Au g/t
  (m) (m) (m) (g/t) >0.50g/t >2.00g/t
TDD0071 60.00 61.00 1.00 1.31 0.31 1.31    
TDD0071 85.25 85.85 0.60 4.58        
TDD0071 85.85 86.40 0.55 53.30        
TDD0071 86.40 86.70 0.30 12.60     1.45 24.72
TDD0071 86.70 87.20 0.50 0.30        
TDD0071 87.20 87.70 0.50 0.15        
TDD0071 87.70 88.20 0.50 0.04        
TDD0071 88.20 88.70 0.50 0.45        
TDD0071 88.70 89.20 0.50 3.52 3.95 9.64 0.50 3.52
TDD0103 54.00 55.00 1.00 15.10     1.00 15.10
TDD0103 71.00 72.00 1.00 1.87 1.00 1.87    
TDD0103 100.00 101.00 1.00 0.94        
TDD0103 101.00 101.70 0.70 0.03        
TDD0103 101.70 102.00 0.30 0.68 2.00 0.58    
TDD0105 71.00 71.90 0.90 1.43 0.90 1.43    
TDD0105 91.40 92.00 0.60 0.58        
TDD0105 92.00 92.65 0.65 1.10        
TDD0105 92.65 93.50 0.85 0.53 2.10 0.72    
TDD0109 54.35 54.65 0.30 6.08     0.30 6.08
TDD0109 54.65 55.65 1.00 1.06        
TDD0109 55.65 56.00 0.35 1.42 1.65 2.05    
TDD0109 108.8 109.3 0.50 0.68 0.50 0.68    
TDD0109 112.9 113.43 0.53 1.77 0.53 1.77    
TDD0109 115.55 115.95 0.40 1.61     0.73 2.21
TDD0109 115.95 116.68 0.73 2.21 1.13 2.00    
TDD0109 121.82 122.50 0.68 3.12        
TDD0109 122.50 123.27 0.77 2.49        
TDD0109 123.27 123.77 0.50 4.25     1.95 3.16
TDD0109 123.77 124.30 0.53 1.30        
TDD0109 124.30 125.30 1.00 1.48 3.48 2.39    
TDD0112 65.12 66.10 0.98 6.52        
TDD0112 66.10 67.10 1.00 2.78        
TDD0112 67.10 68.10 1.00 1.59        
TDD0112 68.10 69.10 1.00 4.96        
TDD0112 69.10 70.10 1.00 1.68        
TDD0112 84.70 85.70 1.00 0.04     4.98 3.49

Notes to the above table:

  1. Widths represent drill intersection widths not corrected for drill hole inclination and dip of the geological zone. True widths have not been determined.
  2. Drill holes have not been drilled in numerical sequence and not all drill holes in a sequence have necessarily been drilled. Drill hole numbers represent the original drill hole identification assigned when planned.
  3. No capping of high-grade values has been applied to the assay results.

Drilling since the commencement of this program has intersected a weaker down dip continuation of the east-west striking south dipping structure in drillhole TDD0103, and a weakly mineralized possible continuation to the east in drillhole TDD0105.

Significantly a well-mineralized northeast striking structure associated with a strong similarly orientated magnetic lineament, has returned positive results in drillholes TDD0071, TDD0109 and TDD0112 and demonstrated a strike extent continuity of some 150m. Drilling is continuing to test this newly discovered structure along strike to the northeast, southwest and down dip beneath the existing intersections. Drilling will also be carried out down-dip to the northeast to establish whether the high-grade intersection achieved in drillhole TDD0101 correlates with this zone. The magnetic lineament continues some 1.8km to the northeast, passing through east-west and northwest oriented artisanal workings located 450m to the northeast. Such possible intersection zones may constitute priority targets if mineralization along the northeast structure persists in that direction.

Drill Program Q2-2014

Drilling during Q2-2014 drilling at Nyakagwe Village will continue to focus on the northeast structure. Drillholes TDD0115 and TDD0116 are planned to intersect the structure some 50m vertically below surface 50m to the southwest and northeast of the existing intersections respectively. Should these achieve promising results, step-back deeper drilling will follow to establish the down-dip continuity.

QA/QC

A stringent QA/QC practice is being applied to all sample batches. A Verified Reference Material standard is inserted every 20th sample, a known blank or blank standard every 20th sample and all samples with assays greater than 0.5 g/t Au are re-assayed. 1% of all samples are submitted to an alternative laboratory for check analysis. In addition the laboratory adheres to an internal QA/QC procedure including standard samples and repeats and blanks inserted independently.

The above information has been prepared under the supervision of David Scott, Pr. Sci. Nat., who is designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the data.

Table 2: Drill hole collar data, Nyakagwe Village 2014 drilling results
Hole_ID Easting Northing Elevation Azimuth Inclination EOH
TDD0071 436710 9644870 1210 0 -60 105
TDD0103 436495 9644925 1210 0 -90 123
TDD0105 436788 9644840 1210 0 -60 195
TDD0108 436695 9644915 1210 0 -60 119
TDD0111 436601 9644895 1210 0 -60 155
TDD0109 436695 9644830 1210 0 -60 168

The Company also wishes to report that effective April 29th 2014, Colin Taylor resigned his position as a Director of the Company and was replaced by John Seaman who is currently the CFO of the company. David Scott commented, "We would like to thank Colin for his hard work and continued support over the last three years. We wish him the best in his future endeavors."

About Tembo Gold Corp.

Tembo Gold Corp. is a Canadian publicly listed mineral exploration company focused on the exploration and development of gold projects in Tanzania and the rest of Africa. The Company currently has 100% interest in the Tembo Gold Project that is located adjacent to African Barrick's 14Moz Bulyanhulu Mine in the prolific Lake Victoria Greenstone belt in Tanzania. The company is led by a highly experienced team with a proven history of developing, financing, and operating mining projects in Africa. The Company's exploration strategy is to discover mineral resources as well as continue to look for additional opportunities that can bring value to the Company and shareholders.

On Behalf of the Board of Directors of Tembo, David Scott, President & CEO

Forward-Looking Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of the results of the gold deportment studies conducted by SGS, including, without limitation, expected CIL recoveries and the expectation of high recoveries based on the preliminary gold deportment results, Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding, among other things, the ability to develop the Company's Tembo project, the economic climate in the jurisdictions where the Company carries on operations at its Tembo project and commodity prices. Although the Company believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, a significant drop in the price of gold, political turmoil in Tanzania and other risk factors set forth in the Company's continuous disclosure. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Image Available: http://www.marketwire.com/library/MwGo/2014/5/21/11G016002/Images/6002FIG-138058619352.jpg

Contact Information