Tempus Announces High-Grade Assays Elizabeth Gold Project

Tempus Resources Ltd. is pleased to announce that it has received assays from the first 11 successfully completed drill-holes of the Phase 1 drilling program on the Elizabeth sector of the Blackdome Elizabeth Gold Project. HIGHLIGHTS: 5 drill-holes with significant intersections >5gt gold Outstanding intersections included: EZ-20-06: 5.0m at 61.3gt gold from 116.5m, including 1.5m at 186.0gt gold from 118.0m …

Tempus Resources Ltd. (ASX: TMR) (TSXV: TMRR) (“Tempus Resources” or the “Company”) is pleased to announce that it has received assays from the first 11 successfully completed drill-holes of the Phase 1 drilling program on the Elizabeth sector of the Blackdome Elizabeth Gold Project.

HIGHLIGHTS:

  • 5 drill-holes with significant intersections >5g/t gold
  • Outstanding intersections included:

    • EZ-20-06: 5.0m at 61.3g/t gold from 116.5m, including 1.5m at 186.0g/t gold from 118.0m

    • EZ-20-10: 3.2m at 28.1g/t gold from 184.0m, including 0.5m at 178.0g/t gold from 184.5m

  • Drilling at Elizabeth to re-commence to complete remaining two thirds of Phase 1 drilling program during the Canadian spring

Tempus Resources President, Jason Bahnsen, commented “The Phase 1 drilling results confirm the high-grade potential of Elizabeth. We look forward to continuing with the drilling program there in the Canadian spring, leading to an updated NI43-101 resource estimate thereafter.”

11 diamond drill holes, for a total of 2,006 meters, were successfully completed of the total 6,000 meter Phase 1 drilling program on the Elizabeth sector of the Blackdome Elizabeth Gold Project. The drilling was completed from mid-November to mid-December 2020. The primary focus of this initial drilling was infill and down dip extension at the southern portion of the Southwest (SW) Vein and a single drill-hole testing the extension of the West and Main veins (see Figures 1 and 2).

The 10 holes with reportable intersections provided the following results.*

  • EZ-20-01
    • 1.20m at 0.62g/t gold and 3.12g/t silver from 52.4m
  • EZ-20-04
    • 3.02m at 5.26g/t gold and 7.51g/t silver from 101.5m, including:
      • 1.70m at 9.74g/t gold and 3.88g/t silver from 103.0m
  • EZ-20-05
    • 0.60m at 0.27g/t gold and 0.13g/t silver from 175.9m
  • EZ-20-06
    • 5.00m at 61.3g/t gold and 44.5g/t silver from 116.5m, including:
      • 1.50m at 186.0g/t gold and 133.0g/t silver from 118.0m
  • EZ-20-07
    • 1.50m at 9.60g/t gold and 0.70g/t silver from 71.0m
    • 1.00m at 8.09g/t gold and 1.40g/t silver from 155.0m
  • EZ-20-08
    • 2.00m at 1.80g/t gold and 2.96g/t silver from 86.0m
    • 2.00m at 2.54g/t gold and 0.89g/t silver from 92.0m
  • EZ-20-09
    • 1.70m at 0.59g/t gold and 0.50g/t silver from 77.0m
    • 0.55m at 0.86g/t gold and 4.75g/t silver from 190.7m
  • EZ-20-10
    • 2.00m at 1.20g/t gold and 1.19g/t silver from 107.0m
    • 3.20m at 28.1g/t gold and 4.74g/t silver from 184.0m, including:
      • 0.50m at 178.0g/t gold and 27.0g/t silver from 184.5m
    • 0.55m at 1.20g/t gold and 1.35g/t silver from 198.2m
  • EZ-20-11
    • 3.00m at 0.15g/t gold and 0.36g/t silver from 73.0m
    • 0.50m at 0.52g/t gold and 0.92g/t silver from 269.0m
  • EZ-20-12
    • 3.70m at 3.73g/t gold and 1.95g/t silver from 52.0m, including
      • 2.00m at 5.60g/t gold and 2.95g/t silver from 52.0m
    • 2.00m at 0.61g/t gold and 2.55g/t silver from 63.0m

* Note: No significant intersections were returned from drill-hole EZ-20-03.

Intersection widths are down hole widths, true width estimates are shown in Appendix 1 – Table 2.

There are approximately 4,000 meters of drilling remaining in the Elizabeth Phase 1 drilling program. Tempus expects to re-commence drilling and complete the remaining program in the Canadian spring. Given the early success of the Phase 1 drilling program, it will be immediately followed by: preparation of an updated NI43-101 Mineral Resource estimate; and an additional 7,500 meter Phase 2 program focused on delineation of additional resources at the Southwest, Main and West Veins as well as untested soil geochemistry targets identified in previous years.

Tempus is very encouraged by the first tranche, Phase 1 results at the Elizabeth Project. These results increase the confidence level of the geological model that will be utilized for resource estimation work over the coming year.

The Elizabeth Phase 1 high-grade intercepts are consistent with historic values previously reported, including 331 g/t gold over 95 cm (E07-43), and visible gold that was identified in drill hole EZ-20-06 as announced in a Tempus Resources press Release on December 15, 2020 which returned values up to 186g/t gold over 1.5 meters.

The high-grade gold mineralization in the SW Vein has only been defined to shallow depths (~200m) and along a strike length of approximately 400m however distant drill holes along trend indicate the SW Vein may extend along strike to the northeast an additional 400m for total strike of 800m.

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Figure 1– Elizabeth Project Veins and 2020 Drilling
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Figure 2– Elizabeth Project Southwest Vein Longitudinal Section
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The Main and West Veins were explored by underground drifts in the 1940’s and 50’s and have only seen minimal exploration since. EZ-20-11 is a significant step out to the southwest (~300m) of the West and Main vein and was successful in intersecting both veins. Although width and grade were low the alteration and associated mineralization indicate these to be the continuation of the West and Main vein. Tempus believes these veins warrant follow up exploration as it indicates continuity of the veins over a greater strike length.

This announcement has been authorised by the Board of Directors of Tempus Resources Limited.

Competent Persons Statement

Information in this report relating to Exploration Results is based on information reviewed by Mr. Kevin Piepgrass, who is a Member of the Association of Professional Engineers and Geoscientists of the province of BC (APEGBC), which is a recognised Professional Organisation (RPO), and an employee of Tempus Resources. Mr. Piepgrass has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves, and as a Qualified Person for the purposes of NI43-101. Mr. Piepgrass consents to the inclusion of the data in the form and context in which it appears.

For further information:

TEMPUS RESOURCES LTD

Melanie Ross – Director/Company Secretary Phone: +61 8 6188 8181

About Tempus Resources Ltd

Tempus Resources Ltd (“Tempus”) is a growth orientated gold exploration company listed on ASX (“TMR”) and TSX.V (“TMRR”) stock exchanges. Tempus is actively exploring projects located in Canada and Ecuador. The flagship project for Tempus is the Blackdome-Elizabeth Project, a high grade gold past producing project located in Southern British Columbia. Tempus is currently midway through a drill program at Blackdome-Elizabeth that will form the basis of an updated NI43-101/JORC resource estimate leading to a PEA study in 2021. The second key group of projects for Tempus are the Rio Zarza and Valle del Tigre projects located in south east Ecuador. The Rio Zarza project is located adjacent to Lundin Gold’s Fruta del Norte project. The Valle del Tigre project is currently subject to a sampling program to develop anomalies identified through geophysical work.

Forward-Looking Information and Statements

This press release contains certain “forward-looking information” within the meaning of applicable ‎Canadian securities ‎legislation. Such forward-looking ‎information and forward-looking statements are not ‎representative of historical facts or information or current ‎condition, but instead represent only the ‎Company’s beliefs regarding future events, plans or objectives, many of ‎which, by their nature, are ‎inherently uncertain and outside of Tempus’s control. Generally, such forward-looking ‎information or ‎forward-looking statements can be identified by the use of forward-looking terminology such as ‎‎”plans”, ‎‎”expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, ‎‎‎”anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may ‎contain ‎statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be ‎taken”, “will continue”, ‎‎”will occur” or “will be achieved”. The forward-looking information and forward-‎looking statements contained herein ‎may include, but are not limited to, the continuation of drilling in the Spring of 2021, the receipt of the analysis and assay results from the lab early in 2021, the ability of Tempus to successfully achieve business ‎objectives, ‎and expectations ‎for other economic, ‎business, and/or competitive factors.‎ Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Tempus to control or predict, that may cause Tempus’ actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein and the other risks and uncertainties disclosed under the heading “Risk Factors” in the Company’s listing application dated December 3, 2020 filed on SEDAR. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions ‎underlying the ‎forward-looking information or statements prove incorrect, actual results may vary ‎materially from those described ‎herein as intended, planned, anticipated, believed, estimated or ‎expected.‎ Although Tempus believes that the assumptions and factors used in preparing, and the expectations ‎contained ‎in, the forward-looking information and statements are reasonable, undue reliance should not ‎be placed on such ‎information and statements, and no assurance or guarantee can be given that such ‎forward-looking information and ‎statements will prove to be accurate, as actual results and future events ‎could differ materially from those anticipated ‎in such information and statements. The forward-looking ‎information and forward-looking statements contained in this ‎press release are made as of the date of ‎this press release, and Tempus does not undertake to update any ‎forward-looking information ‎and/or forward-looking statements that are contained or referenced herein, except in ‎accordance with ‎applicable securities laws. All subsequent written and oral forward-looking information and ‎statements ‎attributable to Tempus or persons acting on its behalf is expressly qualified in its entirety by this ‎‎notice.‎

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Appendix 1

Table 1:Drill Hole Collar Table

Hole ID Target UTM Easting (NAD83 Z10) UTM Northing (NAD83 Z10) Elevation (m) Length Azimuth Dip
EZ-20-01 SW Vein 531088 5653604 2302 80 125.2 -45
EZ-20-02 SW Vein 531088 5653604 2302 83 107 -45
EZ-20-03 SW Vein 531044 5653603 2302 128 122.8 -45
EZ-20-04 SW Vein 531044 5653603 2302 125 140.1 -50
EZ-20-05 SW Vein 531044 5653603 2302 180 82.3 -60
EZ-20-06 SW Vein 531120 5653660 2339 147 157.8 -65
EZ-20-07 SW Vein 530986 5653598 2302 150 116.5 -52
EZ-20-08 SW Vein 531030 5653720 2360 309 130.5 -54
EZ-20-09 SW Vein 530986 5653598 2302 195 116.5 -65
EZ-20-10 SW Vein 531030 5653720 2360 222 127.7 -45
EZ-20-11 West Vein 531281 5653599 2300 303 100.1 -45
EZ-20-12 SW Vein 531088 5653604 2302 84 104.6 -45

Table 2: Significant Interval Table

Hole ID From (m) To (m) Interval (m) True Thickness (m) Gold Grade Silver Grade Grade x Metres Vein
EZ-20-01 52.4 53.6 1.20 0.62 3.12 1 SW Vein
EZ-20-02 Hole Lost 0 SW Vein
EZ-20-03 NSI 0 SW Vein
EZ-20-04 101.5 104.7 3.20 2.45 5.26 7.51 17 SW Vein
including 103.0 104.7 1.70 1.30 9.74 3.88 17 SW Vein
EZ-20-05 175.9 176.5 0.60 0.50 0.27 0.13 0 SW Vein
EZ-20-06 116.5 121.5 5.00 3.83 61.3 44.5 307 SW Vein
including 118.0 119.5 1.50 1.15 186 133 279 SW Vein
EZ-20-07 71.0 72.5 1.50 1.15 9.60 0.70 14 SW Vein
and 155.0 156.0 1.00 0.77 8.09 1.40 8 SW Vein
EZ-20-08 86.0 88.0 2.00 1.15 1.80 2.96 4 SW Vein
and 92.0 94.0 2.00 1.15 2.54 0.89 5 SW Vein
EZ-20-09 77.0 78.7 1.70 0.35 0.59 0.50 1 SW Vein
and 190.7 191.2 0.55 0.27 0.86 4.75 0 SW Vein
EZ-20-10 107.0 109.0 2.00 1.53 1.20 1.19 2 SW Vein
and 184.0 187.2 3.20 2.45 28.1 4.74 90 SW Vein
including 184.5 185.0 0.50 0.38 178 27.0 89 SW Vein
and 198.2 198.7 0.55 0.45 1.20 1.35 1 SW Vein
EZ-20-11 73.0 76.0 3.00 2.30 0.15 0.36 0 West Vein
and 269.0 269.5 0.50 0.38 0.52 0.91 0 Main Vein
EZ-20-12 52.0 55.7 3.70 2.95 3.73 1.95 14 SW Vein
including 52.0 54.0 2.00 1.60 5.60 2.95 11 SW Vein
and 63.0 65.0 2.00 1.60 0.61 2.55 1 SW Vein

Table 3: Historic Intervals

Hole ID From (m) To (m) Length (m) Au
[ppm]
Vein Grade x Metres
E04-08 89.50 95.30 5.80 5.06 SW 29
E04-09 140.30 143.30 3.00 5.18 SW 16
E04-10 88.75 93.20 4.45 40.5 SW 180
including 89.80 90.45 0.65 258 SW 168
E04-11A 110.24 111.24 1.00 18.3 SW 18
E05-19 17.65 17.95 0.30 68.0 SW 20
E05-19 49.21 50.90 1.69 3.70 SW 6
E05-22 82.10 84.12 2.02 3.87 SW 8
E05-26 36.40 37.00 0.60 4.96 SW 3
E05-29 136.00 138.90 2.90 26.8 SW 78
including 136.92 137.80 0.88 87.3 SW 77
E05-31 67.36 68.88 1.52 5.54 SW 8
E05-31 72.00 73.00 1.00 6.35 SW 6
E05-32 70.50 73.50 3.00 4.92 SW 15
including 71.50 72.50 1.00 9.35 SW 9
E07-40 81.45 81.95 0.50 5.62 SW 3
E07-40 150.04 154.94 4.90 1.41 SW 7
E07-42 74.53 82.35 7.82 7.00 SW 55
including 78.90 80.90 2.00 17.5 SW 35
E07-43 83.10 95.53 12.43 33.8 SW 420
including 85.05 86.00 0.95 331 SW 314
including 88.10 88.85 0.75 39.6 SW 30
including 92.28 93.20 0.92 10.4 SW 10
including 93.20 94.13 0.93 6.17 SW 6
including 94.13 95.53 1.40 29.7 SW 42
E07-44 117.86 122.39 4.53 10.5 SW 48
including 120.26 121.53 1.27 24.7 SW 31
E07-45 128.90 130.65 1.75 3.15 SW 6
E07-47 103.90 105.80 1.90 2.93 SW 6
E07-48 97.85 101.09 3.24 12.4 SW 40
E07-50 99.10 103.93 4.83 7.15 SW 35
including 99.10 100.25 1.15 21.3 SW 24
E10-51 176.50 178.13 1.63 4.8 SW 8
E10-52 51.91 52.82 0.91 135 SW 123
E10-54 65.16 67.16 2.00 7.24 SW 14
including 66.71 67.16 0.45 27.3 SW 12
E10-55 70.24 76.10 5.86 6.01 SW 35
including 75.12 76.10 0.98 26.3 SW 26
E10-58 225.61 226.25 0.64 29.1 SW 19
E10-59 91.41 93.57 2.16 22.1 SW 48
including 91.93 92.75 0.82 57.5 SW 47
E10-60 202.64 204.58 1.94 5.60 SW 11
including 203.60 204.10 0.50 12.8 SW 6
E10-65 105.77 112.46 6.69 6.50 SW 43
including 105.77 106.25 0.48 70.6 SW 34
E10-66 122.28 125.00 2.72 10.8 SW 29
including 122.78 123.32 0.54 44.2 SW 24
E10-67 117.00 122.00 5.00 54.9 SW 275
including 118.50 119.00 0.50 64.9 SW 32
including 119.00 119.50 0.50 444 SW 222
including 119.50 120.00 0.50 34.6 SW 17
E10-69 95.07 100.56 5.49 71.3 SW 391
including 95.07 96.10 1.03 50.7 SW 52
including 96.10 97.10 1.00 230 SW 230
including 97.10 97.64 0.54 120 SW 65
including 97.64 98.05 0.41 7.87 SW 3
including 98.05 99.09 1.04 18.1 SW 19
including 99.09 100.13 1.04 21.6 SW 22
E11-03 117.37 117.87 0.50 9.12 SW 5
E11-05 122.00 125.03 3.03 19.1 SW 58
including 122.54 123.03 0.49 11.0 SW 5
including 123.03 123.51 0.48 11.3 SW 5
including 123.51 124.00 0.49 95.3 SW 47
E11-07 165.49 166.64 1.15 6.96 SW 8
E11-U107 179.74 180.41 0.67 10.5 SW 7
E04-01 80.50 105.55 25.05 0.88 Listwanite 22
E04-15 9.14 30.00 20.86 0.51 Listwanite 11
E11-20 21.63 23.00 1.37 2.00 No.9 Vein 3
DDH 84-1 95.59 95.80 0.21 37.7 No.9 Vein 8
DDH 84-2 88.39 89.00 0.61 7.13 No.9 Vein 4
DDH 87-1 200.25 201.17 0.92 4.18 No.9 Vein 4
DDH 87-4 64.47 65.01 0.54 4.94 No.9 Vein 3
DDH 90-1 109.15 110.64 1.49 2.02 No.9 Vein 3
E11-U101 91.78 94.35 2.57 1.20 main 3
E11-U102 80.85 82.42 1.57 2.27 main 4
E11-U98 48.95 50.10 1.15 8.10 main 9
E11-U98 53.70 54.20 0.50 7.17 main 4
E11-U107 240.74 241.72 0.98 4.94 SW 5
E02-02 44.25 47.55 3.30 10.1 West 33
E02-03 57.75 58.85 1.10 2.40 West 3
E02-10 39.70 41.90 2.20 2.00 West 4
E11-U80 90.56 91.16 0.60 9.15 west 5
E11-U84 90.37 91.05 0.68 4.88 west 3
E11-U93 35.00 35.60 0.60 7.22 west 4

Appendix 2: The following tables are provided to ensure compliance with the JORC Code (2012) requirements for the reporting of Exploration Results for the Blackdome-Elizabeth Gold Project

Section 1: Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria

JORC Code explanation

Commentary

Sampling techniques

  • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
  • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
  • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.
  • HQ (63.5 mm) sized diamond core using standard equipment.
  • Mineralised and potentially mineralised zones, comprising veins, breccias, and alteration zones were sampled.
  • Samples were half core.
  • Typical core samples are 1m in length.
  • Core samples sent to the lab will be crushed and pulverized to 85% passing 75 microns. A 50g pulp will be fire assayed for gold and multi-element ICP. Samples over 10 g/t gold will be reanalysed by fire assay with gravimetric finish

Drilling techniques

  • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).
  • Diamond Drilling from surface (HQ size)

Drill sample recovery

  • Method of recording and assessing core and chip sample recoveries and results assessed.
  • Measures taken to maximise sample recovery and ensure representative nature of the samples.
  • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
  • Detailed calculation of recovery was recorded, with most holes achieving over 95%
  • No relationship has yet been noted between recovery and grade and no sample bias was noted to have occurred.

Criteria

JORC Code explanation

Commentary

Logging

  • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
  • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
  • The total length and percentage of the relevant intersections logged.
  • Detailed geological and geotechnical logging was completed for each hole.
  • All core has been photographed.
  • Complete holes were logged.

Sub-sampling techniques and sample preparation

  • If core, whether cut or sawn and whether quarter, half or all core taken.
  • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.
  • For all sample types, the nature, quality and appropriateness of the sample preparation technique.
  • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
  • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.
  • Whether sample sizes are appropriate to the grain size of the material being sampled.
  • Half core was sampled, using a core saw.
  • Duplicate samples of new and historical core are Quarter core or half core where not previously sampled
  • Sample sizes are considered appropriate for the grain size of the material being sampled.
  • It is expected that bulk sampling will be utilised as the project advances, to more accurately determine grade.

Quality of assay data and laboratory tests

  • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
  • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
  • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.
  • Core samples that have been sent to the lab for analysis include control samples (standards, blanks and prep duplicates) inserted at a minimum rate of 1:5 samples.
  • In addition to the minimum rate of inserted control samples, a standard or a blank is inserted following a zone of mineralization or visible gold
  • Further duplicate samples were analysed to assess variability

Verification of sampling and assaying

  • The verification of significant intersections by either independent or alternative company personnel.
  • The use of twinned holes.
  • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
  • Discuss any adjustment to assay data.
  • Re-assaying of selected intervals of historic core have been sent for analysis.

Criteria

JORC Code explanation

Commentary

Location of data points

  • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
  • Specification of the grid system used.
  • Quality and adequacy of topographic control.
  • All sampling points were surveyed using a hand held GPS.
  • UTM grid NAD83 Zone 10.
  • A more accurate survey pickup will be completed at the end of the program, to ensure data is appropriate for geological modelling and Resource Estimation.
  • Down hole surveys have been completed on all holes.

Data spacing and distribution

  • Data spacing for reporting of Exploration Results.
  • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
  • Whether sample compositing has been applied.
  • Most drilling is targeting verification and extension of known mineralisation.
  • It is expected that the data will be utilised in a preparation of a Mineral Resource statement.
  • Additional drilling is exploration beneath geochemical anomalies, and would require further delineation drilling to be incorporated in a Mineral Resource.

Orientation of data in relation to geological structure

  • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
  • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
  • In general, the aim was to drill perpendicular to the mineralised structures, to gain an estimate of the true thickness of the mineralised structures.
  • At several locations, a series (fan) of holes was drilled to help confirm the orientation of the mineralised structures and to keep land disturbance to a minimum.

Sample security

  • The measures taken to ensure sample security.
  • Samples from Elizabeth were delivered to the laboratory by a commercial transport service.

Audits or reviews

  • The results of any audits or reviews of sampling techniques and data.
  • An independent geological consultant has recently visited the site as part of preparing an updated NI43-101 Technical Report for the Project.


Section 2: Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

  • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
  • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.
  • The Blackdome-Elizabeth Project is comprised of 73 contiguous mineral claims underlain by 14 Crown granted mineral claims and two mining leases.
  • The Property is located in the Clinton and Lillooet Mining Divisions approximately 230 km NNE of Vancouver
  • Tempus has exercised the option to acquire the Elizabeth Gold Project and has completed an addendum to the original Elizabeth Option Agreement (refer to ASX announcement 15 December 2020)
  • A net smelter royalty of 3% NSR (1% purchasable) applies to several claims on the Elizabeth Property.
  • No royalties apply to the Blackdome Property or Elizabeth Regional Properties.
  • There are currently no known impediments to developing a project in this area, and all tenure is in good standing.

Exploration done by other parties

  • Acknowledgment and appraisal of exploration by other parties.
  • In the 1940s, placer gold was discovered in Fairless Creek west of Blackdome Summit. Prospecting by Lawrence Frenier shortly afterward led to the discovery of gold-bearing quartz veins on the southwest slope of the mountain that resulted in the staking of mining claims in 1947. Empire Valley Gold Mines Ltd and Silver Standard Resources drove two adits and completed basic surface work during the 1950s.
  • The Blackdome area was not worked again until 1977 when Barrier Reef Resources Ltd. re-staked the area and performed surface work in addition to underground development. The Blackdome Mining Corp. was formed in 1978 and performed extensive surface and underground work with various joint venture partners that resulted in a positive feasibility study. A 200 ton/day mill, camp facilities and tailings pond were constructed and mining operations officially commenced in 1986. The mine ceased operations in 1991, having produced 225,000 oz of Au and 547,000 oz of Ag from 338,000 tons of ore (Godard et al., 2010)
  • After a period of inactivity, Claimstaker Resources Ltd. took over the project, reopening the mine in late 1998. Mining operations lasted six months and ended in May of 1999. During this period, 6,547 oz of Au and 17,300 oz of Ag were produced from 21,268 tons of ore. Further exploration programs were continued by Claimstaker over the following years and a Japanese joint venture partner was brought onboard that prompted a name change to J-Pacific Gold Inc. This partnership was terminated by 2010, resulting in another name change to Sona Resources Corp.
  • Gold-bearing quartz veins were discovered near Blue Creek in 1934, and in 1940-1941 the Elizabeth No. 1-4 claims were staked.
  • Bralorne Mines Ltd. optioned the property in 1941 and during the period 1948-1949, explored the presently-named Main and West Veins by about 700 metres of cross-cutting and drifting, as well as about 110 metres of raises.
  • After acquiring the Elizabeth Gold Project in 2002, J-Pacific (now Sona) has conducted a series of exploration programs that included diamond drilling 66 holes totalling 8962.8 metres (up until 2009) Other exploration work by Sona at the Elizabeth Gold Project has included two soil grid, stream sediment sampling, geological mapping and sampling, underground rehabilitation, structural mapping and airborne photography and topographic base map generation.

Criteria

JORC Code explanation

Commentary

Geology

  • Deposit type, geological setting and style of mineralisation.
  • The Blackdome property is situated in a region underlain by rocks of Triassic to Tertiary age. Sedimentary and igneous rocks of the Triassic Pavilion Group occurring along the Fraser River represent the oldest rocks in the region. A large, Triassic age, ultramafic complex (Shulaps Complex) was emplaced along the Yalakom fault; a regional scale structure located some 30 kilometres south of the property. Sediments and volcanics of the Cretaceous Jackass Mountain Group and Spences Bridge/Kingsvale Formations overlie the Triassic assemblages. Some of these rocks occur several kilometres south of Blackdome.
  • Overlying the Cretaceous rocks are volcanics and minor sediments of Eocene age. These rocks underlie much of Blackdome and are correlated with the Kamloops Group seen in the Ashcroft and Nicola regions. Geochemical studies (Vivian, 1988) have shown these rocks to be derived from a “calc-alkaline” magma in a volcanic arc type tectonic setting. Eocene age granitic intrusions at Poison Mountain some 22 kilometres southwest of Blackdome are host to a gold bearing porphyry copper/molybdenum deposit. It is speculated that this or related intrusions could reflect the source magmas of the volcanic rocks seen at Blackdome. There is some documented evidence of young granitic rocks several kilometres south of the mine near Lone Cabin Creek. The youngest rocks present are Oligocene to Miocene basalts of the Chilcotin Group. These are exposed on the uppermost slopes of Blackdome Mountain and Red Mountain to the south.
  • Transecting the property in a NE-SW strike direction are a series of faults that range from vertical to moderately westerly dipping. These faults are the principal host structures for Au- Ag mineralisation. The faults anastomose, and form sygmoidal loops.
  • The area in which the Elizabeth Gold Project is situated is underlain by Late Paleozoic to Mesozoic rock assemblages that are juxtaposed across a complex system of faults mainly of Cretaceous and Tertiary age. These Paleozoic to Mesozoic-age rocks are intruded by Cretaceous and Tertiary-age stocks and dykes of mainly felsic to intermediate composition, and are locally overlain by Paleogene volcanic and sedimentary rocks. The Elizabeth Gold Project is partly underlain by ultramafic rocks of the Shulaps Ultramafic Complex, which include harzburgite, serpentinite and their alteration product listwanite.
  • The gold mineralisation found on the Elizabeth Gold Project present characteristics typical of epigenetic mesothermal gold deposits. The auriferous quartz vein mineralisation is analogous to that found in the Bralorne-Pioneer deposits. Gold mineralisation is hosted by a series of northeast trending, steeply northwest dipping veins that crosscut the Blue Creek porphyry intrusion. The Main and West vein systems display mesothermal textures, including ribboned-laminated veins and comprehensive wall rock breccias. Vein formation and gold mineralisation were associated with extensional-brittle faulting believed to be contemporaneous with mid-Eocene extensional faulting along the Marshall Creek, Mission Ridge and Quartz Mountain faults.

Criteria

JORC Code explanation

Commentary

Drill hole Information

  • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
    • easting and northing of the drill hole collar
    • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
    • dip and azimuth of the hole
    • down hole length and interception depth
    • hole length.
  • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
  • Refer to Appendix 1 for drill hole collar information

Data aggregation methods

  • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.
  • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
  • The assumptions used for any reporting of metal equivalent values should be clearly stated.
  • Intervals reported using several samples are calculated using a weighted average.
  • Calculated intervals using a weighted average did not use a top cut on high-grade samples. High-grade samples are reported as ‘including’
  • Calculated weighted average intervals are continuous intervals of a mineralized zone and do not include unsampled intervals or unmineralized intervals.

Relationship between mineralisation widths and intercept lengths

  • These relationships are particularly important in the reporting of Exploration Results.
  • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
  • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).
  • In general, drilling is designed to intersect the mineralized zone at a normal angle, but this is not always possible.
  • For the reported intervals, true widths are reported where mineralized core was intact and possible to measure the orientation. Otherwise the true width is left blank

Diagrams

  • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
  • Refer to maps within announcement for drill hole locations.

Criteria

JORC Code explanation

Commentary

Balanced reporting

  • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
  • Where broader low-grade intervals are reported the high-grade intercepts are reported as ‘including’ within the reported interval

Other substantive exploration data

  • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
  • Not applicable.

Further work

  • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).
  • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.
  • Tempus plans to update historical NI43-101 foreign resource estimates to current NI43-101 and JORC 2012 standards
  • Tempus is also seeking to expand the scale of the mineralisation at the project through further exploration.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/73876

News Provided by Newsfile via QuoteMedia

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On 2 March 2021 the Australian Taxation Office issued Rio Tinto Limited with amended assessments related to the denial of interest deductions on an isolated borrowing used to pay an intragroup dividend in 2015. The borrowing was repaid in 2018. The ATO has today issued further assessments in relation to the same transaction levying penalties of A$352m and reducing the original interest assessment from A$47m to A$27m …

On 2 March 2021 the Australian Taxation Office (ATO) issued Rio Tinto Limited with amended assessments related to the denial of interest deductions on an isolated borrowing used to pay an intragroup dividend in 2015. The borrowing was repaid in 2018.

The ATO has today issued further assessments in relation to the same transaction levying penalties of A$352m (US$257.9m) and reducing the original interest assessment from A$47m to A$27m (US$19.8m).

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Ioneer Ltd is pleased to announce that the Company has reached an agreement to establish a joint venture with Sibanye Stillwater Limited to develop the flagship Rhyolite Ridge Lithium-Boron Project located in Nevada, USA . Under the terms of the agreement, Sibanye-Stillwater will contribute US$490 million for a 50% interest in the Joint Venture, with ioneer to maintain a 50% interest and retain operatorship. ioneer …

Ioneer Ltd (“ioneer" or the “Company") (ASX: INR) is pleased to announce that the Company has reached an agreement to establish a joint venture (the " Joint Venture “) with Sibanye Stillwater Limited ( “Sibanye-Stillwater" ) to develop the flagship Rhyolite Ridge Lithium-Boron Project located in Nevada, USA (the “Project" ). Under the terms of the agreement, Sibanye-Stillwater will contribute US$490 million for a 50% interest in the Joint Venture, with ioneer to maintain a 50% interest and retain operatorship. ioneer has also agreed to provide Sibanye-Stillwater with an option to participate in 50% of the North Basin 1 upon the election of Sibanye-Stillwater to contribute up to an additional US$50 million subject to certain terms and conditions.

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Perth, Australia – Australia’s next rare earths producer Hastings Technology Metals Ltd is pleased to announce that it has received the commendation of Premier Mark McGowan and the Western Australian Government for the Company’s development of the Yangibana Rare Earths Project in the State’s Gascoyne region. Premier McGowan said Hastings’ development of Yangibana was expressly aligned with the State’s Future Battery …

Perth, Australia (ABN Newswire) – Australia’s next rare earths producer Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM) is pleased to announce that it has received the commendation of Premier Mark McGowan and the Western Australian Government for the Company’s development of the Yangibana Rare Earths Project (Yangibana), in the State’s Gascoyne region.

Premier McGowan said Hastings’ development of Yangibana was expressly aligned with the State’s Future Battery Industry Strategy, which aims to expand the range of future battery minerals that are extracted and processed in Western Australia. Appendix 1 provides a copy of the public commendation that Hastings has received.

The Premier’s commendation follows the West Australian Department of Jobs, Tourism, Science and Innovation (JTSI) acknowledging that the Yangibana Project represents a strategic opportunity for investment and growth to position the State as a reliable supplier of speciality rare earth minerals.

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Australia took a stand against Facebook and Google earlier this year, and the move could have long-term implications for tech investors.

It was a ban that sent Australians wild and had the whole world watching.

Back in February, Facebook (NASDAQ:FB) stopped users in Australia from posting news in a week-long blackout, reacting to proposed legislation that would have forced the social media behemoth to pay publishers for content.

What prompted Facebook to "friend" Australia again, and what are the potential long-term implications of the squabble? Read on to learn what tech-focused investors in Australia should know about the situation.


Australia squares off against Facebook

On February 25 of this year, Australia's federal government passed the News Media and Digital Platforms Mandatory Bargaining Code. It was developed after extensive analysis by the Australian Competition and Consumer Commission, and is aimed at ensuring that news media businesses are fairly remunerated for their content.

It stipulates that digital platforms such as Facebook and Google (both named in the documentation) must pay news outlets whose content they feature — for example, if content is shared on Facebook or shows up in Google search results. The idea is that this will help to sustain journalism in Australia.

Unsurprisingly, Facebook and Google didn't react well to the code, which was first introduced in 2020.

Google didn't make any moves after it passed, but Facebook quickly made it impossible for Australian users to share news content, and pages for both local and international news organisations went blank — a major concern given the COVID-19 and wildfire concerns that were circulating at the time.

Australian Prime Minister Scott Morrison was scathing about Facebook's decision — which he ironically shared in a Facebook post — declaring the tech giant's actions "as arrogant as they were disappointing." He added, "These actions will only confirm the concerns that an increasing number of countries are expressing about the behaviour of BigTech companies who think they are bigger than governments and that the rules should not apply to them."

Despite strong feelings from both Australia and Facebook, the dispute was resolved fairly quickly, with the country agreeing to make four amendments to the legislation and Facebook restoring Australian's access to news.

Implications for Big Tech and news organisations

Both Australia and Facebook have claimed victory in the dispute, with a Facebook representative saying the company will be able to decide if news appears on the platform — meaning it won't automatically have to negotiate with any news businesses. Changes were also made to the arbitration process.

Tech experts have pointed out that larger news companies may ultimately benefit from the changes, but smaller ones could be pushed to the side. Major publishers that have struck agreements with tech giants, such as News Corp, Nine Entertainment (ASX:NEC,OTC Pink:NNMTF), Seven West Media (ASX:SWM) and Guardian Australia, may be able to increase their market share while smaller independent players lose out.

A business that is in full support of the laws is Microsoft (NASDAQ:MSFT). During the conflict, President Brad Smith came out loudly in favour of Australia's law, and advised that his company is willing to step up with search engine Bing should Google and/or Facebook pull out of the Australian market.

"In Australia, Prime Minister Scott Morrison has pushed forward with legislation two years in the making to redress the competitive imbalance between the tech sector and an independent press. The ideas are straightforward. Dominant tech properties like Facebook and Google will need to invest in transparency, including by explaining how they display news content," he said in a blog post.

"The United States should not object to a creative Australian proposal that strengthens democracy by requiring tech companies to support a free press. It should copy it instead."

Global reach and tech investor impact

Six months down the road from Australia's landmark legislation, it's tough to say what the long-term impact may be.

That said, market watchers do believe the country is part of a new precedent of forcing Big Tech into paying for journalism — something giants Facebook and Google are not used to.

Countries looking to pursue similar legislation include Canada, where Facebook agreed in May to pay 14 publishers to link to their articles on its COVID-19 and climate science pages, as well as other unspecified use cases. Canada is pursuing other avenues too. Meanwhile, in France, Google said it will pay publishers for news content after the country took up new EU copyright laws that make digital platforms liable for infringements.

For investors, the takeaway is perhaps that while companies like Facebook and Google may seem too big too fail, they too can fall subject to new regulations that can change how they do business. As nations around the world look to take back control from these mega companies, it's important to be aware of possible effects on their bottom lines.

Don't forget to follow @INN_Australia for real-time updates!

Securities Disclosure: I, Ronelle Richards, hold no direct investment interest in any company mentioned in this article.

Queensland is the 16th most attractive jurisdiction in the world, sneaking in above BC and the Yukon in Canada, and just behind New Mexico in the US.

Queensland is one of the top three Australian jurisdictions for copper.

While it's well behind South Australia, a behemoth in the country for resources and production, Queensland hosts some 12 percent of all known Australian copper deposits, level with its southern neighbour New South Wales.

A premier mining jurisdiction globally, Queensland is ranked third out of all Australian jurisdictions for mining investment attractiveness, according to the Fraser Institute. Globally, it's ranked as the 16th most attractive jurisdiction, sneaking in above BC and the Yukon in Canada, and just behind New Mexico in the US.


The state is renowned for its mining prowess in Australia, and is known as one of the resource states, with a large chunk of its economic heft coming from the mining industry and its operations across the vast state.

Overall, mining accounts for 11.7 percent of Queensland's economy, with coal and liquefied natural gas being the primary focus of output. Together, coal, gas and mineral exports account for over 80 percent of Queensland's exports, according to the state government.

Having said that, copper plays a large role, and Queensland is home to the second biggest producer of copper in Australia in the form of Glencore's (LSE:GLEN,OTC Pink:GLCNF) Mount Isa mining complex in the northwest of the state. There, Glencore owns and operates the Enterprise and X41 mines.

Aside from Mount Isa, Glencore owns the nearby Ernest Henry copper mine. Combined, Glencore's Queensland operations produced 138,800 tonnes of copper in 2020 — accounting for a little over 10 percent of the company's global copper production. Glencore isn't listed on the ASX, but can be found on the LSE.

Besides the Mount Isa complex itself, there's also a handful of other operational mines in the northwestern portion of the state, although most of them are privately owned, such as the Capricorn copper project, which is a joint venture between EMR Capital and Lighthouse Minerals; it secured itself "prescribed project" status in 2017.

Other privately owned projects include Round Oak's Barbara project (in care and maintenance), Chinese-backed CuDECO's Rockland copper project (mothballed, CuDECO in liquidation) and Chinova's Osborne mine — which was originally set up by Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF). There's also the Balcooma mine, which Royal Gold (NASDAQ:RGLD) has copper royalties on, and the privately owned Mount Cuthbert mine.

Many of the mentioned projects ran into trouble in 2020, with the COVID-19 pandemic limiting company operations.

All in all, Queensland has 13 operational copper mines, but as can be seen many are in private hands, making investment opportunities somewhat slim. Aside from previously mentioned Glencore operations, there's Red River Resources (ASX:RVR,OTC Pink:RRRDF), which owns the Thalanga operations near Charters Towers. Red River acquired Thalanga in 2014, and has been working to develop the legacy site back into a viable investment.

From the beginning of production in 2017, the operations have a lifespan of some 10 years, according to Red River, with further development and exploration options on the table. In its most recent quarterly report, Thalanga reported output of 3,086 tonnes of copper concentrate.

The remainder of the options on the table for investors are exploration focused, such as Copper Mountain Mining (ASX:C6C,OTC Pink:CPPMF) with interests in the Eva copper project, which is — unsurprisingly — in the northwest of the state, near the town of Cloncurry. Eva is in the development phase, with a feasibility study completed in early 2020 envisaging a 15 year mine life with an annual expected output of 106 million pounds of copper equivalent.

There's also Global Energy Metals (TSXV:GEMC,OTCQB:GBLEF), which like Glencore isn't on the ASX, but has interests in the Millenium cobalt-copper-gold project and others near Mount Isa — all in the exploration stage.

Aside from that, Strategic Energy Resources (ASX:SER) acquired exploration licences from Newcrest Mining (ASX:NCM,OTC Pink:NCMGF) in May 2021 for licences around Mount Isa, and Zenith Minerals (ASX:ZNC) is exploring the Develin Creek copper-zinc project. Zenith recently divested from another copper project, Flannagans, in June 2021 by selling its interests to a private company for $450,000.

Don't forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Scott Tibballs, currently hold no direct investment interest in any company mentioned in this article.

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