Tempus Resources Ltd – Joint Venture Agreement – Mineral Creek Gold Project

Tempus Resources Ltd is pleased to announce that it has executed a Property OptionJoint Venture agreement with respect to the Company’s Mineral Creek Gold Project, located in British Columbia, Canada.The key terms of the agreement, with Canadian company Robinhood Gold Corp are:RGC to earn an initial 75% interest in the Mineral Creek Gold Property by completing the following work commitment and consideration …

Tempus Resources Ltd (ASX: TMR) (TSXV: TMRR) (“Tempus”) is pleased to announce that it has executed a Property OptionJoint Venture agreement with respect to the Company’s Mineral Creek Gold Project, located in British Columbia, Canada.

The key terms of the agreement, with Canadian company Robinhood Gold Corp (“RGC”) are:

  • RGC to earn an initial 75% interest in the Mineral Creek Gold Property by completing the following work commitment and consideration payments:

    • Complete minimum expenditure on the Property of C$100,000 by December 31, 2021;

    • Complete total cumulative property expenditures of C$500,000 by December 31, 2022; and,

    • Complete total cumulative property expenditures of C$2,000,000 by December 31, 2023.

    • If RGC completes and initial Public Offering (IPO) then RGC will pay Tempus C$100,000 in fully paid common shares of RGC at the IPO issue price; OR

    • If RGC does not complete an IPO but becomes listed on any stock exchange via any transaction then RGC will pay Tempus $30,000 of fully paid common shares of RGC at a price equivalent the valuation implied by a concurrent equity raise or as agreed between the parties.

  • Tempus retains a 1% Net Smelter Royalty on the Mineral Creek Property.

  • RGC will be the operator of the Mineral Creek Property and will be responsible for all costs associated with maintaining the mineral claims in good standing, with Tempus having no obligation to contribute to project expenditures during the term of the Option/Joint Venture Agreement.

  • Following completion of the Option, the parties will establish a joint venture and contribute to project expenditures on an equity basis (after C$2,000,000 minimum expenditure by RGC).

  • RGC has the right to acquire an additional 5% of the Mineral Creek Property by paying Tempus C$1,000,000 at any time during the Option/Joint Venture Agreement period.

  • Agreement is subject to a 30 day due diligence period and is subject to ASX and/or TSX.V exchange approval as required.

Managing Director, Brendan Borg commented: “The Mineral Creek Gold Project was acquired along with our flagship Blackdome-Elizabeth Gold Project in late 2019. We welcome this opportunity to unlock value from the Project through this transaction with Robinhood, and look forward to seeing the story develop as exploration proceeds.”

About the Mineral Creek Gold Project

The Mineral Creek Gold Property is located on Vancouver Island, British Columbia, approximately 10 kilometres east of the town of Port Alberni (Figure 1), and was acquired by Tempus together with the Blackdome-Elizabeth Gold Project last year. The Property consists of 42 contiguous mineral claims totalling 9,877.29 hectares. All 42 mineral claims are owned 100% by Tempus subsidiary Sona Resources, and have no underlying royalties. The Property is readily accessible by an extensive network of all-season logging roads.

Mineral Creek has a long history of gold mining, dating back to the late 1800’s where placer gold was mined from Mineral Creek and China Creek, and from several adits along the Mineral Creek Fault Zone, where gold was mined from high-grade gold-quartz veins.

Results from the most recent diamond drilling programs (2005-2010) include:

  • 7.20 m @ 159.03 g/t gold, from 63.80 m (BTT-L54), Including 4.50 m @ 253.6 g/t gold from 64.30 m
  • 1.65 m @ 215.55 g/t gold, from 26.00 m (BTT-L58)
  • 4.40 m @ 75.25 g/t gold, from 75.05 m (MC2009-E57)
  • 0.80 m @ 244.00 g/t gold, from 42.10 m (BTT-1053)
  • 5.30 m @ 34.12 g/t gold, from 71.50 m (BTT-1058)
  • 1.10 m @ 152.66 g/t gold, from 21.30 m (BTT-L14)
  • 2.70 m @ 45.48 g/t gold, from 13.50 m (BTT-L3)
  • 0.90 m @ 130.97 g/t gold, from 14.60 m (BTT-L43)
  • 1.80 m @ 61.57 g/t gold, from 24.50 m (BTT-L56)
  • 2.95 m @ 26.30 g/t gold, from 31.40 m and
    1.65 m @ 15.34 g/t gold
    , from 82.45 m (MC2009-E53)
  • 1.00 m @ 74.50 g/t gold, from 82.40 m (BTT-1059)
  • 5.30 m @ 13.08 g/t gold, from 92.00 m (MC2009-E39)
  • 2.30 m @ 29.18 g/t gold, from 87.90 m (MC2009-E60)
  • 2.70 m @ 22.66 g/t gold, from 15.40 m (BTT-L10)
  • 3.60 m @ 14.33 g/t gold, from 98.80 m (MC2009-E06)
  • 0.90 m @ 54.77 g/t gold, from 38.90 m (BTT-L17)
  • 0.70 m @ 71.51 g/t gold, from 14.80 m (BTT-L2)
  • 7.05 m @ 5.82 g/t gold, from 54.25 m (BTT-1052)
  • 2.80 m @ 14.44 g/t gold, from 38.40 m (BTT-L25)
  • 1.40 m @ 20.05 g/t gold, from 72.90 m (BTT-1052)

For further information on the historical work at Mineral Creek, refer to the ASX announcement of 20 April, 2020.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/7585/71276_3b67f713849a49f3_001.jpg

Figure 1 – Mineral Creek Property Prospect Map

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7585/71276_3b67f713849a49f3_001full.jpg

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

For further information:

TEMPUS RESOURCES LTD

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

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.

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 successful completion of the 30 day due diligence period relating to the agreement ‎, 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. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71276

News Provided by Newsfile via QuoteMedia

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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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