Tempus' No.9 Vein assays are in - what do we think?

This morning our gold exploration Investment Tempus Resources (ASX: TMR) put out assay results from its no.9 Vein at its gold project in Canada.

Today’s assays come from the area we highlighted could (based on assays) be home to the discovery of a whole new vein and is also where TMR hit a ~25.75m quartz vein with visible gold.

We listed the assays from the holes at no.9 vein as something we were looking out for, check out our TMR ‘Progress Tracker’ to see that slide.

The highlight intercept from today’s results was 87g/t across 2.11m from a depth of ~135m.

This is well above the 5g/t base case expectation we set for grades going into this round of drilling which could mean TMR are starting to define an entirely new high grade vein system at the No.9 Vein.

While today’s news was positive, the main intercept we are looking forward to seeing the assays from is the 25.75m thick quartz vein that TMR hit and found visible gold in.

If we see high grade gold mineralisation over that entire interval then we think this could be a major catalyst for TMR’s share price.

What’s next?

TMR recently confirmed its 2022 drilling program was completed for a total of 40 holes over 9,760m.

As of today’s announcement we have results from the first 19 holes which means there is still ~21 assays pending. As before, we are particularly interested in seeing what comes from the remaining assays at the No.9 Vein.

Ultimately TMR will be looking to include the results of past few drilling programs (~129 new drillholes) in an updated resource estimate which is likely to come after all of the assays are released.