TMR outlines its plans for 2023 - Resource in June, drilling in
Our Canadian gold exploration Investment Tempus Resources (ASX: TMR) just detailed its 2023 exploration program.
The key takeaways for us are as follows:
- JORC/NI43-101 resource estimate -
TMR expects to have its updated resource estimate completed before the end of June.
This is one of the key remaining objectives of our current TMR Investment Memo and the key piece of news we have been waiting for since the company completed its 2022 drill program.
We did a deep dive on what we want to see from the resource in our last TMR note which you can read here: Looking ahead to the maiden JORC resource estimate
For context the project's historic resource was put together using ~74 drillholes, TMR will be modelling its resource based on an additional ~129 drillholes.
Our expectations for the resource are as follows:
- Bull case = >300k oz of gold
- Base case = 100-300k oz of gold
- Bear case = <100k oz of gold
- 4,000m 2023 Drill program -
TMR expects its 2023 drill program to kick off in July.
The drill program is planned to focus primarily on the No.9/Blue vein’s, the company’s most recent high grade discoveries.
We are especially interested in the extensional drilling planned at the No.9 Vein where the company hit a 28.5m thick intercept with gold grades of 28.1g/t.
If we see more intercepts like this then we think TMR could be onto a game changing discovery.
In addition to the drilling, TMR is also looking at running some target generation works across its wider project area with rock chip sampling having already commenced.
- Gold processing mill update -
TMR is also planning on putting together a Blackdome Mill “restart and expansion study”.
A key reason for our Investment in TMR has always been the company’s existing processing infrastructure. Our Investment Thesis was always based on the company finding enough gold to warrant putting its processing plant back into production.
The review should give us a first look as to the capital requirements to put the mill back into a position where it is ready to produce gold.
What’s next for TMR?
Updated mineral resource estimate 🔄
The current focus for the company is on converting the non JORC historical resource estimate of ~206k ounces into a JORC compliant maiden resource estimate for the project.
TMR will include an additional ~129 drillholes that all sit outside of the current historical resource estimate.
The resource estimate is expected to be completed before the end of this month.
