TMR’s maiden JORC resource now due in August/September

ASX:SMM

Published 28-JUL-2023 11:00 A.M.

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Announcement

Trust Centre

TMR’s maiden JORC resource now due in August/September.

Our Canadian gold exploration Investment Tempus Resources (ASX: TMR) just put out a project update.

Here are our key takeaways from the announcement:

1). TMR completed a round of rock chip sampling.

TMR took ~90 rock samples across some of its key targets and is now waiting on assays from the program.

Ultimately, the results of the program will be used to define drill targets for the company’s 2023 exploration program.

2). JORC/NI43-101 resource estimate now due in August/September -

TMR delayed its JORC resource estimate to August/September as it updates its project wide structural maps.

TMR’s maiden resource estimate 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

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

3). 4,000m 2023 Drill program delayed -

TMR previously expected its 2023 drill program to start in July.

The company has now delayed the program with drilling expected to start AFTER the company’s JORC resource estimate is announced.

Below is an image showing TMR’s planned drill program (green = drillhole locations), we expect the program plan to change after the results from the rock chip sampling & the resource estimate is announced.

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 come in August/September.