Tembo Announces Further Drilling Results from the Nyakagwe Village Diamond Drilling Program
Tembo Announces Further Drilling Results from the Nyakagwe Village
Diamond Drilling Program
March 23, 2023, Vancouver, BC – Tembo Gold Corp. (TSX-V: TEM; FSE:T23A) ("Tembo" or the "Company") is
pleased to announce the final results of the recent diamond drilling campaign on the Company’s Tembo Project
in Tanzania. The drilling at Nyakagwe Village (NyaV) has confirmed a 200m wide south dipping zone containing
at least five to seven gold bearing structures and extended the strike of this zone by 300m to the southeast. The
drill results have provided confidence in the structural attitude of the mineralized zones that will assist the design
of a resource drilling program that is planned.
Highlights
• Six
diamond drillholes totaling 1,341m were completed at Nyakagwe Village during this phase, bringing
t
he total metres drilled at this target to 30 drillholes totaling 4,898m (reverse circulation holes included).
• Th
e two drillholes completed in 2023 after the drillers break returned best intersections of: 4.59g/t Au
over 2.96m from 148.68m, including 7.19g/t Au over 1.68m; 4.79g/t Au over 0.99m from 181.31m.
• The mineralization intersected in TDD0178 and TDD0177 extended the strike of the mineralized
structures an additional from 300m to 600m.
• A quartz porphyry is associated with the mineralization, and this will assist in further delineation of
targets for future exploration in this area using our existing geophysical data.
Nya
kagwe Village
• Ny akagwe Village is a 600m long 20 0m wide zone hosting multiple southeast trending gold hosting
structures, open both to the northwest and southeast.
• T he gold is hosted in sheared basalt rocks with quartz carbonate veins and sulphides such as pyrrhotite
and pyrite with minor chalcopyrite.
• Th ere seems to be a strong association of a quartz porphyry intrusion and mineralization.
• N ortheast trending structures are important secondary controls on mineralization, enhancing both
grade and width and associated with very wide intersections and in places high grades.
• T he current drill program has confirmed and extended the known structures, providing confidence that
further drilling to the southeast is warranted.
• P reviously reported results at N yakagwe Village include:
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12-2014:
o TDD0071 - 24.72g/t Au over 1.45m from 85.25m;
o T
DD0101 - 78.10g/t Au over 1.00m from 294.00m;
o TDD0107 - 16.58g/t Au over 3.55m from 43.88 and 27.88g/t Au over 3.00m from 65.90m.
2
2022
o TDD0162 - 12.96g/t Au over 5.54m from 89.01m including 29.67g/t Au over 2.35m from 91.44m;
o TDD0163 - 5.76g/t Au over 1.22m from 105.97m and 37.43g/t Au over 0.30m from 115.72m;
o TDD0164 - 7.06g/t Au over 2.69m from 57.28m.
• The latest borehole results include:
o TDD0165: 1.35g/t Au over 31.07m from 34.00m, including 3.85g/t Au over 1.79m, 3.68g/t Au
over 0.54m, 4.85g/t over 0.89m, and 4.09 g/t Au over 0.69m; 1.40g/t Au over 4.04m from
82.36m; 2.68g/t Au over 2.69m from 155.23m, including 7.92g/t Au over 0.65m;
o TDD0177: 1.42g/t Au over 2.71m from 86.41m;
o TDD0178: 4.59g/t Au over 2.96m from 148.68m, including 7.19g/t Au over 1.68m; 3.02 g/t Au
over 0.44m from 160.12; 4.79g/t Au over 0.99m from 181.31m; 2.38g/t Au over 0.30m from
232.40m; and 1.79g/t Au over 2.00m from 243.00m.
• All new drill results are tabled below.
• This drilling has provided the confidence to plan and undertake a resource drilling program.
• The latest drill results at Nyakagwe Village are tabled below (Table 1).
Table 1. Latest drilling results of Nyakagwe Village achieved in this phase of drilling
NYAKAGWE VILLAGE >0.0.50g/t >2.00g/t
BH ID From To
Width
(m)
Au
g/t Width
Au
g/t
Width
(m)
Au
g/t
TDD0177 67.74 68.14 0.40 1.01 0.40 1.01
86.41 87.34 0.93 0.97 2.71 1.42
87.34 88.12 0.78 0.34
88.12 89.12 1.00 2.69
119.74 120.04 0.30 1.32 0.30 1.32
158.26 158.56 0.30 1.16 0.89 1.07
158.56 159.15 0.59 1.02
185.93 186.93 1.00 1.21 1.86 1.11
186.93 187.79 0.86 0.99
230.01 230.31 0.30 1.10 0.60 1.06
230.31 230.61 0.30 1.02
250.81 251.34 0.53 1.66 1.53 1.17
251.34 252.34 1.00 0.91
TDD0178 137.08 137.79 0.71 0.66 0.71 0.66
148.68 149.40 0.72 0.96 2.96 4.59
149.40 149.96 0.56 1.42
149.96 150.26 0.30 3.18 1.68 7.19
150.26 150.80 0.54 9.93
150.80 151.64 0.84 6.87
160.12 160.56 0.44 3.02 0.44 3.02
162.00 162.73 0.73 0.64 0.73 0.64
181.31 182.30 0.99 4.79 0.99 4.79
218.34 219.18 0.84 0.57 0.84 0.57
232.40 232.70 0.30 2.38 0.30 2.38
243.00 244.00 1.00 1.38 2.00 1.79
244.00 245.00 1.00 2.19
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Figure 1. Plan of Nyakagwe Village target with best intersections to date
Tembo Exploration Manager, Hendrik Meiring, commented, “The robustness of the minerali zed structures at
Nyakagwe Village and the association with quartz porphyry intrusions will assist in identifying future drilling
targets. The possible extension to the south-east is also supported in the geophysical magnetic survey data.”
Tembo President & CEO, David Scott, stated, “ These results from Nyakagwe Village, together with the results
achieved at our other primary target, Ngula 1, provide us with confidence that a significant resource will be
delineated on the Tembo Project. Our team has gained further understanding of the mineralization controls and
has commenced planning of a resource drillout program at Nyakagwe Village.”
The above information has been prepared under the supervision of Hendrik Meiring, Pr. Sci. Nat., who is
designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the
data.
QA/QC
A stringent QA/QC practice is applied to all sample batches. A Verified Reference Material standard is inserted
every 20th sample, a known blank or blank standard every 20th sample and all samples with assays greater than
0.5g/t are re-assayed. 1% of all samples are submitted to an alternative laboratory for check analysis. In addition
the laboratory adheres to an internal QA/QC pr ocedure including standard samples and repeats and blanks
inserted independently.
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Widths represent drill intersection widths not corrected for borehole inclination and dip of the geological zone.
True widths have not been determined. The borehole inclination of 60deg and sub vertical dip of the structures
suggests that the true width will be approximately 86% of the intersected width.
Boreholes have not been drilled in numerical sequence and not all boreholes in a sequence have necessarily
been drilled. Borehole numbers represent the original borehole identification assigned when planned.
No capping of high-grade values has been applied to the assay results.
About Tembo Gold Corp.
Tembo Gold is a Canadian public company listed on the TSX Venture Exchange ("TSX-V") under the symbol TEM.
The Company has a 100% interest in the Tembo Gold Project which has over forty thousand meters of drilling
and is located adjacent to Barrick's 20Moz Bulyanhulu Mine in Tanzania’s prolific Lake Victoria Greenstone belt.
Tembo recently completed a transaction with Barrick (who now owns approximately five percent of Tembo),
whereby Tembo sold six of its non-core licenses to Barrick for $6mm USD, and Barrick is committed to spending
$9mm USD over the first four years. Additionally, Tembo will receive contingent payments of up-to $45mm USD
on the first five million ounces discovered by Barrick. The company has assembled a highly experienced team
with a track record of developing, financing, and operating mining projects in Africa. Tembo is focused on the
discovery and development of world-class gold projects in Africa as well as seeking additional opportunities that
can bring value to the company and shareholders.
On Behalf of the Board of Directors of Tembo, David Scott, President & CEO
David Scott
President & CEO
Phone: +255 767 366 146
Email: [email protected]
For more information please contact:
Simon Benstead Marc Cernovitch
Director & CFO Director
Phone: 604-685-9316 Phone: 604-685-9316
Email: [email protected] Email: [email protected]
www.tembogold.com
Forward-Looking Statements
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not
always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”,
“could”, “might”, “should”, “believe” and similar expressions. Forward-looking statements are based upon the opinions and expectations
of management of the Company as at the effective date of such statements and, in certain cases, information provided or disse minated
by third parties. Although the Company believes that the expectations reflected in such forward -looking statements are based upon
reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that t hose
expectations will prove to have been correct. With respect to forward -looking statements contained in this news release, the Company
has made assumptions regarding, among other things, the ability to develop the Company’s properties, the economic climate in the
jurisdictions where the Company carries on operations and commodity prices. Although the Company believes that the expectations
reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements
are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place
undue reliance on forward- looking statements included in this document, as there can be no assurance that the plans, intentions o r
expectations upon which the forward- looking statements are based will occur. By their nature, forward -looking statements involve
numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts,
projections and other forward -looking statements will not occur, which may cause actual results in future periods to differ materially
from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks
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and uncertainties include, among other things, a significant drop in the price of gold, political turmoil in Tanzania and other risk factors
set forth in the Company’s continuous disclosure. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any
obligation, to update these forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF
THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE