Tembo GOLD General Update
TEMBO GOLD GENERAL UPDATE
Vancouver, BC - August 13, 2020 - Tembo Gold Corp. (TSXV: TEM) ("Tembo" or the "Company”) is pleased
to provide this update on the status of the Company.
Highlights
• Tembo is a junior gold exploration company with a significant contiguous land package in the
prolific but underexplored Lake Victoria goldfield in northern Tanzania. The Company’s licences
are located immediately alongside Barrick Gold’s +20M oz Au (mined to date and in resource),
Bulyanhulu Mine.
• Tightly held capital structure and a clean balance sheet with the interests of management aligned
with shareholders.
• Exploration conducted to date by Tembo, includes in excess of 50,000m of diamond and reverse
circulation drilling, has returned outstanding results within a limited extent of the total
prospective area. Examples of significant initial drill results (with best intercepts) include:
• TDD0005: 10.76 g/t Au over 4.00m, including 93.3 g/t gold over 0.38m
• TDD0054: 8.17g/t Au over 11.05m
• TRC0013: 16.10 g/t Au over 3.00m
• TRC0423: 10.17g/t Au over 6m from 36.0m including 19.1g/t gold over 3m
• Tembo has an experienced Board of Directors and executive management team with extensive
in-country gold mining and exploration, financial management and public markets experience,
united by strongly al igned goals to build a socially and environmentally responsible successful
explorer and mine developer.
• To define the future exploration strategy, t he Company is engaging with leading technical
consultants to review, interpret and re-evaluate results to date with a view to defining new targets
and re-assessing targets that have returned promising initial drill results.
• Work programmes and budgets are being prepared and will be tailored to execute the
recommendations of the technical review, with commencement of d rilling provisionally
scheduled for the fourth quarter 2020.
• Tembo’s stated goal is to pursue the discovery of one or more multimillion-ounce deposits within
the current licence area , similar to the five deposits which make up Barrick Gold ’s Bulyanhulu
mine.
Mr. Simon Benstead, Director & CFO, stated “The completion of the recent financing provides the working
capital needed to accelerate the full re-engagement of the Tembo project. With cash in the bank, a clean
balance sheet and a consolidated capital structure we are very well positioned to move forward with a
stated goal of identifying a multi-million-ounce resource.”
David Scott, President & CEO, stated “We are confident that t here remain many good discoveries to be
made in Tanzania. The Tembo project lies within one of the most prospective greenstone belt fragments
and significant discoveries are anticipated. The Lake Victoria greenstone belts and goldfield rank highly in
discovered ounces per km 2 worldwide and Tembo is in the heart of it. We are developing a technically
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cautious but aggressive strategy to explore the license area and will be informing our shareholders and
supporters shortly of these plans.”
QA/QC
A stringent QA/QC practice is being applied to all sample batches. A Verified Reference Material standard
is inserted every 20th sample, a known blank or blank st andard every 20th sample and all samples with
assays greater than 0.5 g/t Au 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 procedure including standard
samples and repeats and blanks inserted independently.
The above information has been prepared under the supervision of David Scott, Pr. Sci. Nat., who is
designated as a “Qualified Person” with the ability and authority to verify the authenticity and validity of
the data.
Notes to the above drill results:
(i) Widths represent drill intersection widths not corrected for drill hole inclination and dip of the
geological zone. True widths have not been determined.
(ii) Drill holes have not been drilled in numerical sequence and not all drill holes in a sequence have
necessarily been drilled. Drill hole numbers represent the original drill hole identification assigned
when planned.
(iii) No capping of high-grade values has been applied to the assay results.
About Tembo Gold Corp.
Tembo is a Canadian publicly listed mineral exploration company with a 100% interest in the Tembo Gold
Project. Tembo’s focus is the discovery and development of gold projects in Africa. The Company has
assembled a highly experienced team with a proven history of developing, financing, and operating mining
projects in Africa. The Company’s exploration strategy is to discover mineral resources as well as continue
to look for additional opportunities that can bring value to the Company and shareholders.
On Behalf of the Board of Directors of Tembo:
David Scott
President & CEO
For more information please contact:
Simon Benstead
Director & VP Corporate Development
Phone: 604-685-9316
Email: [email protected]
Cautionary Note Regarding 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. This news release conta ins forward -looking statements, including, without limitation, the
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anticipated filing date for the Required Filings. Forward -looking statements are based upon the opinions
and expectations of management of the Company as at the effective date of such state ments and, in
certain cases, information provided or disseminated 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 those
expectations will prove to have been correct. Readers are cautioned not to place undue reliance on
forward-looking statements.
These forward-looking statements are subject to a number of risks and uncertainties. Actual results may
differ materially from results contemplated by the forward -looking statements. Factors that could cause
actual results to differ materially from those in forward-looking statements include that the Company does
not file its Required Filings by the anticipated date. Accordingly, the actual events may differ materially
from those projected in the forward-looking statements. When relying on forward-looking statements to
make decisions, investors and others should carefully consider the foregoing factors and other
uncertainties and should not place undue reliance on such forward-looking statements. The Company does
not undertake to update any forward -looking statements, except as may be required by applicable
securities laws.
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.