Tembo Reports New Discovery Along the Bulyanhulu Trend
TEMBO REPORTS NEW DISCOVERY ALONG THE BULYANHULU TREND
January 19, 2023, Vancouver, BC – Tembo Gold Corp. (TSX-V: TEM; TBGPF: OTCBB; FSE:T23) ("Tembo" or the
"Company") reports that on the Company’s Tembo Project in the Lake Victoria goldfield in Tanzania, a
significant new artisanal working has commenced along strike of the neighbouring Bulyanhulu Mine of Barrick
Gold. This is an entirely new location for artisanal activity. Grab samples that were retrieved from these artisanal
workings at the location, termed Mwasabuka, have returned excellent grades.
Highlights
• An entirely new artisanal working, termed Mwasabuka, has commenced on the Tembo prospecting
licence on the direct northwest extension of the Bulyanhulu structural zone that is host to the
orebodies at the Bulyanhulu mine. (See Figure 1)
• The recent announcement made November 10, 2022 by the Company highlights the targets Barrick
has identified, which includes this zone and other subparallel structures trending into the Tembo
licence.
• This zone lies immediately to the northwest of the Bulyanhulu target Sabuka referenced in Barrick’s
recent presentation, which depicts the zone striking northwestwards onto the Tembo property.
• Sampling and field reconnaissance confirms that the structural zone persists and that it is prospective
within the Company’s PL area.
• The working has returned excellent grab sample grades averaging 11.21 g/t gold.
• The excavations comprise a series of vertical, hand excavated shafts along a linear zone approximately
200m in strike. The linear trend of the shafts confirms that this gold mineralisation is located on a
structure that is sub-parallel to, and along strike of the zone that hosts multiple mineralised structures
at Bulyanhulu, including Reef 0, Reef 1 and Reef 2 orebodies.
• The zone being mined at this location corresponds closely to two Priority 1 target locations identified
during the Goldspot study announced June 1, 2021.
• Further grab sampling of this series of workings, several other active existing old workings, and other
new workings is ongoing.
Figure 1: Location of the Mwasabuka artisanal mining activity
View enhanced version of this image here
A sample of approximately 30 kg was taken at the Mwasabuka working area from a recent artisanal ‘ore’
stockpile. The 30 kg sample was homogenized and then split and resplit until four 3 kg samples were obtained.
The samples returned an excellent average gold value of 11.21 g/t (Table 1). The results are particularly
encouraging as this is an area not previously explored by Tembo and constitutes a new discovery and target for
initial drilling. Further sampling of material from each shaft is underway to establish a clearer picture of the
grade distribution along the structure. Additional fieldwork is also being planned to confirm (where possible)
the dip, lateral extent and thickness of the mineralised shear zone. Aside from the presence of the artisanal
shafts and mined rubble, there is no surface expression of the mineralization due to the transported cover
ubiquitous over the project area due to the transported cover ubiquitous over the project area . Following the
fieldwork, drill holes will be planned at Mwasabuka.
Tembo Exploration Manager, Hendrik Meiring, stated “ The current strike extent of the Mwasabuka workings
confirm our scientific backed knowledge of this prospective trend extending into our license area. The workings
confirm our plan to do more detail exploration in this area across our license.”
Tembo President & CEO, David Sco tt, stated, “Our assertion has always been that artisanal workings are the
result of chance discovery by local inhabitants when random gold bearing quartz vein material is encountered
as float in the thick overburden that covers most of the Tembo licence a rea, which then leads to extensive
rubble and vein mining. T he extent of this cover, and the extent of workings and corresponding magnetic
lineaments on the Tembo property lead us to believe that there may be many more ‘hidden’ gold bearing
structures, such as this one at Mwasabuka, that will require investigation and exploration in due course, as
identified in our recent studies. An additional encouraging feature is the consistent high grades encountered in
artisanal material. We are confident that our drill programs will continue to intersect these zones as we
systematically test beneath the workings.”
Table 1: Summary of artisanal sampling program at Mwasabuka
Prospect
Sample
Coordinate Observations
Easting Northing
Mwasabuka 438875 9647901
The mined mineralised zone is characterized by narrow light to grey
well-mineralised (disseminated sulphides) quartz veins located
within a highly weathered shear zone that strikes at approximately
300oW and appears to have a near-vertical dip (features similar to
Reef 1 & 2 at the adjacent Bulyanhulu Gold Mine of Barrick.
The sample was taken from the artisanal ore stockpile on surface.
Note:
The taking of these samples was unsupervised and there is no geological control on their context. As such they should be considered as
selected grab samples.
Table 2: Summary of analytical results
Note:
All assays were conducted using a 50g aliquot by Fire Assay with an AAS finish providing a detection limit of 0.01ppm to 100ppm.
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.
About Tembo
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 Goldfield. 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]
Prospect Au Values
(g/t)
Average Au Grade
(g/t)
Mwasabuka
11.70
8.54
11.80
11.40
12.60
11.21
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]
Visit our website at: 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”, “w ill”, “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, informati on 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 c an give no assurance that those 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 pr operties, 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 or 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 res ults expressed or implied by such forward- looking statements. These risks and uncertainties include,
among other things, a significant drop in the price of gold, political turmoil in Tanzania and other risk factors set forth i n
the Company’s continuous dis closure. 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.
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