Tembo Reports the Commencement and Progress of Barrick’S Exploration Program ON Licences Recently Acquired from Tembo
TEMBO REPORTS THE COMMENCEMENT AND PROGRESS OF BARRICK’S EXPLORATION
PROGRAM ON LICENCES RECENTLY ACQUIRED FROM TEMBO
November 10, 2022, Vancouver, British Columbia – Tembo Gold Corp. (TSX-V: TEM; FSE:T23) ("Tembo" or the
"Company") is pleased to report that Bulyanhulu Gold Mine Limited (“Buly“), a subsidiary of Barrick Gold
Corporation (“Barrick”), has provided the Company with the first Quarterly Report on work carried out on the
licenses which Tembo recently sold to Buly.
This follows the sale by Tembo of six non-core licenses to Buly through the Asset Purchase Agreement (APA) signed
on December 7, 2021, between Mineral Industry Promotion and Consulting Company Limited (a Tembo Gold Corp
subsidiary), Tembo Gold Corp, Bulyanhulu Gold Mine Limited, and Barrick Gold Corporation. The transaction closed
on April 22, 2022, fieldwork by Buly has commenced and Buly has provided the first report of exploration activities
to date.
Highlights
• The Buly exploration team have completed field validation of the licenses and preliminary reconnaissance
mapping.
• Community issues regarding access to the area have been resolved.
• Inlier-wide data integration and camp scale geological model update has been completed.
• Growth opportunities have been identified along structural trends associated with favorable host lithology
(See Figure 1).
• Prioritization for follow up is based on potential impact on the business
• Extensive alluvium preserves near surface discovery potential, geophysics and geochemical drilling is
planned to advance blind satellite opportunities.
• Geophysics surveys are to be carried out using a Tanzanian service provider.
• Detailed regolith analysis over the greenstone inlier has been completed.
• Planning of future activities and work programmes to generate targets for geophysical and targeted drilling
programmes, and improve confidence in these, have been advanced.
• The work demonstrated the high-grade potential, with results of samples of quartz veins from artisanal
dumps giving values of 39.5g/t Au and 38.7g/t Au, and with numerous variable and lower grade samples as
low as 1.5g/t and <0.4g/t also present.
• The Buly geological team has visited the Tembo camp and core yard and reviewed some of the recent core
drilling being carried out by Tembo.
Figure 1:
Barrick Gold Growth Opportunities Identified Along Structural Trends Associated with Favourable
Host Lithology
To view an enhanced version of Figure 1, please visit:
https://tembogold.com/docs/maps/nr20221110-fig1-barrick-tembo.jpg
Tembo’s Exploration Manager, Hendrik Meiring , commented “ It is great to see the exploration activity on the
adjoining licenses of Barrick and the Tembo activity on our PL, and look forward to a strong cooperative relationship
with the Buly team.”
Tembo President & CEO, David Scott , stated, “We are extremely pleased that exploration is being progressed on
the properties purchased by Barrick from Tembo and eagerly anticipate the commencement of drilling once the
ground truthing and target generation phase has been completed. Tembo is committed to progressing the project
through the ongoing targeted diamond drilling, with an aim to rapidly delineate one or more gold resources.”
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 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 approxi mately 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 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. 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 d ocument, 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 for ward-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 o f future performance
or results 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 in t he 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 here of 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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