• Tembo Gold (TEM) is releasing details of a new discovery from the Tembo Project in Tanzania
  • The company has discovered an entirely new artisanal working, termed Mwasabuka, on its Tembo prospecting licence
  • Work returned excellent grab sample grades averaging 11.21 grams per tonne of gold
  • Tembo Gold is up 2.63 percent, trading at $0.20 at 12:55 p.m. EST

Tembo Gold (TEM) has shared details of a new discovery at the Tembo Project in the Lake Victoria goldfield in Tanzania.

Grab samples from Barrick Gold’s neighbouring Bulyanhulu Mine have returned high-quality grades.

The company has discovered an entirely new artisanal working, termed Mwasabuka, on its Tembo prospecting licence on the direct northwest extension of the Bulyanhulu structural zone that is host to the Bulyanhulu Mine.

Work returned excellent grab sample grades averaging 11.21 grams per tonne of gold.

The area marks an entirely new location for artisanal activity from artisanal workings.

The zone being mined at this location corresponds closely to two Priority 1 target locations identified in 2021.

Further grab sampling of this series of workings, several other active existing old workings, and other new workings are ongoing.

“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 area, which then leads to extensive rubble and vein mining. The 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 consistently 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,” said Tembo President and CEO David Scott.

Tembo Gold is up 2.63 percent, trading at $0.20 at 12:55 p.m. EST.


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