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  • Tembo Gold (TEM) has announced a C$3 million non-brokered private placement to support its exploration efforts in Tanzania
  • The company seeks to offer 20,000,000 common shares at $0.15 per share
  • Drilling work will centre on the Tembo Project located adjacent to Barrick Gold’s Bulyanhulu operation
  • The company has identified 54 potential targets with characteristics commonly associated with gold mineralization
  • Tembo is a mineral exploration company focused on discovering and developing gold projects in Africa
  • Tembo Gold (TEM) is trading flat at $0.155 per share

Tembo Gold (TEM) has announced a C$3 million non-brokered private placement to support its exploration efforts in Tanzania.

The company seeks to offer 20,000,000 common shares at $0.15 per share for total gross proceeds of up to $3,000,000.

Highlights

  • Tembo will carry out drilling work on the Tembo Project, which is located adjacent to Barrick Gold’s Bulyanhulu underground mining operation
  • The drilling follows up previous programs that intersected gold mineralization with exceptional grades
  • The company has identified 54 potential targets with characteristics commonly associated with gold mineralization in greenstone terranes
  • The drilling program consists of 15,000 m comprised of 2,000 m of diamond drilling, 5,500 m of RC drilling and 7,500 m of RAB drilling
  • Tembo aims to complete the program by the end of Q4 2021

David Scott, President and CEO of Tembo, commented,

“We are extremely happy to be re-mobilizing onto the Tembo Project and eagerly await the outcomes of this program. Through our recent re-interpretation we are further convinced of the quality of the project and the potential for a significant gold discovery and anticipate a protracted period of resource and new target drilling beyond 2021.”

Tembo is a mineral exploration company focused on discovering and developing gold projects in Africa. 

Tembo Gold (TEM) is trading flat at $0.155 per share as of 10:44 am ET.

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