The gold miner’s share price increases amid encouraging news from its Canadian drill site.
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The Tempus Resources Ltd (ASX: TMR) share price stormed more than 14% higher in Tuesday’s session.
Shares in the gold explorer received a boost after the company released promising drill results.
Let’s take a look at what Tempus announced.
Tempus share price soars on drill results
The Tempus share price is flying after releasing the first assay results from its 2021 drilling program at Elizabeth Gold Project in Canada.
In particular, the company noted a bonanza-grade intersection in hole EZ-21-04.
According to Tempus, the intersection returned 4 metres at 31.2 grams per tonne of gold from 122 metres. This included 1.5 metres at 52.1 grams per tonne of gold from 123 metres and 0.50 metres at 72 grams per tonne of gold from 124 metres.
EZ-21-04 is part of a group of the first four drill-holes of the 2021 program, which were designed to intersect ore shoots at the southwest vein at Elizabeth.
Tempus noted that 14 drill holes have been completed so far at Elizabeth with multiple assays pending.
Tempus President and CEO Jason Bahnsen commented:
Drilling at Elizabeth continues to generate very high-grade intersections over robust widths. We will be receiving further assay results soon and we’re very excited to see the results as we continue to expand the Elizabeth resource envelope.
Tempus’ update noted that the company’s technical team continue to be encouraged by what they are seeing in the drill core. Meantime, drilling continues to systematically explore down dip of the southern and northern ore shoots as well as drill testing along strike to the north.
More on the Tempus share price
Tempus is a dual-listed gold explorer with active exploration projects in Australia, Canada and Ecuador.
The company’s flagship project is its Blackdome-Elizabeth Gold Project located in Southern British Columbia. Tempus is currently midway through its drill program at the site.
The Tempus share price received a boost recently after the company reported positive survey results early last week.
Shares in the gold explorer have been rather volatile in 2021. Including today’s price action, the Tempus share price is around 10% higher for the year.
At market close on Tuesday, shares in Tempus are 10.42% higher for the day at 26.5 cents. The Tempus share price was up more than 14% earlier in the session, hitting an intra-day high of 27.5 cents.
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Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.