PERTH: Tempus Resources has announced successful completion of due diligence on the acquisition of the high-grade, past producing Blackdome-Elizabeth Gold Project located in British Columbia, Canada.
Legal firm Gowling WLG (Canada) LLP and technical specialists SRK Consulting have assisted with detailed due diligence on the acquisition and letter of intent, which has now been completed to the satisfaction of Tempus, and provided sufficient confidence to proceed with the transactions.
Formal settlement of the transaction is expected later this week upon completion of closing deliverables and documentation requirements.
Managing Director, Brendan Borg commented, “We are very pleased to have successfully navigated the due diligence period for the acquisition of this exciting advanced stage high-grade Project. We now look forward to rapidly advancing the project through further feasibility studies and targeting significant extensions to the existing resource base.”
A key item for consideration during the due diligence period was the requirements to allow transfer of the key Mineral Claims that cover the currently defined Elizabeth Deposit. These Claims had been under option by the current owner (and predecessors) since 2002, with a final court mandated requirement for completion of a Bankable Feasibity Study (BFS) by the end of 2020.
During the due diligence period, Tempus consulted extensively with the original claim holders to negotiate an agreement to provide flexibility around this date for completion of a BFS, and is very pleased to have reached an agreement.
Tempus will immediately initiate an update of the Mineral Resource estimate for the Project, to incorporate a significant amount of new drilling that was completed in 2010 and 2011, but not yet included in the prior Mineral Resource Estimates.
Upon declaration of a Mineral Resource estimate compliant with the JORC Code, the Company will then commence a new pre-feasibility study for the Project. Concurrently, planning is continuing for a significant new phase of resource infill, expansion and exploration drilling, expected to commence in the second quarter of 2020, as weather conditions allow and all relevant permitting and consultation processes have been completed.
These new phases of drilling will be complimented by additional project studies to support the completion of a pre-feasibility study, expected in Q4, 2020.