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Tembo Gold Announces Acquisition of Property Adjacent to Recently Announced Imwelo Property
Vancouver, British Columbia--(Newsfile Corp. - August 29, 2023) - Tembo Gold Corp. (TSXV: TEM) (...
About this update from Lake Victoria Gold Ltd
[{"type":"text","content":"Tembo Gold Announces Acquisition of Property Adjacent to Recently Announced Imwelo PropertyVancouver, British Columbia--(Newsfile Corp. - August 29, 2023) - Tembo Gold Corp. (TSXV: TEM) (\"Tembo\", or the \"Company\") - is pleased to announce that its subsidiary Tembo Gold Tanzania Limited (the \"Subsidiary\") has entered into a License Purchase Agreement dated August 28th, 2023 (the \"Agreement\") with an arm's length private Tanzanian Citizen, pursuant to which the Subsidiary will acquire (the \"Acquisition\") the Dora Gold Project (the \"Project\") in Tanzania.The ProjectThe Project (PL11953/2022 of 19km2) borders the Imwelo Mining License to the west, east and south. The Company announced the proposed acquisition of the Imwelo Mining License in its press release dated August 10, 2023. Exploration drilling by previous operators has identified a historical resource estimate containing indicated mineral resources of 90,800oz Au at a grade of 1.19 g/t and an inferred mineral resources of 424,310oz Au gold at a grade of 1.43 g/t, located in two zones (the \"Historical Resource Estimate\"). A number of targets remain to be tested. The Historical Resource Estimate is derived from a report entitled \"Independent Competent Person's Report on the Imwelu Gold Project, Tanzania - Mineral Resource Report\" dated March 10, 2017 (the \"Report\") prepared by Minxcon (Pty) Ltd of South Africa. The Historical Resource Estimate presented in the Report was carried out in accordance with the \"Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves\" (2012 Edition) prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia. The Historical Resource Estimate was based on a preliminary economic assessment completed in 2014 on the Project, which utilised a cut-off grade of 0.4 g/t, for an open pit scenario. A gold price of USD$1,469/oz, and a 90% plant recovery factor were applied in the calculation of the cut-off, with a 0% dilution factor. The Report includes the following Historical Resource Estimate:Historical Resource EstimateTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/2214/178792_bbdab76384e26a61_002full.jpgThe above noted Historical Resource Est...