Tempus Resources Mineral Resource Estimate on the Elizabeth Gold Project

Rhea-AI Summary

Tempus Resources Ltd announces the results from its Mineral Resource estimate at its Elizabeth Gold Project. The estimate includes 60,900 ounces of gold indicated and 35,200 ounces of gold inferred. The average gold grade of the indicated resources is 4 times higher than the cut-off grade, demonstrating potential for future economic extraction. The resource estimate is based on potential underground extraction and was completed by SRK Consulting.

Positive

• The Elizabeth Gold Project has indicated resources of 60,900 ounces of gold and inferred resources of 35,200 ounces of gold.
• The average gold grade of the indicated resources is 4 times higher than the cut-off grade, indicating excellent potential for economic extraction.
• The resource estimate is based on potential underground extraction and was completed by SRK Consulting.

Negative

• None.

Perth, Australia--(Newsfile Corp. - November 2, 2023) - Tempus Resources Ltd (ASX: TMR) (TSXV: TMRR) (OTC Pink: TMRFF) ("Tempus" or the "Company") is pleased to announce the results from its Mineral Resource estimate (MRE) at its 100% owned 11,500 hectare Elizabeth Gold Project. The Elizabeth Project is located in the prospective Bralorne - Pioneer gold trend in southern British Columbia, Canada.

Elizabeth Gold Project MRE Highlights

• 60,900 ounces of gold Indicated, plus 35,200 ounces of gold Inferred
• 63% of the MRE gold ounces in the higher confidence Indicated classification: 317,200 tonnes at 5.97g/t for 60,900 gold ounces
• Indicated and Inferred Resources estimated across 5 main vein groups with the Southwest Vein group containing 67% of the total resource tonnes: 253,100 tonnes at 6.63 g/t for 54,000 ounces of gold Indicated plus 172,100 tonnes at 4.21 g/t for 23,300 ounces of gold Inferred
• Average gold grade of Indicated MRE is 4 times higher than the cut-off grade demonstrating excellent potential for future economic extraction
• This MRE is based on potential underground extraction

The MRE reported below (Table 1-1) was completed by SRK Consulting (Canada) Inc. based on a total of 237 diamond drill holes (41,006 m), 7,904 drill core assays, 345 underground rock samples, 240 bulk density measurements, and preliminary metallurgical test work.

Tempus Resources President and CEO, Jason Bahnsen, commented, "The updated MRE highlights the potential for the Elizabeth Project with over 63% of resource gold ounces being in the Indicated category across five key vein groups that remain open at depth and along strike. Opportunities for expansion of the resource are excellent with fourteen separate veins identified within the Elizabeth Main area with the potential for additional mineralised vein sets at the Elizabeth East and Elizabeth Northwest zones."

Table 1-1: Mineral Resources Per Vein* , Elizabeth Deposit, Lillooet Region, BC

Classification	Vein	Tonnes	Gold (g/t)	Gold Ounces (Oz)	% of Total Oz
Indicated	No 9 Vein	6,800	5.81	1,300	1.4%
	Blue Vein	39,500	3.55	4,500	4.7%
	SW Vein	253,100	6.63	54,000	56.1%
	West Vein	15,700	2.14	1,000	1.0%
	Main Vein	2,100	1.88	100	0.1%
	Subtotal	317,200	5.97	60,900	63.4%
Inferred	No 9 Vein	84,300	2.51	6,800	7.1%
	Blue Vein	50,700	2.81	4,500	4.7%
	SW Vein	172,100	4.21	23,300	24.2%
	West Vein	5,300	2.20	400	0.4%
	Main Vein	2,600	2.05	200	0.2%
	Subtotal	315,000	3.48	35,200	36.6%
TOTAL		632,200	4.73	96,100	100.0%

 

* Notes to accompany the Mineral Resource statement

1. Mineral resources are not mineral reserves as they do not have demonstrated economic viability
2. As defined by NI 43-101, the Independent and Qualified Person is Ms. S. Ulansky, PGeo of SRK Consulting (Canada) who has reviewed and validated the Mineral Resource Estimate
3. The effective date of the Mineral Resource Estimate is October 18, 2023
4. The number of metric tonnes and ounces were rounded to the nearest hundred. Any discrepancy in the totals are due to rounding
5. Reported underground resources are reported in-situ and undiluted at a cut-off grade of 1.5 g/t Au contained within a constrained shape
6. The cut-off grade is based on a gold price of US$1,800 per ounces of gold
7. Estimates are metric units (meters, tonnes and g/t). Metals are reported in troy ounces (metric tonne x grade / 31.10348)
8. CIM definitions were followed for the classification of mineral resources
9. The model has been depleted for blocks above surface topography and within old underground workings
10. The barren felsic dyke material is set to a default of 0.08 g/t Au
11. Neither the company nor SRK is aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issue that could materially affect this mineral resource estimate

A total of fourteen mineralization veins were interpreted and constructed, as shown in both plan view (Figure 1) and a cross section of the Southwest Vein (Figure 2) below. Models were developed for each vein using the drill core field logs and assays, and represent continuous gold constrained with a nominal grade of 1.5 g/t gold to a minimum thickness of 0.15 m drill core length. The 3-D constraining domain wireframes were treated separately for the purposes of rock coding, statistical analysis, compositing limits, and definition of the extent of potentially economic mineralization. All mineralization veins were clipped by the overburden surface.

The Mineral Resource was classified as either Indicated or Inferred based on the drill hole spacing, geological interpretation, and variogram performance. Indicated Mineral Resources were classified within the veins using at least two holes within a spacing of 30 m or less. Inferred Mineral Resources were classified for vein blocks using at least two drill holes at drilling densities between 30 m and 100 m. The Elizabeth Project mineralisation is considered to be potentially amenable to underground mining methods, and the Mineral Resource Estimate reported herein is based on a gold cut-off of 1.5 g/t. The reader is cautioned that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Drilling, assaying and exploration work on the Elizabeth deposit demonstrate spatial continuity of the mineralization within potentially mineable shapes, and are sufficient to indicate a reasonable potential for economic extraction, thus qualifying it as a Mineral Resource in accordance with the Canadian Securities Administrators' National Instrument 43-101. The Mineral Resource was estimated in conformity with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") "Estimation of Mineral Resource and Mineral Reserves Best Practice Guidelines" (November 2019) and the definitions set out in the 2014 CIM Definition Standards.

A Technical Report to support the initial Mineral Resource Estimate for the Elizabeth Gold Project, prepared in accordance with National Instrument 43-101, will be filed on SEDAR (www.sedar.com) within 45 days of this news release.

Figure 1 - Elizabeth Vein Modelling Plan View (elevation 2,230 masl) Showing Indicated (Green) and Inferred Resources (Blue)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7585/186052_f00f20b044ef1a4a_001full.jpg

Figure 2 - South West Vein Modelling Cross Section (Facing Northwest) Showing Indicated (Green) and Inferred Resources (Blue)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7585/186052_f00f20b044ef1a4a_002full.jpg

Note 1: Section view is clipped to +/- 70 metres

Competent Persons Statement

The Mineral Resource Estimate for the Elizabeth Gold Project was prepared by Sheila Ulansky MSc, PGeo, of SRK Consultants (Canada) Inc., an Independent Qualified Persons as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Ms Ulansky has reviewed and approved the technical contents of this news release.

This announcement has been authorised by the Board of Directors of Tempus Resources Limited.

For further information:

TEMPUS RESOURCES LTD

Melanie Ross - Director/Company Secretary Phone: +61 8 6188 8181

About Tempus Resources Ltd

Tempus Resources Ltd ("Tempus") is a growth orientated gold exploration company listed on ASX ("TMR") and TSX.V ("TMRR") and OTC ("TMRFF") stock exchanges. Tempus is actively exploring projects located in Canada and Ecuador. The flagship project for Tempus is the Blackdome-Elizabeth Project, a high grade gold past producing project located in Southern British Columbia. Tempus is currently midway through a drill program at Blackdome-Elizabeth that will form the basis of an updated NI43-101/JORC resource estimate. On September 21, 2023, Tempus announced the acquisition of an option over the White Rabbit and Cormorant lithium exploration projects located in Central Manitoba. In addition, the Company holds two exploration projects located in located in South East Ecuador, the Rio Zarza and the Valle del Tigre projects.

Forward-Looking Information and Statements

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Tempus's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein may include, but are not limited to, the ability of Tempus to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Tempus to control or predict, that may cause Tempus' actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein and the other risks and uncertainties disclosed under the heading "Risk and Uncertainties" in the Company's Management's Discussion & Analysis for the year ended June 30, 2023 dated September 28, 2023 filed on SEDAR. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Tempus believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements.

The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Tempus does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Tempus or persons acting on its behalf are expressly qualified in its entirety by this notice.

Neither the ASX Exchange, the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

JORC Code, 2012 Edition - Table 1

Section 1 - Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation			Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.			HQ (63.5 mm) sized diamond core using standard equipment. Mineralised and potentially mineralised zones, comprising veins, breccias, and alteration zones were sampled. Samples were half core. Typical core samples are 1 m in length. Core samples sent to the lab will be crushed and pulverized to 85% passing 75 microns. A 50g pulp will be fire assayed for gold and multi-element ICP. Samples over 10 g/t gold will be reanalysed by fire assay with gravimetric finish.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).			Diamond Drilling from surface (HQ size).
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.			Detailed calculation of recovery was recorded, with most holes achieving over 95%. No relationship has yet been noted between recovery and grade and no sample bias was noted to have occurred.

 

Criteria	JORC Code explanation	Commentary
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged.	Detailed geological and geotechnical logging was completed for each hole. All core has been photographed. Complete holes were logged.
Sub- sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	Half core was sampled, using a core saw. Duplicate samples of new and historical core are Quarter core or half core where not previously sampled. Sample sizes are considered appropriate for the grain size of the material being sampled. It is expected that bulk sampling will be utilised as the project advances, to more accurately determine grade
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	Core samples that have been sent to the lab for analysis include control samples (standards, blanks and prep duplicates) inserted at a minimum rate of 1:5 samples. In addition to the minimum rate of inserted control samples, a standard or a blank is inserted following a zone of mineralization or visible gold. Further duplicate samples were analysed to assess variability.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	Re-assaying of selected intervals of historic core have been sent for analysis.

 

Criteria		JORC Code explanation	Commentary
Location of data points		Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	All sampling points were surveyed using a hand held GPS. UTM grid NAD83 Zone 10. A more accurate survey pickup will be completed at the end of the program, to ensure data is appropriate for geological modelling and Resource Estimation. Down hole surveys have been completed on all holes.
Data spacing and distribution		Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	Most drilling is targeting verification and extension of known mineralisation. It is expected that the data will be utilised in preparation of a Mineral Resource statement. Additional drilling is exploration beneath geochemical anomalies, and would require further delineation drilling to be incorporated in a Mineral Resource.
Orientation of data in relation to geological structure		Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	In general, the aim was to drill perpendicular to the mineralised structures, to gain an estimate of the true thickness of the mineralised structures. At several locations, a series (fan) of holes was drilled to help confirm the orientation of the mineralised structures and to keep land disturbance to a minimum.
Sample s Security		The measures taken to ensure sample security.	Samples from Elizabeth were delivered to the laboratory by a commercial transport service.
Audits or Reviews		The results of any audits or reviews of sampling techniques and data.	An independent geological consultant has recently visited the site as part of preparing an updated NI43-101 Technical Report for the Project.

 

Section 2 - Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section)

Criteria		JORC Code explanation	Commentary
Mineral tenement and land tenure status		Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The Blackdome-Elizabeth Project is comprised of 73 contiguous mineral claims underlain by 14 Crown granted mineral claims and two mining leases. The Property is located in the Clinton and Lillooet Mining Divisions approximately 230 km NNE of Vancouver Tempus has exercised the option to acquire the Elizabeth Gold Project and has completed an addendum to the original Elizabeth Option Agreement (refer to ASX announcement 15 December 2020) A net smelter royalty of 3% NSR (1% purchasable) applies to several claims on the Elizabeth Property. No royalties apply to the Blackdome Property or Elizabeth Regional Properties. There are currently no known impediments to developing a project in this area, and all tenure is in good standing.
Exploration done by other parties		Acknowledgment and appraisal of exploration by other parties.	In the 1940s, placer gold was discovered in Fairless Creek west of Blackdome Summit. Prospecting by Lawrence Frenier shortly afterward led to the discovery of gold-bearing quartz veins on the southwest slope of the mountain that resulted in the staking of mining claims in 1947. Empire Valley Gold Mines Ltd and Silver Standard Resources drove two adits and completed basic surface work during the 1950s. The Blackdome area was not worked again until 1977 when Barrier Reef Resources Ltd. re-staked the area and performed surface work in addition to underground development. The Blackdome Mining Corp. was formed in 1978 and performed extensive surface and underground work with various joint venture partners that resulted in a positive feasibility study. A 200 ton/day mill, camp facilities and tailings pond were constructed and mining operations officially commenced in 1986. The mine ceased operations in 1991, having produced 225,000 oz of Au and 547,000 oz of Ag from 338,000 tons of ore (Godard et al., 2010) After a period of inactivity, Claimstaker Resources Ltd. took over the project, reopening the mine in late 1998.

  

Criteria	JORC Code explanation	Commentary
		Mining operations lasted six months and ended in May of 1999. During this period, 6,547 oz of Au and 17,300 oz of Ag were produced from 21,268 tons of ore. Further exploration programs were continued by Claimstaker over the following years and a Japanese joint venture partner was brought onboard that prompted a name change to J-Pacific Gold Inc. This partnership was terminated by 2010, resulting in another name change to Sona Resources Corp. Gold-bearing quartz veins were discovered near Blue Creek in 1934, and in 1940-1941 the Elizabeth No. 1-4 claims were staked. Bralorne Mines Ltd. optioned the property in 1941 and during the period 1948-1949, explored the presently- named Main and West Veins by about 700 metres of cross-cutting and drifting, as well as about 110 metres of raises. After acquiring the Elizabeth Gold Project in 2002, J- Pacific (now Sona) has conducted a series of exploration programs that included diamond drilling 66 holes totalling 8962.8 metres (up until 2009) Other exploration work by Sona at the Elizabeth Gold Project has included two soil grid, stream sediment sampling, geological mapping and sampling, underground rehabilitation, structural mapping and airborne photography and topographic base map generation.
Geology	Deposit type, geological setting and style of mineralisation.	The Blackdome property is situated in a region underlain by rocks of Triassic to Tertiary age. Sedimentary and igneous rocks of the Triassic Pavilion Group occurring along the Fraser River represent the oldest rocks in the region. A large, Triassic age, ultramafic complex (Shulaps Complex) was emplaced along the Yalakom fault; a regional scale structure located some 30 kilometres south of the property. Sediments and volcanics of the Cretaceous Jackass Mountain Group and Spences Bridge/Kingsvale Formations overlie the Triassic assemblages. Some of these rocks occur several kilometres south of Blackdome. Overlying the Cretaceous rocks are volcanics and minor sediments of Eocene age. These rocks underlie much of Blackdome and are correlated with the Kamloops Group seen in the Ashcroft and Nicola regions.

 

Criteria	JORC Code explanation	Commentary
		Geochemical studies (Vivian, 1988) have shown these rocks to be derived from a "calc-alkaline" magma in a volcanic arc type tectonic setting. Eocene age granitic intrusions at Poison Mountain some 22 kilometres southwest of Blackdome are host to a gold bearing porphyry copper/molybdenum deposit. It is speculated that this or related intrusions could reflect the source magmas of the volcanic rocks seen at Blackdome. There is some documented evidence of young granitic rocks several kilometres south of the mine near Lone Cabin Creek. The youngest rocks present are Oligocene to Miocene basalts of the Chilcotin Group. These are exposed on the uppermost slopes of Blackdome Mountain and Red Mountain to the south. Transecting the property in a NE-SW strike direction are a series of faults that range from vertical to moderately westerly dipping. These faults are the principal host structures for Au- Ag mineralisation. The faults anastomose, and form sygmoidal loops. The area in which the Elizabeth Gold Project is situated is underlain by Late Paleozoic to Mesozoic rock assemblages that are juxtaposed across a complex system of faults mainly of Cretaceous and Tertiary age. These Paleozoic to Mesozoic-age rocks are intruded by Cretaceous and Tertiary-age stocks and dykes of mainly felsic to intermediate composition, and are locally overlain by Paleogene volcanic and sedimentary rocks. The Elizabeth Gold Project is partly underlain by ultramafic rocks of the Shulaps Ultramafic Complex, which include harzburgite, serpentinite and their alteration product listwanite. The gold mineralisation found on the Elizabeth Gold Project present characteristics typical of epigenetic mesothermal gold deposits. The auriferous quartz vein mineralisation is analogous to that found in the Bralorne- Pioneer deposits. Gold mineralisation is hosted by a series of northeast trending, steeply northwest dipping veins that crosscut the Blue Creek porphyry intrusion. The Main and West vein systems display mesothermal textures, including ribboned-laminated veins and comprehensive wall rock breccias. Vein formation and gold mineralisation were associated with extensional-brittle faulting believed to be contemporaneous with mid- Eocene extensional faulting along the Marshall Creek, Mission Ridge and Quartz Mountain faults.

 

Criteria	JORC Code explanation	Commentary
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Refer to Appendix 1 for drill hole collar information
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high-grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	Intervals reported using several samples are calculated using a weighted average. Calculated intervals using a weighted average did not use a top cut on high-grade samples. High-grade samples are reported as 'including' Calculated weighted average intervals are continuous intervals of a mineralized zone and do not include unsampled intervals or unmineralized intervals.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').	In general, drilling is designed to intersect the mineralized zone at a normal angle, but this is not always possible. For the reported intervals, true widths are reported where mineralized core was intact and possible to measure the orientation. Otherwise the true width is left blank
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Refer to maps within announcement for drill hole locations.

  

Criteria	JORC Code explanation	Commentary
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high-grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Where broader low-grade intervals are reported the high-grade intercepts are reported as 'including' within the reported interval
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Tempus recently completed an airborne magnetic and radiometric survey over the Elizabeth Gold Project (refer to ASX announcement 02 August 2021) by completing 97 lines for a total of 735 line-kilometres. Flight lines are oriented east-west with north-south tie lines and spaced 200 metres across the entire 115 km2 Elizabeth property. Line spacing of 100 metres was flown over the Elizabeth Main and Elizabeth East Zones. The airborne magnetic survey data was reviewed and interpreted by Insight Geophysics Inc. using 3D magnetization vector inversion (MVI) modelling. The geophysical surveys identified the Blue Creek Porphyry, which is the known host of the high-grade Elizabeth gold-quartz veins, as a relative magnetic low anomaly within the Shulaps Ultramafic Complex. From this correlation of geology and geophysics it was determined that the Blue Creek Porphyry, originally explored / mapped to approximately 1.1 km2 in size, is likely much larger. The airborne magnetic survey and MVI 3D modelling interpret the Blue Creek Porphyry to be at least four-times the size at approximately 4.5 km2. This interpretation of the Blue Creek Porphyry is also extensive at depth extending to at least 2km deep
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large- scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Tempus is also seeking to expand the scale of the mineralisation at the project through further exploration.

 

Section 3 - Estimation and Reporting of Mineral Resource
(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Database integrity	Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes. Data validation procedures used.	The database is stored in Microsoft Excel, which has been independently validated by SRK. Random spot checks were completed between the database and hard copies. Prior to using the drilling data in the Mineral Resource Estimate (MRE), TMR undertook a database audit. TMR database checks included the following: Checking for duplicate drill hole names and duplicate coordinates in the collar table. Checking for missing drill holes in the collar, survey, assay, and geology tables based on drill hole names. Checking for survey inconsistencies including dips >90°, and azimuths >360˚, and negative depth values. Checking for inconsistencies in the 'From' and 'To' fields of the assay and geology tables. The inconsistency checks included the identification of negative values, overlapping intervals, duplicate intervals, gaps and intervals where the 'From' value is greater than the 'To' value in assay and geology tables. Checking density data. The drill hole data was considered suitable for underpinning the MRE as of 18 October 2023.
Site visits	Comment on any site visits undertaken by the Competent Person and the outcome of those visits. If no site visits have been undertaken indicate why this is the case.	The Competent Person has visited the site. The site visit included reviewing TMR core and core logging procedures. Discussions were had with site Geologists relating to drilling and core handling procedures and policies, QA/QC protocols and geological interpretations. Mineralization intercepts were observed and noted in the core. The Competent Person traversed the ground over the mineral resource area and performed spot checks on collar and adit survey locations, where possible.

 

Criteria	JORC Code explanation	Commentary
Geological interpretation	Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit. Nature of the data used and of any assumptions made. The effect, if any, of alternative interpretations on Mineral Resource estimation. The use of geology in guiding and controlling Mineral Resource estimation. The factors affecting continuity both of grade and geology.	The geological and vein interpretations were based on available field and underground mapping data, structural measurements, drill hole lithology and grade data. Three-dimensional geological and vein modelling was completed using Leapfrog GeoTM modelling software. Vein wireframing and geological modelling was carried out by SRK. Quartz veins and faults contained the highest gold grades. Typically, quartz veins were continuous from drill hole to drill hole within a modelled vein. Where gold grade fell short of the 1.5 g/t nominal cutoff grade, quartz veins were used as a mineralized interval proxy to extend continuity. Vein modelling extended up to half the drill hole spacing from the last mineralized interval. Felsic dykes in core were found to be cross-cutting and low in grade. A default grade was applied to all blocks coded in this unit.
Dimensions	The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.	The MRE domain edges are set by continuity of geology and grade, continuity of shape and width, and drill hole spacing. The mineralized veins extend half the average drill hole spacing along strike and down plunge. Veins extend up to 750 m along strike, 350 m down dip and between from 1.5 m to 8 m thick for the largest vein.
Estimation and modelling techniques		A rotated block model in accordance with the strike of the dominant veins using variable parent block sizes to match the overall anisotropy and drill hole spacing of the deposit was used. The block model was sub-blocked to honour the overall volumetric scale of the veins. Exploratory data analysis was performed in Datamine Supervisor SoftwareTM where appropriate top capping, high grade thresholds and variogram were created and selected.

 

Criteria	JORC Code explanation	Commentary
	The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. The assumptions made regarding recovery of by- products. Estimation of deleterious elements or other non- grade variables of economic significance (e.g. sulphur for acid mine drainage characterisation). In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed. Any assumptions behind modelling of selective mining units. Any assumptions about correlation between variables. Description of how the geological interpretation was used to control the resource estimates. Discussion of basis for using or not using grade cutting or capping. The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.	Top capping was performed individually per vein using log probability plots, log histograms, and percent metal loss as a guide to most appropriate value. A reasonable variogram was determined using the largest vein (SW vein) with the longest range of 50 m in the primary direction. This variogram model was used as a proxy for all other veins with low sample numbers. All veins, however, have a unique orientation relevant for its own shape. The block model was coded with the vein wireframes directly and estimation was performed per vein using hard boundaries. The block model estimate was performed in HxGN MinePlan 3DTM software using a 3-pass estimation strategy with increasing ranges per pass number. High grade restrictions were used on selective outlier samples beyond the range of the variogram. At least 2 drill holes were needed to estimate a block for all passes, with a maximum of 3 composites allowed per hole. Discretization was used in an appropriate ratio according to the parent block size. Ordinary Kriging was the primary estimation method employed for the MRE on gold grade only, however Inverse Distance squared, and Nearest Neighbour estimates were performed as model bias checks on the primary estimate. The block model estimate was validated against the capped composites visually in 3-D, as well as on swath plots. The model data was compared statistically to the drill hole capped declustered composite data and against the 2 global bias check models. A rigorous comparison to a previous estimate was performed taking account of the statistics of the new data that was included.

 

Criteria	JORC Code explanation	Commentary
Moisture	Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.	All tonnages are based on dry bulk density measurements. The mean of bulk density within the vein groups was assigned to the vein-coded blocks. All other blocks were coded with mean densities appropriate for its lithology type.
Cut-off parameters	The basis of the adopted cut-off grade(s) or quality parameters applied.	Based on analogous deposits using underground mining methods, and mining costs of $80.00 CAD, zero dilution and losses, 96% recovery, and $1,800 US$/oz
Mining factors or assumptions	Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining factors or assumptions made.	Longhole stoping methods were considered at this early stage based on the geometry of the deposit, mean grades, and overall tonnage of the deposit.
Metallurgical factors or assumptions	The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.	A metallurgical testwork program on the Elizabeth deposit was conducted in 2021, whereby two samples were assessed by gravity and flotation methods mimicking conditions found in the Blackdome mill. Gold recoveries between 92.5% and 95.1% were achieved.
Environmental factors or assumptions	Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.	The Elizabeth deposit is limited in size and extent. All material will likely be mined using underground mining methods, where waste and residue material will be low in volume. Potentially, waste material could be buried as backfill in mined out stopes and developments, thereby reducing environmental concerns.

 

Criteria	JORC Code explanation	Commentary
Bulk density	Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc.), moisture and differences between rock and alteration zones within the deposit. Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.	TMR collects density samples routinely during logging of diamond drill core. Specific Gravity (SG) is calculated using the following formula: Weight in Air (Weight in Air - Weight). The dry bulk density value for the vein material was determined in the MRE using 15 coded samples. One low density value of 1.0 g/cm3 was cut. Seeing that the quartz veins which host gold mineralization is partially vuggy and fractured, a lower density value was expected.
Classification	The basis for the classification of the Mineral Resources into varying confidence categories. Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data). Whether the result appropriately reflects the Competent Person's view of the deposit.	The data spacing, and distribution is sufficient to establish geological and grade continuity appropriate for MRE and the results appropriately reflect the Competent Person's view of the deposit.
Audits or Reviews	The results of any audits or reviews of Mineral Resource estimates.	Internal reviews of the MRE by SRK were completed.
Discussion of relative accuracy/ confidence	Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate. The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	Variances to the tonnage, grade, and metal tonnes of the Mineral Resource estimate are expected with further definition drilling. It is the opinion of the Competent Person that the classification criteria for Indicated and Inferred Mineral Resources appropriately capture and communicate these risks. The Mineral Resource estimate is considered fit for the purpose of drill targeting. The Mineral Resource Statement relates to global tonnage and grade estimates. No formal confidence intervals nor recoverable resources were undertaken or derived. Variography was completed for Au and used to influence the resource classification. The variogram models were interpreted as being isotropic along the plane of shoot mineralisation, with shorter ranges perpendicular to this plane of maximum continuity. Validation checks have been completed on raw data, composited data, model data and Resource estimates. The model validations checked to ensure data honouring the capped declustered composites. The validated data consists of no obvious anomalies which are not geologically sound.

 

Criteria	JORC Code explanation	Commentary
		The mineralised zone is based on actual intersections. These intersections are checked against the drill hole data. Field geologist selections, and the Competent Person has independently checked laboratory sample data. The selections are sound and suitable to be used in the modelling and estimation process. Where the drill hole data showed that no Au or quartz veins existed, the mineralised zone was not created in these areas.

 

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FAQ

What are the key highlights of the Mineral Resource estimate at the Elizabeth Gold Project?

The key highlights of the Mineral Resource estimate include 60,900 ounces of gold indicated, 35,200 ounces of gold inferred, and an average gold grade of the indicated resources that is 4 times higher than the cut-off grade.

Who completed the Mineral Resource estimate?

The Mineral Resource estimate was completed by SRK Consulting.

What is the potential for economic extraction at the Elizabeth Gold Project?

The average gold grade of the indicated resources is 4 times higher than the cut-off grade, demonstrating excellent potential for future economic extraction.

Where is the Elizabeth Gold Project located?

The Elizabeth Gold Project is located in the Bralorne - Pioneer gold trend in southern British Columbia, Canada.

What is the ownership status of the Elizabeth Gold Project?

Tempus Resources Ltd owns 100% of the Elizabeth Gold Project.