TORONTO, ONTARIO -- (Marketwire) -- 03/13/12 -- Marketwire would like to issue a correction for the press release disseminated today at 3:00 AM ET. Tembo Gold Corp.'s stock ticker, (TSX VENTURE: TEM), was omitted in error from the top of the press release. The complete and corrected release follows.
Tembo Gold Corp. (TSX VENTURE: TEM) ('Tembo', or the 'Company) - is pleased to announce the first assay results from its initial drilling at the Tembo Project in the Lake Victoria goldfield of Tanzania. Drilling at the first target consisted of 12 drill-holes, 6 reverse circulation (RC) and 6 diamond drilling (DD) on alternate section lines 100m apart along a 500m strike length. The goal of the drill program was to test for multiple mineralized structures at 50 and 100m depths beneath artisanal workings.
To date assay results from 7 holes (3 reverse circulation and 4 diamond drill), have been received and are reported below, assays for the remaining 5 holes are pending and will be reported on as soon as they become available.
Highlights Include:
-- TDD0004: 3.13 g/t Au over 25.89m including 8.87 g/t Au over 3.89m;
-- TDD0005: 10.76 g/t Au over 4.00m, including 93.3 g/t Au over 0.38m and;
-- TRC0013: 16.10 g/t Au over 3.00m and 4.01 g/t Au over 3.00m.
Tembo Gold President & CEO, David Scott, stated, 'We are very excited by these initial drill results as they reinforce our strategy of targeting magnetic lineaments which have significant artisanal activity at surface. These early drill results were beyond our expectations and dramatically illustrate and confirm the potential for widespread high grade gold mineralization throughout the Tembo project area. Given these very positive results, follow up deeper drilling is being planned to target mineralization at 100m depth intervals down to 500m on this target. We are also pleased to report that 4 additional drill rigs have been ordered and are en route to site.'
Drill Program
The initial drilling targeted a southern dominant east-west structure at 50m and 100m depths, with all holes being extended to between 200m and 300m in order to intersect a second east-west structure and test for potential deeper structures. All drill holes were drilled at -60 degrees inclination to the north as initial interpretation of artisanal workings suggested that mineralization dips steeply to the south.
At this locality drilling core structural analysis suggests that three structural directions (east-west, northwest, and northeast) are mineralized, with two sub-parallel east-west zones of artisanal mining intersecting northwest and northeast zones within the target area. Multiple intersections indicate that many of the identified structures are gold bearing. The wide mineralization (3.13 g/t Au over 25.89m of core length) encountered in TDD0004 reinforces the possibility of encountering wide lower grade potentially open pittable resources in addition to the high grade narrow structures typical of the nearby Bulyanhulu mine of African Barrick Gold.
All drill core is being oriented using a Reflex instrument to facilitate structural logging and analysis. Preliminary indications are that mineralization may be associated with north and south dipping structures and as such two diamond drill-holes have been planned from the north to improve the intersection angle through structures with a northern dip and provide additional 3-D information.
TEMBO PROJECT DRILL RESULTS - March 13, 2012 (To date assay results from 7
of 12 holes are available)
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Drill-holes Depth Depth
completed from to Width(i) Au
(ii) (m) (m) (m) (g/t) Comments
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TDD0004 41.00 66.89 25.89 3.13 Mineralised zones
including 41.60 44.50 2.90 4.15 characteristically
47.50 49.00 1.50 2.22 containing disseminated
60.00 62.00 2.00 12.71 and stringers of
including 60.50 61.00 0.50 36.30 pyrrhotite and pyrite
63.00 66.89 3.89 8.78 associated with quartz
including 63.50 64.00 0.50 20.10 veins, evidence of
65.00 65.23 0.23 17.20 shearing and chlorite,
65.74 66.30 0.56 15.80 carbonate and silicic
alteration
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TD00005 152.86 158.00 5.14 8.50 Smokey grey quartz
including 154.00 158.00 4.00 10.76 veining with associated
including 155.32 155.70 0.38 93.30 disseminated and
stringer pyrite and
pyrrhotite, and
carbonate and sericitic
alteration in foliated
metabasalt, possible
visible Au
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TD0006 Results pending
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TDD0010 189.50 191.50 2.00 4.48 Strongly foliated
including 190.60 191.00 0.40 8.23 sheared metabasalt with
257.80 258.40 0.60 1.69 quartz veins and
disseminated pyrite and
pyrrhotite
Sheared and fractured
with quartz vein and
minor sulphide
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TDD0011 23.50 24.00 0.50 1.84 Quartz carbonate vein
with pyrite and
pyrrhotite
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TDD0012 Results pending
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TRC0013 19.00 22.00 3.00 16.10 Quartz veining and
85.00 91.00 6.00 2.18 sulphide in weathered
103.00 106.00 3.00 4.01 to fresh sheared
248.00 250.00 2.00 2.86 metabasalt
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TRC0004 No significant results
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TRC0005 156.00 159.00 3.00 1.80
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TRC0006 Results pending
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TRC0014 Results pending
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TRC0015 Results awaited
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(i) Widths represent down hole core lengths, and true widths are unknown at
this time, no high grades cut has been applied.
(ii) TDD = Diamond Drill and TRC = Reverse Circulation
Drill Target Areas
A recent light detection and ranging (LIDAR) survey has provided a detailed understanding of the artisanal mining activity within the Tembo project area. The active and historical hard rock artisanal workings total over 10km of strike length, representing less than 10% of the potentially mineralized structures, when measured as magnetic lineaments. Most importantly the LIDAR Survey has shown that there are at least three directions of gold bearing structures; east-west, northwest, and northeast, trending within the Tembo project area. The implications of three potentially mineralized structural directions repeated across the property area are considerable, as the intersection points of the structures are potentially areas of higher grades and wider zones of gold mineralization. 7 priority targets have been defined through a combination of airborne magnetics, gold anomalies in soils and cover, and most importantly artisanal hard rock mining, all having multiple parallel and crosscutting structures present.
Quality Assurance/Quality Control
A stringent QA/QC practice is being applied to all sample batches. A Verified Reference Material standard is inserted every 20th sample, a known blank or blank standard every 20th sample and all samples with assays greater than 0.5 g/t Au are re-assayed. 1% of all samples are submitted to an alternative laboratory for check analysis. In addition the laboratory adheres to an internal QA/QC procedure including standard samples and repeats and blanks inserted independently.
The above information has been prepared under the supervision of David Scott, Pr. Sci. Nat., who is designated as a 'Qualified Person' with the ability and authority to verify the authenticity and validity of the data.
About Tembo Gold Corp.
Tembo Gold (TSX VENTURE: TEM) is a Canadian publicly listed mineral exploration company focused on the exploration and development of gold projects in Tanzania and the rest of Africa. The Company currently has 100% interest in the Tembo Gold Project which is located adjacent to African Barrick's 20Moz Bulyanhulu Mine in the prolific Lake Victoria Greenstone belt in Tanzania. The company is led by a highly experienced team with a proven history of developing, financing, and operating mining projects in Africa. The company has commenced its 90,000m drill program on its Tembo Gold Project.
On Behalf of the Board of Directors of Tembo,
David Scott, President & CEO
Forward-Looking Statements
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as 'seek', 'anticipate', 'plan', 'continue', 'estimate', 'expect', 'may', 'will', 'intend', 'could', 'might', 'should', 'believe' and similar expressions. In particular, this news release contains forward-looking statements in respect of the use of the net proceeds from the Private Placement, the completion and timing of additional closings of the Non-Brokered Private Placement, the payment of certain finders' fees and the listing of the Common Shares on the TSXV. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding, among other things, the ability to develop the Company's properties, the economic climate in the jurisdictions where the Company carries on operations and commodity prices. Although the Company believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, a significant drop in the price of gold, political turmoil in Tanzania and other risk factors set forth in the Company's continuous disclosure. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
Tembo Gold Corp.
Marc Cernovitch
Director & VP Business Development
416.619.9010
mcernovitch@tembogold.com
www.tembogold.com
