TORONTO, ONTARIO -- (
Marketwire) -- 03/28/12 --
Tembo Gold Corp. (TSX VENTURE: TEM)(FRANKFURT: T23) ("Tembo" or the "Company") is pleased to announce assay results from artisanal workings sampling at the Ngula 2 target at the Tembo project in the Lake Victoria goldfield in Tanzania. The samples returned an average grade of 17.9g/t gold and ranged between 7.37g/t and 30g/t gold as reflected in the table below.
The Tembo project geologist requested 10 samples from artisanal miners when they re-entered the working area after blasting at depth at the Ngula 2 site. These samples came directly from the working faces and were not geologically controlled but are considered to be representative of the mineralized material currently being mined at the particular working face but not necessarily of the entire Ngula 2 target area. Gold assays were conducted at the SGS laboratory in Mwanza, Tanzania.
The excellent results further support the general view that the artisanal mining activity being carried out on the Tembo Project is high grade and specifically indicates that the mineralized material being mined at Ngula 2 is consistent with the high grades from the grab samples reported previously (as reported on March 2, 2012) as well as the high grades encountered in the recent drill assays at Ngula 1 target (as reported on March 13, 2012). The taking of these samples underground was not supervised and there is no geological control on their context. As such they should be considered as selected grab samples.
Table 1: Results of the assays at Ngula 2
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Sample Number Au grade (g/t) Au grade (g/t)
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Primary Repeat
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NG0001 12.6 12.9
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NG0002 21.6 18.5
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NG0003 15.6 16.1
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NG0004 30 28.6
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NG0005 22.3 No repeat done
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NG0006 10.1 9.82
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NG0007 20.7 17.9
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NG0008 23.6 No repeat done
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NG0009 7.37 7.28
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NG0010 15.4 16.8
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Note: All assays were conducted using on a 50g aliquot by fire assay with an AAS finish providing a detection limit of 0.01ppm to 100ppm.
The Ngula 2 target consists of three sub-parallel workings totaling approximately 900m of strike and trending northeast that have not been tested by drilling. The magnetic lineament interpretation indicates that the structures extend to the northeast and southwest, and that there are northwest trending structures intersecting these within the artisanal mined area, which may be contributing to the mineralization. Both structural directions will be tested by diamond drilling within the workings and RC drilling along the unmined extensions.
As a result of the increased confidence that we have in artisanal mining grade and continuity through the outcome of the LIDAR survey interpretation and the artisanal grab sampling, three additional rigs (two diamond drills and one RC) have been requested from the contractors to add to the two diamond drilling and two reverse circulation rigs already in operation. One additional reverse circulation and diamond drill rig have already been mobilized and will be deployed at Ngula 2. The initial diamond drill holes will provide the geological and structural information required to facilitate the detailed planning of the drill program and the RC rig will test the extensions to the zone in both directions where no artisanal mining is evident.
Tembo Gold President and CEO, David Scott, stated, "This encouraging sampling has further raised our confidence to the extent we can mobilise further drill rigs to site in order to complete and fast track the planned program of drilling for 2012. This second drill target holds a lot of promise and we look forward to the results of the drill program."
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 is a Canadian public company listed on the TSX Venture Exchange ("TSX-V") under the symbol TEM. 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. Our focus is the discovery and development of world-class gold projects in Africa. The company has assembled a highly experienced team with a proven history of developing, financing, and operating mining projects in Africa. With approximately $13 million in the Treasury, the Company's exploration strategy is to discover mineral resources as well as continue to look for additional opportunities that can bring value to the Company and shareholders.
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. 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.
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Contacts:
Tembo Gold Corp.
Marc Cernovitch
Director & VP Business Development
416.619.9010
mcernovitch@tembogold.com
www.tembogold.com
