In December 2013, Oriole Resources entered into a C$5.95 co-investment with New Africa Mining Fund II and Concept Capital Management Ltd for the exploration and development of Tembo Gold Corporation’s 100 sq. km Tembo gold licence, adjacent to Acacia Mining’s Bulyanhulu Mine in Tanzania. The Company currently owns 11.6% of the issued share capital of Tembo Gold Corp. Exploration to date has focused on two key targets, Nyakagwe Village and Nyakagwe East.
Diamond drilling at the Nyakagwe Village target in 2014 focused on intersecting the eastern extensions and the down-dip continuity of excellent earlier results achieved on east-west structures, has shown that the mineralised structures continue to the east and more importantly that there are also previously unknown well-mineralised northeast-trending, gold-bearing structures developed at the target. To date, five diamond drill holes have been completed for a total 1,164 metres.
Best results include:
- TDD0071: 3.95 m @ 9.64 g/t Au from 85.25 m, incl. 1.45 m @ 24.72 g/t Au;
- TDD0103: 1.00 m @ 15.10 g/t Au from 54.00 m;
- TDD0112: 4.98 m @ 3.49 g/t from 65.12 m.
A 3,179 m diamond drilling programme was completed for 13 holes at Nyakagwe East in 2014, following-up on drilling conducted during a 2012 drilling program, returned a number of good results demonstrating that gold mineralisation exists along a number of structural zones along a strike of 1 km and persisting at depth.
Best results from the 2014 program include:
- TDD0026: 2.23 m @ 1.89 g/t Au from 221.77 m;
- TDD0056: 2.60 m @ 4.42 g/t Au from 130.60 m incl. 1.00 m @ 10.57 g/t Au;
- TDD0070: 8.70 m @ 1.01 g/t Au from 87.84 m, incl. 1.41 m @ 2.81 g/t Au;
- TDD0070A: 7.21 m @ 1.55 g/t Au from 93.24 m, incl. 0.94 m @ 3.15 g/t Au and 0.51 m @ 3.19 g/t Au;
- TDD0072: 1.30 m @ 8.44 g/t Au from 99.90 m, incl. 0.42 m @ 25.00 g/t Au;
- TDD0074: 7.46 m @ 6.55 g/t Au from 370.46 m;
- TDD0077: 4.50 m @ 1.41 g/t Au from 133.00 m, incl. 1.50 m @ 2.62 g/t Au.
Further drilling will await the review of all drilling results at this and other targets so priorities can be established. A preliminary program of in-fill holes and drill holes aimed to test the western extension of Nyakagwe East mineralisation into the Nyakagwe Village and Mgusu target areas has been prepared.
After a period of inactivity, in January 2018 Tembo outlined its strategic intention to secure the licence tenure by undertaking a resource modelling exercise on the drilling to date. Once this is completed, and assuming there is a positive outcome, this model will be used to develop the necessary further studies to justify a production decision. In parallel with this Tembo is engaging with potential investors with an interest in small-medium scale, low capital cost and low operating cost mine development. If production is successfully achieved it is planned that excess free cash flow generated will be used to further the exploration.