TORONTO, ONTARIO -- (Marketwire) -- 09/05/12 -- Tembo Gold Corp. (TSX VENTURE: TEM)(FRANKFURT: T23)(OTCQX: TBGPF) ("Tembo" or "the Company") is pleased to report results from the ongoing 2012 drill program on the Tembo Property in the Lake Victoria goldfield of Tanzania. Drill-hole TRC0423 at the Mgusu target (Figure 1) was drilled as part of the phase 1 drilling program on the Tembo property and has returned excellent early drill results (Table 1). With these new intersections Tembo has now encountered significant gold mineralization in its initial drilling at all three of its target areas drilled to date and it continues to demonstrate the anticipated high success of drilling under artisanal mine workings.
Highlights
-- Tembo drill hole confirms significant gold mineralization at 3rd target
area on the Tembo project
-- TRC0423: 10.17g/t over 6m from 36.0m including 19.1g/t over 3m
-- Grades and widths similar to those experienced at 14Moz Bulyanhulu mine
-- Over 3.1km of artisanal workings in Mgusu target area provide numerous
structures to be tested
-- Sampling of artisanal production at Mgusu returned grades ranging from
less than 1 to 35g/t gold
David Scott, President & CEO stated, "We are very pleased to have encountered gold mineralization on yet another target on our property, the third in succession. A 13 hole RC drill campaign consisting of multiple short fences to depths of 150m was conducted in which several holes encountered gold mineralization with TRC0423 demonstrating particularly high grades of 19.1g/t gold over 3m near surface beneath artisanal mining. Mgusu is an exciting target given the large number and multidirectional nature of mineralized structures and the over 3.1km of artisanal exploitation. Having demonstrated significant gold mineralization below the artisanal workings we have confidence to proceed with a further drilling campaign to systematically test the full potential of the project and expand the positive results achieved to date at Mgusu."
To view Figure 1: Summary of Tembo Property and Drill Results, please visit the following link: http://media3.marketwire.com/docs/tem905f1.pdf.
To view Figure 2: Mgusu Project Significant Drill Results, please visit the following link: http://media3.marketwire.com/docs/tem905f2.pdf.
Table 1: Highlights: 2012 Reverse Circulation Drilling at Mgusu
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BH ID From To Width (m) Gold (g/t) Width (m) Gold (g/t)
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TRC0158 9.00 10.00 1.00 1.98 2.00 1.59
10.00 11.00 1.00 1.21
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23.00 24.00 1.00 3.20
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75.00 76.00 1.00 3.45
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TRC0305 33.00 34.00 1.00 0.85
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102.00 103.00 1.00 0.84 2.00 0.95
103.00 104.00 1.00 1.05
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TRC0307 85.00 86.00 1.00 1.14
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TRC0423 36.00 39.00 3.00 1.24 6.00 10.17
39.00 42.00 3.00 19.10
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TRC0424 71.00 72.00 1.00 3.46 2.00 2.17
72.00 73.00 1.00 0.88
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(i) Widths represent down hole lengths and true widths are unknown at this
time.
The Mgusu Target
Mgusu encompasses the southern slopes of Nyakagwe Hill and is defined by a broad, semi-arcuate belt of active artisanal workings largely identified by the LIDAR (Light Detection and Ranging) survey conducted in 2011. The workings define a combined strike in excess of 3km extending along a zone 1,500m in length. The zone of workings is up to 1,000m wide extending from Nyakagwe Village in the west to the Nyakagwe East target in the east. The workings indicate a multiple array of mineralized structures with two dominant orientations, east-northeast west-southwest and west-northwest east-southeast with dips generally interpreted to be steep to the south. The historical drilling (Table 2) and the re-interpretation of the historical geophysical data supports a drill strategy to target intersecting magnetic lineaments, particularly where these have associated artisanal workings. Mgusu displays numerous magnetic structures in multiple directions that have clearly resulted in significant gold mineralization not all of which have been exploited. Artisanal sampling of vertical shafts extending to depths of 30m, conducted during late 2011, returned grades varying form less than 1g/t to 35g/t gold. The target area contains a number of apparent structural intersections hosting mineralization and workings that constitute the drill program's primary targets.
Table 2: Historical drilling results - Mgusu
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BH ID From To Width (m) Gold (g/t) Width (m) Gold (g/t)
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RC042 23.00 24.00 1.00 1.51
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46.00 47.00 1.00 1.33
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RC044 44.00 45.00 1.00 2.19 2.00 2.66
45.00 46.00 1.00 3.13
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RC075 36.00 37.00 1.00 2.85
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RC078 42.00 43.00 1.00 1.73
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RC079 24.00 25.00 1.00 1.25
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25.00 26.00 1.00 8.78 3.00 8.95
26.00 27.00 1.00 14.75
27.00 28.00 1.00 3.32
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RC080 24.00 25.00 1.00 1.28
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41.00 42.00 1.00 1.24
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RC081 26.00 27.00 1.00 1.54
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RC090 8.00 9.00 1.00 6.58 2.00 4.53
9.00 10.00 1.00 2.47
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RC091 6.00 7.00 1.00 1.59
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52.00 53.00 1.00 1.25
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63.00 64.00 1.00 1.83
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Drill Program
Reverse circulation (RC) drilling to date has comprised five short fence lines (each consisting of two to five overlapping inclined holes) across the workings where two or more directions of workings merge. The heel-toe holes were planned to a depth of 150m and 40m apart drilling along lines towards 330 degrees and 030 degrees. A diamond drill rig has recently been mobilised to Mgusu to follow up on the RC success and to provide more definitive structural information.
Table 3: Borehole collar coordinates, azimuth and collar dip, and final depth for all Mgusu boreholes ---------------------------------------------------------------------------- Hole_ID Type Easting Northing Elevation Azimuth Collar Dip Eoh ---------------------------------------------------------------------------- TRC0157 RC 437517.25 9645917.56 1219.00 330.00 -60.00 91.00 ---------------------------------------------------------------------------- TRC0158 RC 437497.25 9645952.20 1221.00 330.00 -60.00 150.00 ---------------------------------------------------------------------------- TRC0164 RC 437377.25 9646160.05 1225.00 330.00 -60.00 150.00 ---------------------------------------------------------------------------- TRC0165 RC 437357.25 9646194.69 1227.00 330.00 -60.00 150.00 ---------------------------------------------------------------------------- TRC0181 RC 437010.84 9645994.69 1237.00 330.00 -60.00 150.00 ---------------------------------------------------------------------------- TRC0423 RC 437390.84 9645336.51 1213.00 330.00 -60.00 53.00 ---------------------------------------------------------------------------- TRC0424 RC 437410.84 9645301.87 1212.00 330.00 -60.00 150.00 ---------------------------------------------------------------------------- TRC0425 RC 437430.84 9645267.23 1211.00 330.00 -60.00 150.00 ---------------------------------------------------------------------------- TRC0466 RC 437604.00 9645361.00 1209.00 30.00 -60.00 135.00 ---------------------------------------------------------------------------- TRC0467 RC 437589.00 9645335.00 1209.00 30.00 -60.00 150.00 ---------------------------------------------------------------------------- TRC0468 RC 437574.00 9645309.00 1209.00 30.00 -60.00 150.00 ---------------------------------------------------------------------------- TRC0469 RC 437559.00 9645283.00 1209.00 30.00 -60.00 150.00 ---------------------------------------------------------------------------- TRC0470 RC 437544.00 9645257.00 1209.00 30.00 -60.00 150.00 ---------------------------------------------------------------------------- Total meters 1,779.00 ----------------------------------------------------------------------------
QA/QC
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 0.5g/t gold 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 Corp. 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 that is located adjacent to African Barrick's 14Moz 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 is currently conducting a 90,000m drill program on its Tembo property.
On Behalf of the Board of Directors of Tembo,
David Scott, President & CEO
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the potential of the Company's properties; the future price of base and precious metals; success of exploration activities, costs and timing of future exploration and development; requirements for additional capital; the Company's business plans and strategies; the characteristics and potential of the Tembo Gold Project and other statements relating to the financial and business prospects of the Company. Generally, 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 state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements are based on assumptions, estimates, analysis and opinions that management believes to be reasonable and that are made in light of its experience and its perceptions of trends, current conditions and expected developments, as well as other factors management believes to be relevant and reasonable in the circumstances at the date such statements are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks related to: the possibility that future exploration results will not be consistent with the Company' expectations; unexpected events and delays during permitting; timing and availability of external financing on acceptable terms; uncertainty of mineral resource and reserve estimates; volatility of commodity prices; currency exchange rates; governmental regulation of mining operations; failure of equipment or processes to operate as anticipated; risks inherent in mineral exploration and development including environmental hazards, industrial accidents, unusual or unexpected geological formations; and uncertain political and economic environments; impact of general economic conditions; competition from other industry participants; and the lack of availability of qualified personnel or management. The Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements have been provided for the purpose of assisting investors in understanding the Company's business, financial and operational performance and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements or information, except in accordance with applicable securities laws.
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.
Brett Allan
Corporate Development
416-907-4148
ballan@apexcap.ca
www.tembogold.com
