Tembo Gold (TEM.V) has reported the results of a first deep diamond drill hole at their 100% owned Tembo Project in Tanzania. The company tabled an astonishing drill intercept of 15 meters at almost 23g/t of gold. Even if we’d ignore the 1m at 200g/t intersection, the remaining 14 meters of that hole contain on average 10g/t of gold, which equates into a rock value of in excess of $500/tonne.
More importantly, this deep hole confirms the similarities between nearby African Barrick’s (LON:ABG) Bulyanhulu mine meaning the deeper Tembo will drill, the higher the grade will be. The drill hole has reached a depth of 387m and will be deepened to a depth of approximately 500m to further drill-test mineralization at depth.
We think this hole will be an eye-opener for a lot of people, as Tembo is currently proving the similarities between Bulyanhulu and the Tembo Project. After these exciting exploration results, we are more confident than ever before that Tembo will start to shine in 2013.
Disclosure: Tembo Gold Corp. is a sponsoring company. Please see our disclaimer for current positions.