Tempus Resources (ASX:TMR) has completed its acquisition of the Prescott Copper and Base Metal Project in Canada, with exploration activities now underway.
The Prescott Project covers 607km2 and lies in the Peel Sound area of the Polaris mineral district of Nunavut.
Under the agreement, Tempus paid $75,000 and issued 300 million ordinary shares along with 100 million performance rights to privately held Somerset Minerals.
Tempus says exploration at Prescott will focus on sediment-hosted copper deposits, as well as Mississippi Valley-type zinc-lead deposits. These types of systems present opportunities for material mineral discovery.
Permitting and planning activities are underway for the maiden exploration campaign, which is expected to begin this month.
The maiden exploration campaign will employ an airborne gravity gradiometric survey across Prescott. Initial anomalies uncovered from the survey, combined with remote sensing data, will guide follow-up ground mapping activities for later in the year.
Detailed geological mapping will also be conducted, as well as rock chip sampling. A comprehensive 3D inversion of the gravity survey data, integrated with remote sensing data and rock chip results, will be used to rank potential drill targets for drilling campaigns.
Non-executive director Chris Hansen says Prescott covers a substantial area on the Prince of Wales and Somerset Island’s, and is interpreted to share the same geological sequence that hosts American West Metals’ (ASX:AW1) Storm Copper Project.
“This proximity and the interpreted geological continuity presents a compelling opportunity for Tempus to explore for both sediment-hosted copper deposits and Mississippi Valley Type deposits in a proven jurisdiction,” he says.
“District scale exploration opportunities like this are becoming increasingly rare, with Tempus being one of the first movers in this emerging region.”
Tempus Resources is a gold explorer focused on its projects in Canada and Ecuador. The company’s flagship Blackdome-Elizabeth Project lies in Southern British Colombia. The company also has two other projects in southeast Ecuador.
Write to Aaliyah Rogan at Mining.com.au
Images: Tempus Resources
