Tembo Gold is leveraging its unique position and experience in Tanzania to consolidate projects in the prolific Lake Victoria Goldfield in Tanzania. The combination of the two projects allows for early gold production and an increase in production over the next 5 years with the aim of becoming a mid-tier gold company.” The combination of the two projects is consistent with the Company’s commitment to build a diversified portfolio of high quality development and near-term production assets with high return potential for all shareholders.ĬEO & Director Marc Cernovitch, added: “The historic resource of 500,000 ounces on the Dora licence allows Tembo/LVG to proceed with a feasibility study through to mining licence. Simon Benstead, Executive Chairman & CFO, commented: “The acquisition of the Dora Project is a perfect complement to the Imwelo Project and provides Tembo with the opportunity to develop two prospective properties that have the potential for significant district scale upside. A number of targets identified by soil geochemical anomalies within the PL provide additional future targets for follow-up exploration. In doing so, the geologists hope to deliver important extension studies for the Imwelo mine development project.

The Dora licence could later allow for expanded production and a longer life for the Imwelo project, and Tembo intends to commence exploration once the licence transfer is completed and the necessary funding is in place. Tembo geologists see great potential for future resource growth on both licences along strike extensions of known mineralisation and at depth. The PL Dora extends the known and potential strike of ML Imwelo mineralisation by 6km to the west, with several east-west trending parallel structures potentially extending this strike. The ML Imwelo hosts a historical resource of 291,600 ounces Au at 1.92 g/t (137,700 2.32 g/t Au in the indicated category & 94,569 2.24 g/t Au in the probable reserve category.) The PL Dora hosts indicated resources of 90,800oz Au at 1.19 g/t and inferred resources of 424,310oz Au at 1.43 g/t. The mineralised structures run from the Imwelo ML into the Dora PL.

Geologically, the Imwelo and Dora licences are closely linked. The Dora project borders the Imwelo Mining Licence (“ML”) to the west, east and south, which Tembo is also acquiring. The company has now made the payment agreed in the purchase agreement and expects the transfer of the Prospecting Licence (“PL”) to be completed in the first quarter of 2024. Tembo Gold Corp (TSXV:TEM FRA: T23A) announces progress on the acquisition of the Dora Project in Tanzania on its path to becoming a mid-tier gold producer.

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