Country Lad
Off into the sunset
- Joined
- 11 July 2005
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Yes, 2 announcements, further mineralisation which was gazumped by Credit Suisse Holdings selling down. Dropped 28%
Yes, 2 announcements, further mineralisation which was gazumped by Credit Suisse Holdings selling down. Dropped 28%Trading halt.
gg
Yes, 2 announcements, further mineralisation which was gazumped by Credit Suisse Holdings selling down. Dropped 28%
The MOU provides a non-binding agreement with the aim of entering a Joint Venture over KML exploration ground where TEM has exclusive right to earn up to 70% of the project area over 4 years.
The exploration package includes 138km2 of highly prospective yet underexplored Yalgoo Greenstone Belt which is adjacent to the 100% owned TEM Euro Project.
Stage 1 (commencement): TEM will issue to KML (or its nominee) $30,000 in fully paid ordinary shares or pay $30,000 in cash and will have the right to earn a 51% interest in the Assets (Stage 1 Interest) free from encumbrances by incurring A$800,000 of exploration expenditure on the Tenements over a period of 2 years and 6 months.
Stage 2: On earning the Stage 1 Interest, TEM can elect to carry on to the Stage 2 Earn-in Period to earn the Stage 2 Interest of up to 70% of the Project. TEM will issue to KML (or its nominee) $20,000 in shares or pay $20,000 in cash and will have to spend A$400,000 of exploration expenditure on the Tenements over a period of 2 years.
now 55% up. $0.058TEM flying this morning, up over 30% on high volume. Someone is accumulating. Those assay results from the Meleya Project can't be far away.
TEM advises that the following may be contributing to strong interest in the Company:
I. Members of the TEM Board have recently returned from marketing activities in North America - including attendance at the Prospectors & Developers Association of Canada (PDAC) convention in Toronto - where strong interest in the TEM story was expressed by many parties.
II. TEM has a number of previously announced planned upcoming activities at the Meleya Project including downhole geophysics, field sampling, drilling and pending assays from WARDH72 and WARDH73. Unfortunately there have been delays experienced industry wide in WA in being able to finalise assays in a timely manner. Presently, TEM believes that assays for key zones should be available within 2 weeks and complete assays of both holes should be available within 8-10 weeks and TEM will update the market as soon as it is able to do so."
III. As advised in previous reporting by TEM including section 6.4 of the TEM Prospectus released on ASX on 21 June 2022 “...Whilst progressing exploration on its existing projects, the Company also continues to investigate other mining and exploration opportunities in the best interests of all shareholders of the Company, with a primary focus on prospective gold and copper projects. Presently the Company is looking at a number of gold mining and exploration projects in Australasia and North America. No assurance can be given that the Company will be successful in acquiring any further mining and exploration interests…..”
Any such opportunities are in very early stage and as such the Company has no material information which can be disclosed at this time.
Initial assays show multiple zones to be highly anomalous in base metals including copper, zinc, molybdenum and silver. Some results received to date are lower than those anticipated from the previously reported visual estimates. The geology team consider this may be due to low copper to iron ratio in chalcopyrite and/or greater percentage of pyrite to chalcopyrite than visually apparent.
it does hurt: in at 8c out at 5.4c in the same week..ah well, one lost today more to lose on Monday....:-(TEM smashed this morning after releasing disappointing initial assay results for WARDH72.
This is what caused the dump:
TEM share price is currently down 38.64% to 5.4c. I can't imagine it will see much traction for a while as it will be six to eight weeks until further results are released.
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