TORONTO, ONTARIO
-- (MARKET WIRE)
-- 05/31/12
Tembo Gold Corp. (TSX VENTURE:TEM)(FRANKFURT:T23) ("Tembo" or the "Company") is pleased to announce new assay results from routine sampling of artisanal ore from active workings at Ngula 2, Mgusu, Nyakagwe East and Nyakagwe Village targets at the Tembo Project in the Lake Victoria goldfield of Tanzania. Tembo has commenced monthly routine sampling of material being extracted to surface by local miners. This sampling will provide a detailed database of values and a clearer understanding of average mineralization grades and variability at each target where mining is active, and will assist in the prioritization of targets. The May sampling results ranged in grades from less than 1 g/t gold to greater than 38 g/t gold with average grade of 9.88 g/t.
A Tembo geological technician has visited the artisanal mining areas at the four targets and collected random grab samples varying in weight between 2 and 3kgs from the miners at each site. These samples, an accumulation of material from the current workings, constitute samples of the mineralized veins and shears at each working. The samples were submitted for analysis to the SGS laboratory in Mwanza, Tanzania. The detailed assay results are tabulated below and the shaft positions depicted in the attached ortho-photo image of the project area (see Figure 1).
The samples returned average grades as follows;
-- Nyakagwe Village: 9.53g/t and 9.41g/t gold, from two vertical shafts at
depths of 20m to 25m
-- Nyakagwe East: 1.48g/t, 7.34g/t, 4.28g/t and 8.05g/t gold, from four
shafts at depths of 13m to 20m
-- Mgusu: 7.23g/t and 3.95g/t gold from two shafts approximately 10m deep
-- Ngula 2: 32.64g/t and 0.67g/t gold at from a 30m deep shaft and 1m deep
shallow pit respectively
Nyakagwe Village: This area consists of an east-west trending zone with semi-continuous historical mining along a strike of 1.7km and a second area of current mining about 300m long and 100m broad on a north-south trend. The latter working has been developed over the past twelve months and has grown from a series of shafts in a grid pattern to a large open pit. Geological indications in the pit suggests the intersection of north-south and east-west trending structures intersect and control the mineralization and there is evidence of widespread brecciation and mineralization of the surrounding meta-volcanic host.
Nyakagwe East: Possibly as many as four close-spaced parallel workings form a 300m broad area of surface and underground mining with a strike extent of approximately 750m which trends 290 degrees to 320 degrees. Numerous shafts have been mined along the trend in parallel zones and currently active shafts vary in depth to 20m. Historical diamond drilling carried out at Nyakagwe East in 2008 returned significant results within prominent shear zones that hosted quartz veins and pyrite sulphide mineralization over widths up to 4m and greater. Best results achieved included 10.25g/t over 3.5m, 2.46g/t over 4.72m, 9.8g/t over 3.4m, 2.65g/t over 3.5m, 10.44g/t over 1.50m and 2.15g/t over 3.5m with eleven of twelve boreholes intersecting significant gold mineralization.
Mgusu: This area of historically highly active artisanal mining is defined by numerous east-west, southwest-northeast and southeast-northwest trending lines of hard rock shafts that suggest that numerous mineralized structures converge and intersect in this area. These structures delineate more than 3.1km of potentially mineralized zones. Numerous, broadly scattered anomalous soil and RAB sampling gold values up to 300ppm and greater, further attest to the potential mineralization at Mgusu. The numerous intersecting structures present the possibility of wider low-grade mineralization due to broader deformation of the host rocks and the development of high-grade ore-shoots at the intersections of principal structures.
Ngula 2: This target appears to consist of up to three poorly defined sub-parallel northeast trending workings totaling approximately 900m in strike and possibly intersected by Bulyanhulu parallel northwest trending structures. Shafts as deep as 30m, and deeper, with extremely high grades are reported and confirmed by this sampling, with some wider areas of shallower pitting and shafts encountering lower grades.
Tembo Project Artisanal Sampling May 2012
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Target Au Grade General description Average Au
Name g/t grade g/t
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Nyakagwe Village 6.45
9.27 Five samples from large stockpile
18.05 Shaft depth approx. 25m, sample from 9.53
drive
5.14 4m south of shaft
8.76
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12.05
14.90 Shaft depth approx. 23m, sample from
drive
5.92 10-13m SW of shaft 9.41
7.90
6.28
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Nyakagwe East 1.96 Shaft depth approx. 20m, sample from
drive
0.99 10-15m S of shaft 1.48
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7.33 Shaft depth approx. 15m, sample from
drive
7.34 10m SW of shaft 7.34
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2.86 Shaft depth approx. 13m, sample from
drive
5.69 4m SW of shaft 4.28
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7.00
8.15 Shaft depth approx. 15m, sample from
drive
7.47 3m S of shaft 8.05
9.59
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Mgusu 6.52 Shaft depth approx. 11m, sample from
drive
7.95 4m SE of shaft 7.23
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5.80
2.84 Shaft depth approx. 9m 3.95
3.21
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Ngula 2 27.10
30.70 Shaft depth approx. 30m, sample from
drive
31.35 38m NW of shaft 32.64
38.45
35.60
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0.77
0.59 Shallow pit - sampled approx. 100cm
below surface
0.68 Some quartz 0.67
0.90
0.41
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Overall average g/t gold 9.88
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To view Figure 1: Tembo Map of May Artisanal Sampling, please visit http://media3.marketwire.com/docs/tem531_F1.jpg.
Tembo Gold CEO, David Scott stated, "The widespread consistently good grades encountered in the artisanal operations are a continual encouragement and a strong confirmation of our aggressive multi-target drilling strategy. We will persist with this sampling on a routine basis as a guide to assist with target prioritization. We continue to progress with our current drill program with nine active rigs on the property and will provide drill results in significant batches with next results expected shortly."
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 0.5 g/t Au 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 (TSX VENTURE:TEM) 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 20Moz 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 has commenced its 90,000m drilling program on its Tembo Gold Project.
On Behalf of the Board of Directors of Tembo,
David Scott, President & CEO
Forward-Looking Statements
Certain information set out in this news release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of the use of the net proceeds from the Private Placement, the completion and timing of additional closings of the Non-Brokered Private Placement, the payment of certain finders' fees and the listing of the Common Shares on the TSXV. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding, among other things, the ability to develop the Company's properties, the economic climate in the jurisdictions where the Company carries on operations and commodity prices. Although the Company believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, a significant drop in the price of gold, political turmoil in Tanzania and other risk factors set forth in the Company's continuous disclosure. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
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Contacts:
Tembo Gold Corp.
Marc Cernovitch
Director & VP Business Development
416.619.9010
mcernovitch@tembogold.com
www.tembogold.com
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