Tempus Resources has concluded the acquisition of the Prescott copper and base metals project in Nunavut, Canada.
Announced in April this year, this deal involves a payment of $75,000 (A$113,538) and the issuance of 300 million ordinary shares, along with 100 million performance rights to Somerset Minerals.
The Prescott project spans 607km² in the Peel Sound area of the Polaris mineral district.
The company added that the exploration at Prescott will primarily target sediment-hosted copper deposits and Mississippi Valley-type zinc-lead deposits, which are known for their potential to host significant mineral discoveries.
Permitting and planning activities for the maiden exploration campaign at Prescott are currently in progress, with the campaign expected to commence this month.
The exploration strategy includes an airborne gravity gradiometric survey to identify initial anomalies.
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Following the survey, the anomalies, in conjunction with remote sensing data, will inform subsequent ground mapping activities scheduled for later in the year. Detailed geological mapping and rock chip sampling will also be undertaken.
A comprehensive 3D inversion of the gravity survey data, integrated with remote sensing data and rock chip results, will be instrumental in prioritising potential drill targets for future drilling campaigns.
This systematic approach aims to optimise exploration efforts and enhance the chances of a significant mineral discovery at the Prescott project.
Tempus Resources non-executive director Chris Hansen said: “We are excited to announce the completion of the Somerset Minerals acquisition, and to have added this potentially world-class exploration opportunity to our portfolio.
“With the first exploration work already under way via means of a high-quality airborne gravity survey, we have a head start with the field season, and will soon have widespread modern data over a previously unexplored area for copper and base metals.
“The Prescott project covers a substantial area on both the Prince of Wales and Somerset islands, and is interpreted to share the same geological sequence that hosts the nearby Storm Copper Project operated by ASX-listed American West Metals.”
