The Tempus Resources Ltd (ASX: TMR) share price is on a roller-coaster this week after the company released seemingly good news on Monday.
Before the ASX opened for this week, Tempus announced more positive assay results from its Elizabeth Gold Project.
Despite the seemingly good news, the Tempus share price slipped on Monday and continued falling on Tuesday and Wednesday, clocking up an 11.4% fall over the 3 days.
At the time of writing, the Tempus share price is 19 cents, having rebounded 8.57% on Thursday.
Let’s take a look at the news that might have driven the Tempus share price this week so far.
Tempus’ week so far
The Tempus Resources share price is soaring today after a tough start to this week.
On Monday, the company announced it suspects it’s intercepted a new gold vein at its Canadian Elizabeth Gold Project.
The company released assay results from 4 drill holes completed at the project, highlights of which included:
- 1 metre at 4.9 grams of gold per tonne from 40.1 metres and 0.7 metres at 9.1 grams of gold per tonne from 51.5 metres.
In one hole, the company found visible gold which could signify a previously undiscovered gold vein.
Tempus’ CEO Jason Bahnsen commented on the finding, saying:
When we get visible gold at Elizabeth, it can lead to ‘bonanza’ grade intersections as we’ve seen with previous holes announced from this years’ drilling.
Despite the positive update, the market sent the Tempus share price lower. However, that dip is being corrected today for no obvious reason.
Also worth noting, is the sheer number of Tempus shares that have been traded this week.
The first 3 sessions of this week saw between 934,387 and 974,430 Tempus shares swapping hands, and around 3.9 million have been traded today.
To put that into perspective, an average month sees around 1.7 million Tempus shares traded.
Tempus Resources share price snapshot
This week’s dip has added to Tempus’ struggles on the ASX.
Right now, the company’s stock is trading for 24% less than it was at the start of 2021. It has also dipped 5% since this time last year.
The post What’s happening with the Tempus (ASX:TMR) share price this week? appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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