Given the quality on offer, the tech sector has been tipped as a great place to look for buy and hold investment options.

But which ASX tech shares should you buy for the long term? Two to consider are listed below:

Altium Limited (ASX: ALU)

Altium is a leading electronic design software provider. The company’s software is used to design the complex circuit boards that you’ll find inside almost all electronic devices. Altium has a large number of blue chip customers using its platform. This includes BAE Systems, Dell, Microsoft, and NASA.

The good news for Altium is that due to the artificial intelligence and internet of things (IoT) booms, there has been a proliferation of electronic devices over the last decade. This rapid growth is expected to continue over the next decade, which should underpin growing demand for its award-winning software.

In fact, according to Statista, there were 22 billion IoT devices globally at the end of 2018. This is forecast to grow to 50 billion by 2030.

In light of this, it is no wonder that management is confident in its growth trajectory. So much so, it is targeting revenue of US$500 million by 2025-26. This will be a 150% increase on FY 2020’s revenue.

Analysts at Credit Suisse currently have an outperform rating and $35.00 price target on Altium’s shares.

Appen Ltd (ASX: APX)

Another tech share to buy and hold could be Appen. It appears very well positioned for long term growth thanks to both the increasing importance and spending on artificial intelligence.

In order for artificial intelligence models to work, they need to be trained to a high standard. This is where Appen comes in. Through its team of over one million skilled contractors around the globe, the company provides or prepares the training data for artificial intelligence models. It counts the likes of Amazon, Apple, Facebook, Google, and Microsoft as current and/or former customers.

The company also looks well-placed to benefit from increased spending on artificial intelligence by governments. This is thanks to its Figure Eight business, which has a long history of working in this sector.

And while COVID-19 has put a dampener on its growth this year, management expects to bounce back strongly once the crisis passes.

Analysts at Macquarie also appear confident that this will be the case and have just put an outperform rating and $27.00 price target on Appen’s shares.

More reading

• 2 exciting mid-cap ASX shares to buy and hold
• 2 outstanding ASX growth shares that could be strong buys
• 2 ASX dividend shares offering big yields today
• 3 compelling ASX tech shares to buy
• 2 fantastic ASX shares to buy this month

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia owns shares of Appen Ltd. 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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There are some ASX shares that a number of brokers like and have rated as ‘buys’.

It can be quite hard to find good businesses that are trading at a good price. One investor might say that BHP Group Ltd (ASX: BHP) is a good buy, whilst another might say that Woolworths Group Ltd (ASX: WOW) is the share to buy.

Brokers are constantly looking at businesses and share prices, thinking about what would be a good investment. There are various brokers out there like Bell Potter, Macquarie Group Ltd (ASX: MQG) and UBS that provide different recommendations about shares.  

With that in mind, these ASX shares are liked by more than one broker. Of course, this still isn’t a guarantee of success – they could all be herding together.

Alliance Aviation Services Ltd (ASX: AQZ)

This ASX share claims to be Australia’s leading air charter operator, providing specialised services for the resources industry (fly in, fly out (FIFO)), and inbound and domestic group travel.

It’s currently liked by at least three brokers, including Morgans. The broker likes a deal that Alliance recently revealed and Morgans thinks that the company can win further deals over time – supporting its decision to buy more planes.

The company recently signed a ‘wet lease agreement’ with Qantas Airways Limited (ASX: QAN) for the provision of Embraer E190 aircraft from the middle of 2021. Alliance said that the range and route economics make the E190 an attractive option in a post COVID-19 aviation market.

This agreement with Qantas initially provides for three E190 aircraft to commence operations in mid-2021, with options for Qantas to call on an additional 11 aircraft based on market conditions. The deal is for an initial period of three years. It will be for routes between Adelaide, Darwin and Alice Springs.

The deal is expected to account for more than 5% of total revenue once the first three aircraft have been fully deployed.

Reject Shop Ltd (ASX: TRS)

Reject Shop is an ASX share retailer, with a national footprint of discount stores across the country.

It’s currently liked by at least three brokers.

The company is currently working on improving its cost base. It’s looking at the rental costs across its store network and trying to negotiate with landlords. Management aren’t afraid of closing stores if landlords won’t lower costs.

Reject Shop is also reducing the number of different items (SKUs) that it sells. This is increasing its sales per SKU, it’s increasing the buying power with suppliers and improving the stock managing ability of both its stores and distribution centres.

Once Reject Shop has reached its desired cost base, it will then grow its store network again and it’s also exploring the idea of online sales.

FINEOS Corporation Holdings PLC (ASX: FCL)

FINEOS describes itself as a global software company for the employee benefits and life, accident and health industry.

The company’s platform has software for a variety of areas including new business, claims, policy, billing and absence. Its software is designed to manage the structure and relationships of group and individual insurance processing to optimise plan, coverage and data management, operational processing, and business intelligence.

The ASX share is liked by at least three brokers, including Citi which believes that it is in a good position to increase its market share. Citi thinks that FINEOS’ shares are trading at a good price and it’s trading at a large discount to some of its ASX software share peers.

Citi has a share price target of $4.60 for FINEOS over 2021.

In the quarterly update for the three months to 31 December 2020, cash receipts were up 69% year on year to €28.2 million and it ended with €30.7 million of cash.

More reading

• 3 compelling ASX shares rated as buys by brokers
• Here’s why the Qantas (ASX:QAN) share price is soaring today
• ASX 200 down 0.7%: AGL & Origin sink lower, Qantas pushes higher
• Why Alliance Aviation, REA Group, SEEK, & Vulcan shares are charging higher
• Alliance Aviation (ASX:AQZ) share price surges 13% higher on Qantas (ASX:QAN) deal

Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends FINEOS Holdings plc. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia owns shares of Woolworths Limited. The Motley Fool Australia has recommended FINEOS Holdings plc. 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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The Energy World Corporation Ltd (ASX: EWC) share price zoomed over 11% higher today to close at 10 cents. That puts the Energy World share price up more than 45% over the past year, and up 40% over the past month.

Energy World is an independent energy company, primarily engaged in the production and sale of power, and development of LNG projects. The company runs operations in the Philippines, Indonesia, and Australia.

Energy World share price soars as project recommences

The company announced today that, after a 4-year ordeal, it can recommence work on its mid-scale modular LNG facility in Indonesia, the PT. South Sulawesi Project (PTSSLNG).

The Planology Department of the Ministry of Forestry completed a formal review of the historical land documentation that maps where the project is located. In 2017, this land was incorrectly categorised as forestry land. 

In today’s announcement, Energy World confirmed that the site has been re-confirmed as industrial land. The company also advised that it is now being encouraged to recommence project construction, along with associated commercial discussions.

To date, US$343 million has been invested in the PTSSLNG project (excluding finance and soft costs). A further US$35–50 million is necessary to bring the first 500,000 tonnes per annum (tpa) of LNG into production. The company stated that it’s confident it can use project debt to obtain additional funding.

Energy World expects the project to rapidly expand to a 2 million tpa production rate using future funds generated from LNG sales.

According to the release, its first LNG sales will occur over the next 18–24 month period.

How has Energy World performed recently?

According to the company’s quarterly report for the period ended 31 December 2020, it continues working within a coronavirus-impacted environment.

As of 31 December 2020, Energy World reported year-to-date receipts from customers totalling approximately $71.9 million. The company reported a cash bank balance of roughly $5.5 million for the quarter.

The company’s half-year earnings announcement will be released at the end of this month.

Despite being up a whopping 40% in the past month, the Energy World share price has lost 50% of its value over the past five years.

More reading

• What’s with the Adriatic (ASX:ADT) share price today?
• The Genworth Mortgage (ASX:GMA) share price smashed 14% higher today
• ASX 200 rises 0.6%, Vocus jumps on takeover offer, Afterpay hits new record
• Will LimePay IPO drive ASX BNPL shares even higher?
• What to expect from the Blackmores (ASX:BKL) half year result

Motley Fool contributor Gretchen Kennedy 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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The Adriatic Metals plc (ASX: ADT) share price has returned to yesterday’s closing price of $2.26 after a day of ups and downs in trading. This, despite a positive announcement made by the company this morning.

During mid-morning trade, shares in the precious and base metals miner reached an intraday high of $2.35 but retreated in the afternoon to close at $2.26.

What was announced?

In today’s release, Adriatic Metals reported it had achieved another key milestone in progressing its Vares Project in Bosnian-Herzegovina (BiH).

The company said the local Environment and Tourism Ministry had issued a positive record of decision (RoD) to its subsidiary Eastern Mining for the Rupice Environmental Permit.

Eastern Mining is a Bosnian-Herzegovinian exploration and development company focused on lead, zinc, silver, gold, copper and barite. The miner owns two projects across the Bosnian-Herzegovinian and Serbian regions.

The first is a 100% owned Vares high-grade silver project in Bosnian-Herzegovina. And the second is an exploration licence at the Raska base & precious metals project in Serbia.

Adriatic Metals said the newly approved permit was a major step in obtaining an exploration licence at its Vares project. The positive RoD follows the company’s environmental impact assessment submission to a five-member expert committee in August last year.

With the environmental permit to be issued within the next 30 days, Adriatic will move onto its next steps. The company said it would apply for an urban planning permit to the Federal Ministry for Spatial Planning.

Management commentary

Adriatic CEO and managing director Paul Cronin welcomed the progress, saying:

The receipt of the RoD is another major step forward in the permitting of the Vares Project, and when coupled with the recent issuance of the Veovaca Exploitation Permit, clearly demonstrates the team’s ability to permit a mine in BiH.

We continue to enjoy the strong support of both our local community in Vares and the government of BiH. We look forward to building this highly profitable mine in Q3-2021, whilst continuing to grow our resources around Vares, and advance our exciting project at Raska.

How has the Adriatic share price performed?

From March to August last year, the Adriatic share price has climbed more than 200%. However, since the last reporting season in August, the company’s shares have been on a rollercoaster ride.

Based on the current share price, Adriatic has a market capitalisation of $462 million.

More reading

• Why ASX silver shares like Silver Mines (ASX:SVL) are falling today
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• Silver squeeze next on the list for WallStreetBets, or is it?

Motley Fool contributor Aaron Teboneras 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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The Genworth Mortgage Insurance Australia Ltd (ASX: GMA) share price flew over 14% higher today to close the day at $2.95 a share.

Genworth Mortgage Insurance provides lenders mortgage insurance (LMI) in Australia. GMA currently offers three main LMI products: Standard LMI, Homebuyer Plus and Business Select/Low Doc.

Given there was no specific news out of the insurer today, let’s take a closer look at its recent performance.

Genworth full-year earnings on the horizon

Genworth recently announced that its financial results for the full year of 2020 will be released prior to market opening this Friday 12 February 2021.

Looking at its most recent quarterly update, as of 30 September 2020, Genworth had over 31,000 repayment deferrals. This follows the May 2020 period which had over 50,000 active repayment deferrals as the coronavirus tightened its grip.

In the third-quarter earnings announcement, Genworth also advised that the company is providing support to its customers experiencing hardship by offering different payment options. This includes allowing loans to be restructured without arrears penalties, accepting interest-only payments, supporting loan consolidation, and offering extension options.

Genworth increased its third-quarter claims reserve by $47.1 million, which resulted in a loss ratio of 63.5%.

The net earned premium in the third quarter was $79.7 million, a 4.6% increase compared to 2019.

Continuing business in a challenging environment

Investors will be curious to learn about how repayment deferrals are continuing in the unprecedented business environment brought on by the coronavirus.

Speaking to this last quarter, Genworth Mortgage chief executive officer and managing director Pauline Blight-Johnston said:

Genworth continues to work closely with our lender customers to support Australian borrowers in these challenging times. Since the onset of the pandemic, our people have consistently demonstrated their resilience and adaptability, responding quickly to process home loan repayment deferrals and high volumes of new business.” 

Credit Suisse Holdings (Australia) seems confident in Genworth’s ability to navigate the presently unpredictable space being caused by COVID. Credit Suisse recently became a substantial Genworth holder through the purchase of 21,196,035 shares.

On the current Genworth share price, the company has a market capitalisation of $1.1 billion.

More reading

• ASX 200 rises 0.6%, Vocus jumps on takeover offer, Afterpay hits new record
• Will LimePay IPO drive ASX BNPL shares even higher?
• What to expect from the Blackmores (ASX:BKL) half year result
• Why the Papyrus (ASX:PPY) share price is rocketing 21% today
• Why the Tempus Resources (ASX:TMR) share price is popping 25% today

Motley Fool contributor Gretchen Kennedy 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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The S&P/ASX 200 Index (ASX: XJO) rose by around 0.6% to 6,881 points.

Here are some of the highlights from the ASX today:

Vocus Group Ltd (ASX: VOC)

The Vocus share price went up by more than 13% today after receiving a takeover offer.

Vocus confirmed that it has received a non-binding, indicative proposal from Macquarie Infrastructure and Real Assets (MIRA) and its managed funds to acquire the entire Vocus business for a share price of $5.50 per share.

The board noted that the offer is subject to a number of conditions including satisfactory completion of due diligence by MIRA, MIRA securing debt financing and the unanimous recommendation by the Vocus board.

After consideration by the board and its advisers, the board has concluded that it is in the best interests of Vocus shareholders to explore the potential for a transaction with MIRA, and has granted MIRA due diligence access to enable MIRA to potentially put forward a binding proposal.

The board noted that there is no certainty that the proposal will result in a binding offer for Vocus.

Treasury Wine Estates Ltd (ASX: TWE)

The Treasury Wine Estates share price went up 0.8% today in reaction to speculation.

The ASX 200 share said that it noted that article published by The Australian on 7 February 2021, which reported that TWE is investigating a demerger of its global operations into three separate businesses.

TWE reminded investors that it has formally paused work on a potential demerger of its Penfolds brand, and further that it is not currently considering a demerger of any brands or businesses within its portfolio.

The company is assessing internal operating models to deliver long term value through a separate focus across its brand portfolios. These assessments remain ongoing and TWE has no further announcements to make about this right now.

Afterpay Ltd (ASX: APT)

The Afterpay share price reached a new record today, it went up to almost $156. However, it finished the day higher by 2% to just over $154.

Charter Hall Long WALE REIT (ASX: CLW)

The real estate investment trust (REIT) just reported its FY21 half-year result. At 31 December 2020, it had 459 assets with a valuation of $4.48 billion, this was up from $3.6 billion at 30 June 2020. Its weighted average lease expiry (WALE) grew by 0.1 year to 14.1 years. Its occupancy rate was 97.5%.

Some of its most recent acquisitions include the David Jones property in the Sydney CBD and 70 BPs in New Zealand. These were part of the overall spend on $697 million of new properties, funded by $388 million of new equity.

The business said that its distribution for the half year increased by 3.6% to 14.5 cents per unit. The net tangible assets (NTA) of Charter Hall Long WALE REIT increased by 5.1% to $4.70 per unit. It benefited from a $150 million net property valuation uplift.

Charter Hall Long WALE REIT said that its operating earnings per share (EPS) for FY21 is still expected to be no less than 29.1 cents per unit, which would be growth of at least 2.8%. 

The Charter Hall Long WALE REIT share price was flat in reaction to the result.

More reading

• Will LimePay IPO drive ASX BNPL shares even higher?
• What’s moving the Charter Hall Long WALE (ASX:CLW) share price today?
• Why the Afterpay (ASX:APT) share price is exploding even higher today
• 2 ASX dividend shares with yields above 5%
• ASX 200 up 0.6%: Vocus rockets, Zip surges, & Treasury Wine rebuffs speculation

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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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The buy now, pay later (BNPL) sector is the ASX gift that just seems to keep on giving. This morning, we reported that BNPL pioneer Afterpay Ltd (ASX: APT) hit yet another new all-time high, this time over $155 a share.

That means the Afterpay share price is now up more than 30% in 2021 so far (and its only February!). We also looked at how the Zip Co Ltd (ASX: Z1P) is also on fire, up 14% today alone.

Over the past few years, BNPL companies like Afterpay and Zip have delighted their shareholders and confounded their critics over and over again. After all, Afterpay is now up more than 1,600% since the market crash in March last year – a real millionaire-maker.

Since BNPL is such a new growth area with an almost limitless runway of growth still in front of it, there tends to be a ‘good for one, good for all’ attitude. That might be why Zip’s strong quarterly update this morning pushed up the share prices of Afterpay and other BPL players like Sezzle Inc (ASX: SZL) and Humm Group Ltd (ASX: HUM) today.

So it will be interesting to see how the ASX’s newest BNPL company hits the markets.

Limepay to make ASX debut in 2021

According to The Australian last week, BNPL company Limepay is preparing an initial public offering (IPO) for the ASX in 2021. Limepay was founded in 2016 and had found a niche for itself in an infrastructure platform that its clients can use to offer their own branded BNPL services. That differs from the likes of Afterpay and Zip, where customers have to navigate through the company’s platform, rather than the retailers.

The report tells us that Limepay has more than 120 merchants using its platform, including Accor, EB Games and Puma. Property classifieds company  Domain Holdings Australia Ltd (ASX: DHG) has also signed on.

According to the report, Limepay is also backed by Woolworths Group Ltd (ASX: WOW) CEO Brad Banducci, who has seemingly developed quite an interest in the fintech sector. This investment joins a stake in Tyro Payments Ltd (ASX: TYR) that Mr Banducci has delved into in recent years.

Limepay co-founder Dan Peters told The Australian that the ASX listing timing “would depend on market conditions and the overall progress in the company’s hiring plans”. Even so, he says “we are working towards” the goal of a 2021 IPO.

Since the ASX has seen a deluge of BNPL companies rise to the surface in recent years, it will be interesting to see if this appetite holds for yet another new player on the scene.

More reading

• Why the Afterpay (ASX:APT) share price is exploding even higher today
• Why the Zip (ASX:Z1P) share price is storming 10% higher today
• ASX 200 up 0.6%: Vocus rockets, Zip surges, & Treasury Wine rebuffs speculation
• Why Argosy Minerals, Sigma, Vocus, & Zip shares are charging higher
• Afterpay (ASX:APT) share price cracks $151 record high

Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Tyro Payments and ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Sezzle Inc. The Motley Fool Australia owns shares of AFTERPAY T FPO and Woolworths Limited. The Motley Fool Australia has recommended Humm Group Limited and Sezzle Inc. 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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Earlier today I had a look at what the market was expecting from the A2 Milk Company Ltd (ASX: A2M) half year result later this month. You can read about that here.

On this occasion, I’m going to turn by attention to fellow consumer staples stock, Blackmores Limited (ASX: BKL).

What is the market expecting from the Blackmores half year result?

According to a note out of Goldman Sachs, its analysts are expecting Blackmores to reveal an improvement in its performance compared to the prior corresponding period.

The broker is expecting the health supplements company to report revenue of $318.2 million. This will be a 7.9% increase on the same period last year. It is also 2.3% ahead of the market consensus estimate.

This is expected to be driven by sales growth in China, the International segment, and its BioCeuticals business. Goldman is forecasting a 10% increase in constant currency China sales to $66.7 million, a 23% lift in International sales to $84.2 million, and a 10% improvement in BioCeuticals sales to $54.1 million.

It expects this to offset a weaker performance in the ANZ segment. Goldman is forecasting the company’s largest segment to post a 2% decline in sales to $113.2 million.

Due to margin compression in the ANZ and China segment, the broker anticipates Blackmores reporting flat half year earnings before interest and tax of $27.8 million.

However, thanks partly to lower interest expense, it is forecasting a 2.3% improvement in its underlying net profit after tax to $18.1 million.

Pleasingly, with the broker expecting Blackmores operating cash flow to come in at $33.8 million, it believes it will be in a position to resume dividend payments. The broker has forecast an interim dividend of 46.8 cents per share.

Is the Blackmores share price in the buy zone?

As with A2 Milk shares, Goldman is sitting on the fence with this one.

The note reveals that its analysts have a neutral rating and $77.30 price target on the company’s shares. This compares to the latest Blackmores share price of $76.30.

More reading

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• Why Blackmores, Creso Pharma, Pilbara Minerals, & Zip shares are pushing higher
• ASX 200 down 0.2%: Zip Chair steps down, Worley crashes, Blackmores & InvoCare jump
• Top brokers name 3 ASX shares to sell next week
• Top brokers name 3 ASX shares to sell today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended A2 Milk and Blackmores Limited. 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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The Papyrus Australia Ltd (ASX: PPY) share price is rocketing today as the company released an update on a new opportunity in China. Shares in the paper producer are currently trading 19% higher at 5.6 cents after reaching an early afternoon high of 6 cents.

Papyrus develops technology that converts the waste trunk of banana palm into alternatives from forest wood products. It can be used to make paper, packaging, furniture, building and also in construction.

Why is the Papyrus share price flying today?

Shares in Papyrus are performing well today as the company was granted ‘first right’ to exploit technology in China.

Papyrus aims to sell turn-key factories that produce banana fibre products to operators in banana-growing countries. With China being the second-largest banana producer worldwide, this makes it an ideal destination for the company’s tech. What’s more, China has a plastic packaging waste problem which the Chinese Government demands be addressed.

Papyrus claims it can address this problem by selling ‘turn-key’ factories and licensing the rights to establish banana fibre manufacturing facilities in China. Crucially, there is potential for this to occur with the company’s memorandum of agreement (MOA) signed on 7 February.

The process

The MOA contemplates a 5-stage milestone process which Papyrus outlined in today’s release.

1. Stage 1 contemplates establishing a joint venture (JV) company under Chinese law, with a completion date at the end of March.
2. Stage 2 requires the JV company to undertake a comprehensive research project in China regarding the government and all other requirements to establish the first project within or near the banana-growing areas.
3. The third stage would require the JV to organise field trips for the Papyrus officers to travel to China and assess the proposed site for manufacturing purposes.
4. Stage 4 would require the company to set out a business plan for its plan’s first project.
5. The final stage would require executing a contract between Papyrus and the JV company no later than the end of July 2021. Together with the deposit by Papyrus to buy the plant and equipment necessary for the first project.

About the Papyrus share price

It has been a great 12 months for the materials company that has seen its share price jump 480%, albeit from a low trading base of 1 cent last February.

Based on the current Papyrus share price, the company has a market capitalisation of $24 million.

More reading

• Why the Tempus Resources (ASX:TMR) share price is popping 25% today
• Is Ellume listed on the ASX?
• Why the Splitit (ASX:SPT) share price is roaring 7% higher today
• Why the NuEnergy (ASX:NGY) share price is rocketing 230% higher today
• Leading brokers name 3 ASX shares to buy today

Motley Fool contributor Daniel Ewing 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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Tempus Resources Ltd (ASX: TMR) shares are going gangbusters today after the gold and mineral exploration company released the latest assay results from its Elizabeth Gold Project in British Columbia, Canada. At the time of writing, the Tempus share price is surging 20% to 30 cents. 

What did Tempus Resources report?

The Tempus share price is on a tear after the company revealed this morning it now has the results of the first 11 drill-holes of its Phase 1 drilling program. All the diamond drill holes, for a total of 2,006 meters, were drilled in the Elizabeth sector of the Blackdome Elizabeth Gold Project. The drilling was completed from mid-November through to mid-December.

Five of the drill-holes unveiled significant intersections of more than 5 grams per tonne (5g/t) of gold. The company reported that the outstanding intersections included:

• 5.0m at 61.3g/t gold from 116.5m, including 1.5m at 186.0g/t gold from 118.0m, and
• 3.2m at 28.1g/t gold from 184.0m, including 0.5m at 178.0g/t gold from 184.5m

According to Tempus, these results boost the level of confidence in the company’s geological model that will be used for resource estimation work over the next year.

Commenting on the positive assay results, Tempus Resources President Jason Bahnsen said:

The Phase 1 drilling results confirm the high-grade potential of Elizabeth. We look forward to continuing with the drilling program there in the Canadian spring, leading to an updated NI43-101 resource estimate thereafter.

Roughly 66% of the Phase 1 drilling program at the Elizabeth sector has yet to be completed. The company stated it plans to re-start drilling at Elizabeth and complete the Phase 1 program during the northern spring.

Tempus further advised there are still some 4,000 metres of drilling to be done. Once complete, the company plans to prepare for an updated mineral resource estimate immediately and launch a new 7,500 metres Phase 2 drilling program.

Tempus Resources share price snapshot

Tempus Resources is a microcap company with a current market capitalisation of around $20 million. The company began trading on the ASX in August 2018.

With today’s intraday gains, the Tempus Resources share price is up 20% so far in 2021. By comparison, the All Ordinaries Index (ASX: XAO) is up 3% this calendar year.

Over the past 12 months, Tempus shares are up nearly 43%.

More reading

• Is Ellume listed on the ASX?
• Why the Splitit (ASX:SPT) share price is roaring 7% higher today
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Motley Fool contributor Bernd Struben 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.

The post Why the Tempus Resources (ASX:TMR) share price is popping 25% today appeared first on The Motley Fool Australia.

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