What's happening with the Tempus (ASX:TMR) share price this week?

It's been a crazy week for Tempus Resources. Here's what's happened.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

Close-up of a smiling man holding a jar containing nuggets of gold.

Image source: Getty Images

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, over the past 4 weeks, an average day saw 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.

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.

More on Gold

Female miner smiling in front of a mining vehicle.
Gold

Why has the Newcrest share price leapt 7% in under a week?

The Newcrest share price looks to be benefiting from tailwinds blowing in on three fronts.

Read more »

Gold bars on top of gold coins.
Gold

Why is everyone suddenly talking about ASX 200 gold stocks again?

Gold is all the rage on the ASX 200 this week.

Read more »

a man wearing a gold shirt smiles widely as he is engulfed in a shower of gold confetti falling from the sky. representing a new gold discovery by ASX mining share OzAurum Resources
Gold

Why are ASX 200 gold stocks like Northern Star having such a stellar run today?

Is a US bank responsible for gold's stellar performance today?

Read more »

a woman wearing a sparkly strapless dress leans on a neat stack of six gold bars as she smiles and looks to the side as though she is very happy and protective of her stash. She also has gold fingernails and gold glitter pieces affixed to her cheeks.
Gold

2 ASX gold ETFs hitting record highs today

What's driving these ETFs to new highs today?

Read more »

A woman wearing a gold top and carrying a gold bar gives the thumbs down signal as she leans against a wall with a sombre look on her face as the Kingsgate share price goes lower
Gold

Guess which ASX gold share just crashed 49%

This gold share certainly isn't glittering on Thursday.

Read more »

gold, gold miner, gold discovery, gold nugget, gold price,
Share Gainers

Guess which ASX mining share just leapt 62% on a 'bonanza gold' find

The ASX mining share entered a trading halt on Friday pending today’s announcement on its gold exploration campaign in Western…

Read more »

Female miner smiling at a mine site.
Resources Shares

Why are ASX 200 mining shares leading the market today?

The top 5 ASX 200 shares today are all from the mining sector. What's going on?

Read more »

A woman holds a gold bullion in each hand, arms out showing her muscles with an incredulous look on her face.
Earnings Results

2 ASX gold stocks on the move following results updates

One went up, the other went down.

Read more »