Tempest Minerals (ASX: TEM) delineates new targets at Yalgoo and Range in Dec quarter

Highlights

• Regional electromagnetic survey at Yalgoo detected multiple zones of interest for exploration and many potential high priority drill targets.
• Several strong coherent zones have been delineated from the geochemical surveys conducted at Sanity Target.
• For the Range Project, anomalous gold results were delivered after field verification of rock chip samples from multiple outcrops.
• TEM acquired Elephant Project, highly prospective for gold and base metals.

Australia-based mineral exploration company, Tempest Minerals Ltd (ASX: TEM) has been advancing its highly prospective Western Australian project portfolio, focusing on precious, base and energy metals.  

Its latest quarter report highlights some significant progress in advancing development at its projects and evaluating new growth opportunities in various jurisdictions and commodities to add more value to its shareholders.

A look at the latest updates for TEM Projects

Image source: company update  

High-priority targets identified in Yalgoo Region, WA
During the quarter, the company announced results for the regional electromagnetic (EM) survey conducted over 300 lines of 200m spacing for >2,000km of line survey measurements at the site.

The data obtained from the survey detected multiple zones of interest for exploration and many potential high-priority drill targets. Also, it suggested existence of an EM anomaly directly coincident with the 4km long base metal ‘Remorse’ target, which was identified previously.

Sanity Target - Several strong coherent zones have been delineated from geochemical surveys for different elements, particularly gold, with soil peaks of <80ppb and individual rock chips with <7gpt gold and 0.2% Cu and >60% Fe.

Anomalous gold results at Range Project

The Range project sits within Mount Magnet, a multi-million-ounce gold mining centre. A hypothesis that key geology found in the mineralised zone of the Britannia Well pit and other mining centres in Mount Magnet may continue in a newly recognised orientation, has been developed based on a review and re-interpretation of the project.

Anomalous gold results were delivered after field verification of rock chip samples from multiple outcrops. For more details, read here.

Exploration initiated at Five Wheels Project

Tempest Minerals acquired the Five Wheels Project in Western Australia in July last year.

The firm initiated setup work at the project in the month of October, covering initial reconnaissance, project setup, and geological mapping and sampling. For in-depth details, click here.

Acquisition of Elephant Project

TEM signed a conditional non-binding term sheet for acquisition of the Elephant Project.

The company paid AU$36,000 cash and issued 7,740,957 TEM shares to MAC3 for 80% of Lusture Pty Ltd, which owns the Elephant Project, to complete the acquisition in January 2024.

Project Location within regional exploration context
Image source: company update

Eyeing International Lithium

TEM is working on hard rock lithium exploration targets in Africa and lithium brine in the US, de-risking interests and exposure to the international lithium.

TEM holds a sizable holding of about 25 million shares in London-listed Premier African Minerals (AIM:PREM). Also, the company has secured an interest in the Tonopah Lithium Project (TLP) via a cash payment entitlement of AU$250,000.

What’s the plan of action for March 2024 Quarter?

The company will continue to push forth approvals for potential drilling in the Yalgoo region and Mt Magnet, Western Australia. Simultaneously, TEM plans to hold onsite geological mapping at Yalgoo.

TEM shares traded at AU$0.007 on 21 February 2024.