Tempest Minerals (ASX: TEM) identifies silver rock chips at Budapest target

Highlights

• Mineralogical mapping showed the presence of silver at the Budapest target.
• The target is part of the company’s flagship holdings in the Yalgoo region.
• The Euro project has been extended to the south owing to changes in the project footprint.

Mineral exploration company Tempest Minerals Limited (ASX: TEM) has shared new developments at its Euro Project, part of its exploration portfolio in the Yalgoo region, Western Australia. The company informed that a review of samples collected at the Budapest target from mineralogical mapping has shown the presence of silver in portable XRF (pxrf) measurement.

The company has introduced changes in the project footprint. The MOU signed with Karara Mining Ltd to commence a joint venture on tenements nearby the TEM Euro Project has been terminated as several conditions were not met within the agreed timeline.

Also, the Euro project has been extended to the south.

Overview of Euro Project

TEM has been exploring the Euro Project since 2020, and fieldwork was conducted in 2021, including mapping, rock chip and soil geochemistry. The fieldwork resulted in the identification of multiple exploration targets. In addition to this, many iron-rich formations across the project were identified.

In late 2021, drilling was kicked off at the Calais Target with polymetallic mineralisation and gold in focus. In several of the drill holes completed, sulphide presence was identified. Also, a kilometre scale mineralised corridor defined is understood to contain widespread gold with results remaining open in multiple directions and at depth.

Budapest Target

Mineralogical mapping was conducted at the Budapest target recently. The results highlighted that one of the recently sampled rocks has measurements of up to 63ppm (parts per million) silver (Ag). Silver presence indicates an extension of known mineralisation earlier identified at the Calais Target.

Change in Project Footprint

An MOU was signed between Karara Mining and TEM in June 20222. However, the contract was subject to various conditions that were not met within the timeframe. As a result, the MOU has been ceased.

TEM has applied for multiple new tenements adjoining the Euro Project, increasing the tenements in the Yalgoo Region by around 195 km². The extended area is believed to have prospects for gold and other minerals.

What’s ahead?

To understand the controls at the Budapest target, the company has planned to undertake follow up fieldwork in the third quarter across the Euro project. During the same period, TEM intends to extend geochemistry survey at Remorse and surrounding targets at the Meleya Project.

TEM expects to report the results of the aerial electromagnetic survey at Meleya/War West region late in the third quarter.