Tempest Minerals (ASX:TEM) commences fieldwork at Five Wheels Project, shares jump

Highlights

• Fieldwork has commenced at the Five Wheels project in collaboration with traditional owners.
• The ongoing regional geochemistry sampling program aims to identify new areas of interest, expand existing geochemical anomalies, and provide valuable data for future exploration activities.
• Initial fieldwork is expected to continue until October 2024, with results anticipated in the fourth quarter of 2024.
• TEM shares up 11% to AU$0.010 apiece.

Shares of Tempest Minerals Limited (ASX:TEM) jumped 11.11% during early trading on Thursday, 19 September 2024, following an update on the Five Wheels Project, located near the Western Australian Warburton Mineral field. The company has commenced comprehensive fieldwork at the project, which is adjacent to Rumble Resources’ Earaheedy Zinc Project.

This new fieldwork initiative at Five Wheels comes as TEM continues its drilling campaign at the Remorse Target, part of the Yalgoo Project.

The comprehensive fieldwork includes –

Data source: Company Update

Initial fieldwork is anticipated to continue until October 2024, with results expected in the fourth quarter of 2024. These results, combined with the planned geophysical survey, will be key in shaping TEM’s broader exploration strategy for 2025 at the Five wheels Project.

Background of the project

In July 2023, TEM acquired the Five Wheels Project, a substantial tenement spanning 266km². The project area is considered highly promising for base metals, including zinc, copper and lead, due to its geological similarities with significant recent discoveries in the region.

Exploration activity in the area has surged following Rumble Resources' major base metals discovery in 2021. In 2023, Rumble reported a significant inferred Mineral Resource Estimate (MRE) of 94Mt at 3.1% Zn + Pb and 4.2g/t Ag. Nearby, Strickland Resources Ltd also made a similar mineralisation discovery in 2023.

The Five Wheels Project is situated nearly 36km north of these major projects and is expected to exhibit similar geological characteristics. Historical exploration in the vicinity has revealed promising soil geochemistry results, including copper levels of up to 1,130 ppm (approximately 0.1%) and 847 ppm of zinc.

Features of the project

Data source: Company update

Regional geochemistry sampling program in progress

A regional geochemistry sampling program is currently in progress. During a reconnaissance visit to the project in October 2023, TEM established access for a wide-spaced regional geochemistry sampling program, a crucial component of the initial fieldwork.

The survey aims to:

• Expand upon existing geochemical anomalies identified through past exploration data.
• Identify new areas of interest across the project’s 50km strike length.
• Provide valuable data to guide future exploration activities.

TEM plans to complete the current field campaign, with geochemical results expected in 4Q 2024, followed by a geophysical survey slated for completion in 2025, pending availability, and will continue ongoing analysis and exploration target generation.