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Highlights
- Tempest Minerals (TEM) discovers high-grade magnetite at Yalgoo Project.
- Drilling reveals thick magnetite intercepts with iron grades over 30%.
- Company plans further testing, studies, and drilling initiatives.
Tempest Minerals (ASX:TEM) has announced a significant magnetite discovery at its Remorse prospect, a part of the Yalgoo precious and base metals project in Western Australia. This finding adds substantial value to the company’s ongoing exploration efforts in the region.
In October, Tempest conducted an exploration drilling program at the Remorse site, initially targeting base metal anomalies. However, the program unveiled a thick sequence of high-grade magnetite in the footwall of the geological structure. The reverse circulation (RC) drilling program revealed impressive results, including intercepts such as:
- Thirty-two meters of 30% iron from 96 meters, including seven meters of 37% iron.
- Sixteen meters of 32.6% iron from 93 meters.
- Twenty meters of 32.3% iron from 120 meters.
Multiple magnetite units were mapped at the surface, focusing primarily on the northern-most zone. This area showed the greatest economic potential, with true thickness reaching up to 27 meters and composite iron grades exceeding 30%. Maximum grades in the zone reached up to 39%.
To further understand the potential of this discovery, Tempest plans a series of initiatives. These include metallurgical test work, obtaining approvals for future projects, conducting environmental and infrastructure studies, and progressing with economic assessments. Additionally, further drilling programs are being planned to delineate the extent of the magnetite target.
The market reacted positively to this discovery. Shares of Tempest Minerals surged by 20%, trading at 0.6 cents at 10:31 AEDT following the announcement. The company’s efforts in the Yalgoo region have garnered attention, positioning it as a key player in the development of iron-rich resources in Western Australia.
Tempest Minerals’ discovery not only highlights the potential of the Yalgoo project but also strengthens its portfolio of high-value resources. The company's strategy to follow through with thorough testing and studies underscores its commitment to unlocking the full value of this exciting prospect.
This development places the Remorse prospect as a promising site in Western Australia, with opportunities for advancing exploration efforts and potential resource development in the future.
