Tempest Minerals (ASX:TEM) has unveiled an inaugural inferred resource estimate for the Remorse magnetite iron deposit, part of the Yalgoo Project in Western Australia.
Remorse contains a JORC 2012-compliant resource estimate of 63.5 million tonnes @ 30.6% iron. The resource is classified as inferred due to a limited number of drillholes intersecting the key economic magnetite iron-bearing geological layers.
The tonnage and grade is based on a conservative cut-off grade and Tempest anticipates future increases as further drilling and project development continues.
Tempest adds that this resource provides a “solid foundation” for future development studies and potential mining operations at the Yalgoo Project.
Managing Director Don Smith says the company has gone from discovery to resource in a few short months.
“We have metallurgical and other studies well advanced and we’ve already identified potential processing options and signed an MoU with GreenSteel and Iron,” Smith says.
“This gives us confidence that we can progress from being an explorer to a developer as well.”
Remorse is considered a large magnetite iron deposit first discovered in 2024 through drilling of a volcanic massive sulphide-style base metal target.
The Yalgoo Project covers more than 1,000km2 and is located near 29Metals’ (ASX:29M), Tungsten Mining’s (ASX:TGN) and Spartan Resources’ (ASX:SPR) assets. The project is considered prospective for copper, gold, base metals, precious metals, and iron ore.
Tempest Minerals is a junior diversified mineral explorer focused on discovering untapped resources across Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Tempest Minerals
