Tempest Minerals (ASX:TEM) has officially completed the purchase of the Five Wheels Base Metal Project in Western Australia’s Earheedy Basin region.
The company has confirmed the allotment of roughly 4.56 million ordinary fully paid shares and the payment of $36,000 for the purchase of the project.
Tempest, which has a $6.58 million market capitalisation, first announced in July that it had struck a deal with privately held MAC3 to acquire the project.
The company says the 266km-square project remains ‘largely’ underexplored and shares similar geology to Rumble Resources’ (ASX:RTR) Chinook deposit and Strickland Metals’ (ASX:STR) zinc-lead-copper discoveries.
According to Tempest, the region has been explored for multiple commodities for over 100 years due to its proximity to Wiluna, but it has been recently ‘reinvigorated’ this decade since Rumble announced a ‘major’ discovery at its Earaheedy Project on 19 April 2021.
The Five Wheels project lies just 36km away from Rumble’s ‘ world-class’ discoveries.
Tempest Minerals is an Australia-based minerals exploration company. The company is focused on its diversified portfolio of projects located in Western Australia that are prospective for precious, base, and energy metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Tempest Minerals
