After securing heritage and land access agreements, Tempest Minerals (ASX:TEM) has finalised an exploration plan at its Five Wheels Project in Western Australia for the coming financial year.
Under a five-stage exploration strategy, Tempest will begin by collecting and analysing additional data, followed by widespread mapping and geochemical sampling.
A geophysical survey will then be undertaken — funded in part by WA’s exploration incentive scheme — along with target generation and follow-up activities before a potential drilling campaign.
In the meantime, Tempest will continue its collaboration with traditional owners to ensure sustainable exploration.
Located 146km north of Wiluna, the Five Wheels Project was acquired by Tempest in July last year. It spans 266km2 in a region also home to major players like Rumble Resources (ASX:RTR and Strickland Resources (ASX:STK).
In addition to the exploration plan, Tempest has launched a one-for-five non-renounceable entitlement offer to raise $830,000.
Eligible shareholders in Australia and New Zealand will be able to purchase one new share — at a price of $0.008 — for every five shares already held.
The proceeds will be used to progress the next phase of exploration across the company’s Western Australian projects, including Yalgoo, Mount Magnet, and Elephant.
Write to Aaliyah Rogan at Mining.com.au
Images: Tempest Minerals
