Tempest looks ahead to WA targets for 2024

Tempest Minerals (ASX:TEM) is still progressing approvals for potential drilling at its Yalgoo Project in Western Australia after flagging multiple high priority targets in the past quarter. 

Yalgoo is Tempest’s flagship project totalling more than 1,000km-square near ‘high profile’ neighbours 29 Metals’ (ASX:29M) Golden Grove copper, zinc, gold, silver mine; Spartan Resources’ (ASX:SPR) Yalgoo Gold Project; and Silverlake’s (ASX:SLK) Deflector and Rothsay Gold Mines.    

During Q4 2023, the company flagged new targets during a regional electromagnetic (EM) survey. Notably, among the zones detected, an appreciable EM anomaly exists directly coincident with the exciting previously announced 4km long base metal ‘Remorse’ target.

In its latest quarterly report released 31 January 2024, Tempest notes geochemical surveys at the Sanity Target delineated ‘strong’ coherent zones for multiple elements with particular respect to gold, having soil peaks of up to 80 parts per billion.  

Onsite geological mapping continues at Yalgoo. 

Additional gold was encountered in surface geochemical activities along strike from the existing open pit at the Range Project, located in the heart of the Mount Magnet mineral field.

Around this time a review and re-interpretation of the Range project was undertaken. Based on new information, a hypothesis that key geology found in the mineralised zone of the Britannia Well pit and other mining centres in Mount Magnet may continue in a newly recognised orientation. 

Field verification saw rock chip samples from multiple outcrops yielding anomalous gold results at both the Wrangler and Cherokee targets.    

On 24 October 2023, Tempest announced the start of initial setup work at the Five Wheels Project, which included project setup, initial reconnaissance, and geological mapping and sampling at selected areas, as reported by Mining.com.au.  

Five Wheels was acquired by the company in July 2023 and is proximal to the ‘high profile, world-class’ Rumble Resources (ASX:RTR) and emerging Strickland Metals (ASX:STR) zinc-lead-copper discoveries. 

Also during the past quarter, Tempest entered into a conditional non-binding term sheet to acquire the 194km-square Elephant Project. 

The project was pegged primarily due to a ‘strong’ geophysical anomaly and coincident geochemical data from nearby previous exploration. The acquisition was completed in January 2024.

Meanwhile, Tolu Minerals (ASX:TOK), of which Tempest holds a $1 million investment in, floated on the ASX on 9 November 2023. Tolu’s assets, primarily the Tolukuma Gold Mine and Mt Penck Projects in Papua New Guinea, provide Tempest with exposure to ‘high-grade’ pre-production projects.  

Tempest closed the December quarter with $1.5 million cash and cash equivalents at hand.

Write to Adam Drought at Mining.com.au

Images: Tempest Minerals
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.