Tempest Minerals (ASX:TEM) continues to actively investigate and evaluate new growth opportunities in a number of jurisdictions and commodities on the back of a busy Q1 2023.
During the quarter, Tempest extended its footprint in the Yalgoo region by 195km-square which has resulted in its holdings in the region to be greater than 1,000km-square, the company says in its latest quarterly report.
The tenements in the south-east of Meleya extend landholdings along strike of the newly detected large base metal Remorse anomaly.
Several new lease applications nearby Euro consolidate the dominant landholding and open up multiple new exploration target areas.
Tempest now has a dominant landholding in the Yalgoo region of Western Australia. The company’s projects are located within the prolific Yalgoo Greenstone Belt which hosts a number of ‘world-class’ mines.
Tempest has used data driven processes to identify poorly or unexplored areas of highly prospective geology which includes multiple instances of proven mineralisation.
The Yalgoo mineral field is currently an extremely active region with numerous ‘high-profile’ neighbours conducting exploration and mining operating in the vicinity of the company’s projects including 29 Metals (ASX:29M), Venture Minerals (ASX:VMS), and Capricorn Metals (ASX:CMM).
At Meleya during the March quarter Tempest received results from the following exploration activities. A large regional surface geochemistry sampling project was conducted last quarter at the Ktulu area (eastern Meleya Project), which resulted in the identification of a multi-kilometre, highly coherent copper zinc anomaly or the ‘Remorse’ Target. This was subsequently followed up with extensions of this data subsequent to the end of the reporting period.
Results from percussion drillholes completed at the Clover target were also received with widespread mineralisation detected including exciting shallow intercepts of critical minerals
Results from percussion drillholes completed at the Clover target were also received with widespread mineralisation detected including exciting shallow intercepts of critical minerals.
Employing knowledge gained from the discovery of mineralisation at the Orion target in 2022, Tempest during the past quarter completed a regional drilling program 7 to collect geochemical data to augment the existing soil sampling or test areas where surface sampling at the project had more than nominal soil cover. The regional program also aimed to correlate geology from surface mapping and other diamond holes across larger distances and provide targets for follow-up drilling.
Meanwhile, the Euro Project is part of 100% Tempest owned tenements within the prospective Southern Yalgoo Greenstone Belt located between the neighbouring Rothsay (gold), Mt Mulgine (tungsten/gold) and the Karara (iron/gold) mines.
The project has thick gold intercepts in legacy drilling, however due to depressed metal prices at the time were never thoroughly assessed by previous owners.
While most of the greater Euro Project remains unexplored or unexplored, Tempest says significant gold mineralisation has been recorded previously in the north of the project but not thoroughly tested for continuity. In addition to the noted polymetallic intercepts in drilling, the project has also shown itself to be highly prospective for precious, base metals and other commodities, the company adds.
Work in the March quarter centred around planning of future field work at the project along with progression of regulatory requirements.
The Warriedar West Project is an exploration project targeting Intrusive Related Gold (IRG) and orogenic gold mineralisation. Work this quarter involved assessing geological targets at the project, particularly in respect to geophysical understandings from further east at Meleya.
Tempest has previously announced the intention to combine a number of underexplored hard rock lithium exploration projects in Western Australia held by 100% subsidiary, West Resource Ventures (West Resources being renamed Electra Minerals).
The Electra deal proposes to acquire Australian based Lithium of Nevada, which has a binding agreement with TSX-V listed Iconic Minerals Ltd for the rights to acquire up to 50% of the Smith Creek Project and raise approximately $3.5 million as pre-IPO capital and then $10 million as part of an Australian listed IPO to progress the projects.
The company reports it understands that the Iconic agreement was extended and has continued the progression of the Electra strategy to the best efforts during the March quarter.
Images: Tempest Minerals Ltd
