Tempest Minerals (ASX:TEM) plans to actively investigate and evaluate new growth opportunities this quarter across all of its projects in Western Australia.
As announced in its latest quarterly report released yesterday (31 July), the company says it expects to conduct exploration activities such as fieldwork, alongside the progression of ‘larger’ exploration programs, including geophysics and drilling, across its portfolio.
During the last quarter, Tempest performed a ‘large-scale’ review of its Yalgoo Holdings and confirmed the ‘significant’ prospectivity of the projects, as well as numerous exploration targets therein.
In addition, the company also announced the start of a ‘large-scale’ regional electromagnetic survey being conducted by NRG, which comprised about 200m spacing for 2,000km of line survey measurements.
The survey covered a ‘large’ percentage of the Meleya and War West project areas with the aim of generating new exploration and drill targets and providing more detail on existing exploration targets. Tempest plans to combine this new dataset with the ‘extensive’ existing datasets it has already generated.
Further, the company reports Tolu Minerals continues to progress with an Initial Public Offering (IPO) on the ASX and is seeking to raise between $15 million and $20 million at an issue price of $0.50. Tolu’s assets are the Tolukuma Gold Mine and Mt Penck projects in Papua New Guinea.
Tempest previously subscribed for 2,702,703 shares at an issue price of $0.37 for a total investment of $1 million in Tolu, which supported the final stage of the acquisition of the Tolukuma Gold Mine and brings ‘exciting’ exposure to ‘high-grade’ pre-production projects into the company’s portfolio.
As of 30 June 2023, Tempest had $2.644 million cash and cash equivalents at hand, according to its latest quarterly report.
Tempest Minerals is an Australia-based mineral explorer with a portfolio of projects in Western Australia considered ‘highly prospective’ for precious, base, and energy metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Tempest Minerals Ltd
