Tempest Minerals (ASX:TEM) expands exploration portfolio with Elephant Project in March quarter - Kalkine Media

Highlights

• The Elephant Project covers 194km² of exploration leases.
• The company advanced fieldwork, regulatory approvals, and onsite logistics at the Yalgoo project.
• After the quarter end, 2 million Tolu shares sold for AU$1 million.
• The company plans drilling at the Remorse target in Yalgoo.

Tempest Minerals Limited’s (ASX: TEM) March quarterly report highlights the completion of acquisition of the Elephant Project and development activities across the Yalgoo project. The  Australian mineral exploration company boasts a varied portfolio of projects in Western Australia with Yalgoo being the flagship project.

Elephant Project covering highly prospective exploration leases

During the latest quarter, TEM announced the allocation of 7,740,957 fully paid ordinary shares and AU$36,000 cash payment for 80% of Lusture Pty Ltd, which holds the Elephant Project.

Spanning 194km² (135km² granted, 59km² application), the Elephant Project encompasses promising exploration leases with the potential for significant discoveries, evidenced by multiple world-class deposits in similar geological settings along this trend, highlights the company update.

During the quarter, the company progressed the heritage agreements and future work plans related to the Elephant Project.

Yalgoo project – drilling planned at Remorse target

The Yalgoo project spans more than 1,000km² and is located in the Yalgoo region of Western Australia. The project encompasses various geological domains, although many of them exhibit significant overlap. Within these domains, exploration and data analysis is being undertaken to continuously identify exploration targets. These targets are systematically investigated based on prioritisation determined by geological and other relevant criteria.

During the latest quarter, the company advanced regulatory approvals and logistics for drilling at Yalgoo project targets.

Remorse target - Remorse, situated east of the Yalgoo Project, lie close to historical occurrences of gold, iron, and base metals. Initial sampling at Remorse revealed a concentrated core of copper-zinc. The company is working on this target by advancing regulatory approvals for drilling.

During the quarter, TEM carried out numerous field programs at the Remorse target to ground truth drill designs and determine onsite logistical requirements.

Sanity target – Situated 2km south to the Remorse target, the Sanity Target, lie in the eastern region of the project area. Geochemical surveys at Sanity have outlined strong coherent zones for several elements, majorly for gold.

During the reported period, TEM initiated the regulatory approvals and carried out fieldwork to determine logistical needs, aiming to possibly drill the Sanity target alongside the Remorse target.

Following the reported period, in April 2024, TEM announced the sale of 2 million Tolu shares worth AU$1 million (before costs). The strengthened inancial position would enable TEM to advance exploration efforts at existing projects, with initial focus on the Remorse copper target in Yalgoo.

TEM shares traded at AU$0.009 apiece at the time of writing on 8 May 2024.