Tempest Minerals Ltd (ASX:TEM) Announces High-Grade Magnetite Discovery
Tempest Minerals Ltd (ASX:TEM) has announced the emergence of a high-grade magnetite deposit at the Remorse Prospect, located within its wholly owned Yalgoo Project. This discovery follows successful RC drilling, which revealed thick, high-grade magnetite deposits across an extensive strike length.
Exploration Targets
Initial assays from the drilling program indicated robust high-grade magnetite, with an estimated Exploration Target of 110 million to 503 million tonnes, presenting a Fe grade range from 23.8% to 32.8%. CEO Don Smith stated, “The consistency of our drilling results encourages our confidence in this Exploration Target, which is considered conservative given the extensive historical data and geological mapping.”
Drilling Results
Drilling conducted in October 2024 confirmed the presence of multiple magnetite units, with notable intercepts including up to 32.8% Fe over substantial intervals. Additional results from the exploration show the northern zone has the strongest economic potential, reaching up to 39% Fe.
Future Work Plans
To validate the exploration targets further, Tempest Minerals plans to commence metallurgical test work, and conduct environmental studies in Q1 2025. The objectives include planning additional drilling operations to better define the resource potential at Remorse.
The board has expressed optimism regarding this significant development, which positions Tempest Minerals for potential increased shareholder value through data-driven exploration.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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