Tempest shares up 20% on magnetite discovery at Yalgoo

Tempest Minerals Ltd (ASX:TEM) has identified a new high-grade magnetite target at its Remorse prospect – part of the company’s wider Yalgoo precious and base metals project in Western Australia.

During October, Tempest an exploration drilling program at Remorse which was initially chasing a base metal anomalism. However, it intersected thick, high-grade magnetite in the ‘footwall’ of the focal geological sequence.

Intercepts from this reverse circulation (RC) drilling included 32 metres at 30.0% iron (Fe) from 96 metres (including seven metres at 37% Fe); and 16 metres at 32.6% Fe from 93 metres; and 20 metres at 32.3% from 120 metres.

Multiple magnetite units were mapped, with up to six mapped at the surface, and testing in particular concentrating on the northern-most zone, which shows the most economic potential, featuring up to 27 metres true thickness and composite grades in excess of 30% iron with maximum grades of up to 39% iron.

Tempest is now looking ahead to a suite of other initiatives to assess the validity of this target, including metallurgical test work, approvals for future works including environmental studies, economics, and infrastructure studies, as well as plans for further drilling.

Tempest shares spiked upwards after the news, and at 10:31 AEDT they were trading at 0.6 cents – a rise of 20% since the market opened.

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