Tempest Minerals (ASX:TEM) shares fall after drilling pierces more mineralisation at Orion prospect

• Tempest Minerals (TEM) uncovers further mineralisation after completing the second deep diamond drill hole at its Orion base metals prospect within its Meleya project in WA’s Yalgoo region
• The hole was drilled to 1021.4 metres at the Orion discovery and encountered multiple thick zones of enrichment and alteration throughout the entire drill hole
• Several zones in the hole potentially extend those found in the first drill hole by 300 metres, according to Tempest
• The company says it is expecting to receive assay results for the two holes in the June 2022 quarter and is planning further drilling at Meleya
• TEM shares dive 25 per cent to 13.5 cents

Tempest Minerals (TEM) shares slumped after the company announced it had uncovered further broad intermittent zones of mineralisation in a second deep diamond hole drilled at its Orion base metals prospect in WA.

The Orion target falls within Tempest’s Meleya project in the prolific Yalgoo region.

The company said hole WARDH73, which went down to 1,021.4 metres, encountered multiple thick zones of enrichment and alteration.

Several zones in the hole may be extensions to those seen in the previous drill hole by 300 metres, according to Tempest.

The company said initial observations of the drill core suggested the zones were potentially “congruent” with those observed in the first hole.

Tempest’s two-hole diamond drilling program was co-funded by the State Government’s exploration incentive scheme (EIS).

The EIS is aimed at helping companies make new mineral discoveries.

The fertile Yalgoo mineral field plays host to an array of mineralisation styles and numerous high-profile mining operations including Golden Grove.

Tempest expects to receive assay results for the round of Orion drilling in the June 2022 quarter and is currently planning further drilling at the Meleya project.

TEM shares dropped 25 per cent to 13.5 cents at 1:37 pm AEST.