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Tempest Minerals Ltd (ASX:TEM) has released a maiden inferred resource estimate for the Remorse magnetite iron deposit, which is part of the wider Yalgoo project in Western Australia.
With the publication of this estimate – which comes in at 63.5 million tonnes at a grade of 30.6% iron (Fe) – Tempest is expecting to move into the development phase of work with Remorse, although exploration drilling will also continue.
The resource estimate itself was achieved through limited drilling work at Remorse, which is located to the east of the Yalgoo project, and was only discovered in 2024.
Managing director Don Smith said this was an important milestone for the company.
“This is an excellent outcome. We have gone from discovery to resource in a few short months – and this is based on a relatively small number of drillholes,” he said.
“We have metallurgical and other studies well advanced and we’ve already identified potential processing options and signed an MOU with GreenSteel and Iron.
“This gives us confidence that we can progress from being an explorer to a developer as well.”
Tempest has been trading at 0.4 cents.
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