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On 31 May 2024, Tempest Minerals Limited (“Tempest” or “the Company”) announced the details of a pro-rata non-renounceable rights issue (Offer) of up to approximately 103,824,886 fully paid ordinary shares (New Shares) on the basis of one New Share for every five (5) shares held at an issue price of $0.008 per New Share to raise up to approximately $830,599.
Tempest advises that the Closing Date of the Offer to eligible shareholders of the Company has been extended by two weeks to 5.00pm (Perth time) on Friday, 5 July 2024 to ensure all eligible shareholders have an opportunity to participate in the Offer.
The revised indicative timetable is set out below.
The dates set out in this table are subject to change and are indicative only. The Company reserves the right to alter this timetable at any time.
Click here for the full ASX Release
This article includes content from Tempest Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Tempest Minerals
Investor Insights
The continued positive outlook for gold and copper is creating a strong macro economic environment for Tempest Minerals supported by its highly prolific assets with potential for world-class deposits.
Overview
Tempest Minerals (ASX:TEM) is an exploration and development company based in Australia, with a diversified portfolio of mineral assets prospective for gold, copper, rare earths (REE), lithium and base metals. The company has five projects located in prolific territories in Western Australia: Yalgoo (gold, copper, zinc, silver, iron ore, tungsten, rare earths and more), Mt Magnet (gold, REE), Five Wheels (gold, base metals), Elephant (gold) and Rocky Hill (lithium). Its flagship Yalgoo property is a large land package comprising several targets, located in the prolific Yalgoo Region of Western Australia. Following extensive field exploration and a large geophysical survey, Tempest has defined two exceptional targets - Remorse (copper) and Sanity (gold) - which will be the focus of drill programs in the near term. A third drill target, Wrangler (gold), has also been identified in the Mt Magnet project.
Tempest Minerals is headquartered in Perth, Australia.
Tempest Minerals is led by an experienced board and management team with a history of exploration, operational and corporate success, key to executing the company’s mission to maximise shareholder value through focused, data and technology-driven asset exploration and development.
Company Highlights
- Tempest Minerals’ exploration and development projects are primarily located in Western Australia and highlight a multi-commodity strategy in regions with a strong mining history.
- The company’s main strategy is to promote a project pipeline coupled with hands-on exploration methods aimed at identifying high-growth assets.
- Tempest is embarking on a 5,000 metre drilling campaign at the Remorse target at its Yalgoo project that should generate positive news flow and provide near-term support for the stock.
- This year’s work will focus on delineating additional mineralised systems to define larger targets.
Key Projects
Yalgoo Property
Tempest’s largely unexplored and 100-percent-owned Yalgoo property covers more than 1,000 square kilometres and is highly prospective for gold and base metals with world-class potential. It is located four hours from Perth, close to major infrastructure and adjacent to world-class gold and copper mines, including Golden Grove, Minjar, Rothsay, Mt Mulgine and Deflector.
Tempest has identified two drill targets within Yalgoo, which will be the focus of near-term drilling and exploration work. The Remorse target is prospective for copper and features a 4-kilometre base metal anomaly, with extremely coherent surface geochemistry. The target will undergo a 5,000-metre drilling program in July. The Sanity target is highly prospective for gold, with rock chip samples returning 7 grams per ton (g/t) gold, 0.2 percent copper, and more than 60 percent iron.
Mt Magnet
The 100-percent owned Mt Magnet project spans more than 20 square kilometres located within a world-class mining district and is 5 kilometres from a processing facility. A prolific mining destination with at least 6 million ounces of gold produced to date, the project is surrounded by multiple large-scale gold mines currently in operations, including Dalgaranga and Kirkalocka. The project contains multiple drill targets, of which Wrangler will be a key focus of near-term work.
Elephant
The Elephant project is a 194 square kilometre property in the prolific Fraser Range region with large geological structures and multi-million-ounce targets. The project area itself has strong magnetic anomalies and an 8-kilometre gold in soil geochemical anomaly which could represent a large subsurface gold system.
Five Wheels
The 100-percent owned, 266-square-kilometre Five Wheels project is geologically similar to Rumble Resources’ zinc-lead-copper discoveries and sits within the boundaries of the Earaheedy Basin in Western Australia, a mineralised sedimentary basin. A major geophysics program is planned for the project, co-funded by the government.
Management Team
Brian Moller – Non-executive Chairman
Brian Moller specialises in capital markets, mergers and acquisitions, and corporate restructuring and has acted in numerous transactions and capital raisings in both the industrial and resources and energy sectors. He has been a partner at the legal firm HopgoodGanim for 30 years and leads the corporate advisory and governance practice. Moller acts for many publicly listed companies in Australia and regularly advises boards of directors on corporate governance and related issues. He is currently chair or a non-executive director of a number of ASX listed companies and was critical in the progression of the high-profile LSE-listed SolGold PLC into becoming one of the largest copper-gold developments in the world.
Don Smith – Managing Director
Don Smith is a geologist and entrepreneur with over 20 years in the mining industry. He has worked in operational, development, exploration and consulting roles for junior through multinational firms intensively internationally on numerous commodities, including base and precious metals and energy minerals.
Smith’s corporate experience includes project acquisition, financing and development, and company management. He has been the founding director of a number of private and public resource companies, including the successful listings on the ASX of Platypus Resources and Alderan Resources. Smith has a Bachelor of Science from Newcastle University and a Master of Business Administration from the Australian Institute of Business.
Andrew Haythorpe – Non-executive Director
Andrew Haythorpe has 30 years’ experience in geology and funds management and has been the director and chairman of a number of TSX and ASX listed companies. Since 1999, Haythorpe has been involved in over AU$300 million of mergers and acquisitions and capital raisings in mining and technology companies listed on the TSX and ASX.
He is currently the managing director at Allup Silica, Goldoz and Stunalara Metals, where he is also a founder. He has previously been a fund manager and analyst at Bankers Trust, an analyst at Suncorp (now a Top 20 ASX-listed company with some AU$96 billion in assets), and a director at Hartley Poynton. More recently, he was the managing director of Crescent Gold, leading that company from a junior explorer to a mid-tier producer within four years; and the managing director of Michelago Resources, which became one of the top-performing ASX-listed companies on its transition to gold production in China.
Owen Burchell – Non-executive Director
Owen Burchell is a mining engineer with 20 years of technical, operational and corporate experience, including management positions at Rio Tinto, BHP and Barrick Gold, as well as numerous mining start-ups, closures and operational turnaround projects.
Burchell holds several post-graduate business qualifications from the West Australian School of Mines and is the holder of a First Class Mine Managers Certificate of Competency. He is also a member of the Australasian Institute of Mining and Metallurgy and a graduate of the Australian Institute of Company Directors.
Burchell currently consults on numerous projects in the resource sector.
Spectacular High-Grade Gold Intercept of 3 Metres at 177g/t at Kamperman
HIGHLIGHTS
- Assay results received for the first 20 holes (2,580 metres) of a 31-hole (3,834 metre) reverse circulation (RC) drill program at Feysville’s Kamperman Prospect, with best results including:
- 12 metres at 7.26g/t Au from 23 metres including 1 metre at 16.5g/t Au from 24 metres and 1 metre at 39.7g/t Au from 27 metres and, further down-hole, 25 metres at 24.3g/t Au from 68 metres, including 1 metre at 28.0g/t Au from 69 metres and 3 metres at 177g/t Au from 74 metres in hole FRC378;
- 12 metres at 1.96g/t Au from 20 metres and 5 metres at 1.25g/t Au from 58 metres in hole FRC377;
- 4 metres at 2.95g/t Au from 61 metres and 11 metres at 0.96g/t Au from 91 metres in hole FRC372; and
- 18 metres at 0.90g/t Au from 25 metres in hole FRC371.
- RC holes FRC377 and FRC378 were designed to in-fill the northern end of the Kamperman prospect while also testing for potential north-plunging mineralisation, as characterised by previous intercepts of 14 metres at 1.44g/t Au from 54 metres in hole FRC304 and 12 metres at 1.99g/t Au from 78 metres in hole FRC341.
- The results from RC holes FRC377 and FRC378 are encouraging, and diamond drilling (DD) is planned in this area to better understand the orientation of the very high-grade zone in hole FRC378.
- Step-out holes to the north and north-east intersected gold mineralisation, demonstrating that Kamperman remains open to the north.
- Further assay results from the Kamperman program are pending.
- The RC rig is currently undertaking a program of several drill holes at Mandilla to determine dewatering requirements as part of the hydrogeological work program for the Mandilla Pre- Feasibility Study( PFS).
- At the Iris Deposit, a program of ten holes for 1,365 metres of in-fill drilling has been completed with a further ten holes remaining to be drilled. At the Eos Deposit, 16 holes for 2,540 metres will be drilled shortly.
- At Mandilla, a DD rig has commenced a four-hole/1,600 metre drill program of four deep in-fill holes ahead of an update to the Theia Mineral Resources Estimate (MRE), which is expected to be reported in the March Quarter, 2025.
Astral Resources’ Managing Director Marc Ducler said:“These latest holes at Kamperman continue to surprise to the upside – showing that there is a potentially very significant high-grade opportunity here that we are yet to unlock.
“Previously, FRC243 returned a very high-grade zone of two metres at 188g/t Au from 77 metres, 40 metres to the north-east. FRC378 has now returned another very high-grade zone of three metres at 177g/t Au from 74 metres.
“Previous diamond drilling that was completed to better understand the potential orientation of this very high-grade zone was not successful; however, given the potential size of the prize, additional work is warranted.
“The extensional drilling completed to the north and north-east has continued to intersect gold mineralisation, albeit the gold grades were of a lower tenor than expected given the quantum of quartz and sulphides logged in the RC chips. Additional RC drilling is planned given the proximity to a north- east trending fault which is potentially controlling the mineralisation or offsetting it.
“It is becoming clear that Kamperman hosts multiple potential controlling structures that warrant further investigation, as does Feysville as a whole.
“The in-fill RC program at Iris is 50% complete. The program is now on hold for approximately three weeks while groundwater testing is undertaken with the RC rig. Once the groundwater program is complete, RC drilling will resume at Iris and Eos.
“Meanwhile, diamond drilling is now underway at Theia with four deep in-fill holes for 1,600 metres planned. These holes are designed to provide the level of confidence required to warrant an upgrade of the Inferred Resources at depth into the Indicated Resource category.”
Figure 1 – Map illustrating the location of the Mandilla and Feysville Gold Projects.
FEYSVILLE GOLD PROJECT
The Feysville Gold Project is located within the north-north-west trending Norseman – Wiluna Greenstone Belt, within the Kambalda Domain of the Archean Yilgarn Craton, approximately 14km south of the KCGM Super Pit in Kalgoorlie.
Significant gold and nickel mineralisation occurs throughout the belt, including world-class deposits such as the Golden Mile Super Pit in Kalgoorlie owned by Northern Star Resources Limited (ASX: NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Limited. The area also hosts the substantial Beta Hunt Gold Mine owned by Westgold Resources Limited (ASX: WGX).
Feysville hosts an MRE of 3Mt at 1.3g/t Au for 116koz2 of contained gold at the Think Big deposit, providing a foundation for the project to potentially become a source of satellite ore feed for a future operation based on Astral’s flagship Mandilla Gold Project.
Locally, Feysville has been interpreted to contain upthrust ultramafics, emplaced within a sequence of volcanic sediments (the Black Flag sediment group), granitic intrusions, mafic basalts, gabbro and andesite. A map of the Feysville Gold Project identifying tenements and deposits/prospects on local area geology is set out in Figure 2.
Click here for the full ASX Release
This article includes content from Astral Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Exceptional Drilling Results Returned from Hyperion Gold Deposit
HIGHLIGHTS
- Exceptional results returned from the Reverse Circulation drilling campaign completed at the Hyperion Gold Deposit.
- Intercepts received include highlights:
- Hyperion Lode
- 25m @ 2.2g/t Au from 66m in hole HYRC24001
- 33m @ 2.6g/t Au from 49m in hole HYRC24017A
- Tethys Lode
- 10m @ 15.9g/t Au from 177m in hole HYRC24004
- 30m @ 2.9g/t Au from 31m in hole HYRC24006
- 13m @ 4.1g/t Au from 26m in hole HYRC24013
- Suess Lode
- 4m @ 7.7g/t Au from 87m in hole HYRC24004
- Hyperion Lode
- Two holes drilled down dip for metallurgical testwork, yielded intercepts:
- 99m @ 2.7g/t Au from 33m in hole HYRC24005 from the Hyperion Lode
- 53m @ 2.9g/t Au from 49m in hole HYRC24009 from the Tethys Lode
The results received are from the 17 hole, 1,770 metre RC program completed at Hyperion1 covering the Hyperion, Tethys and Seuss Lodes, yielding a series of significant intercepts demonstrating a greater than 30 gram metre interval (grade times width) based on a 0.5g/t gold cut-off, including:
- 25 metres @ 2.2g/t Au from 66m in hole HYRC24001 (Estimated True Width – “ETW” 24.1m)
- 15 metres @ 3.1g/t Au from 152m in hole HYRC24003 (ETW 13.2m)
- 15 metres @ 2.1g/t Au from 48m in hole HYRC24004 (ETW 7.9m)
- 4 metres @ 7.7g/t Au from 87m in hole HYRC24004 (ETW 2.8m)
- 10 metres @ 15.9g/t Au from 177m in hole HYRC24004 (ETW 9.4m)
- 30 metres @ 2.9g/t Au from 31m in hole HYRC24006 (ETW 19.0m)
- 17 metres @ 2.9g/t Au from 67m in hole HYRC24011 (ETW 14.4m)
- 15 metres @ 2.2g/t Au from 50m in hole HYRC24012 (ETW 11.7m)
- 13 metres @ 4.1g/t Au from 26m in hole HYRC24013 (ETW 10.9m)
- 26 metres @ 1.6g/t Au from 41m in hole HYRC24016 (ETW 25.4m) and
- 33 metres @ 2.6g/t Au from 49m in hole HYRC24017A (ETW of 29.9m)
The results show that all holes intersected a reportable mineralised interval, with the majority of the reported results at grades above the estimated grade of the recently released Hyperion Mineral Resource. These new results will now be used to update the Hyperion Mineral Resource, which currently comprises an Indicated and Inferred Mineral Resource of 8.64Mt @ 1.5g/t Au for 407,000 ounces at a reporting cut-off grade of 0.6g/t Au2.
Drilling was also completed at the Brokenwood, Pandora and Tregony North Prospects for which the Company is still awaiting results.
Hyperion is located in the highly prospective, but underexplored area situated between the 1.1Moz Groundrush Gold Deposit and the 94Koz Crusade Gold Deposit3, both of which form part of the neighboring Central Tanami Project (Northern Star Resources Ltd (ASX:NST)/Tanami Gold NL (ASX:TAM)). Hyperion is also located around 25kms to the south of Prodigy Gold’s wholly owned 64Koz Tregony Gold Deposit4 (Figure 2). Hyperion and Tregony are key pillars of Prodigy Gold’s project portfolio and the focus of the Company’s current exploration activities.
The objectives of the reported Hyperion RC drilling program were to:
- infill areas of the Hyperion Resource that require closer spaced drilling to improve confidence in the recently updated Mineral Resource estimate for the Deposit
- re-drill several historical Air Core (“AC”) holes so that these results can be used in future resource estimations
- complete two holes drilling down dip of the known mineralisation to provide samples for metallurgical benchscale testwork from other areas of the Hyperion Deposit. Previous metallurgical testing was completed only on samples from the Suess Lode5.
Management Commentary
Prodigy Gold Managing Director, Mark Edwards said:
“The drilling completed in 2024 highlights the reason why Prodigy Gold views Hyperion as one of the key projects for the Company. These results support the current company strategy focusing on our Tanami North project area and remaining committed to expanding our Mineral Resource inventory through organic growth. These new results will also provide the Company with additional technical information, such as the recovery characteristics of the mineralisation of other lodes at Hyperion through further metallurgical testwork.
While two holes drilled targeted mineralisation down dip of the Hyperion and Tethys Lodes to provide samples for metallurgical testwork, they also provided the Company with confidence in the style of mineralisation at Hyperion. The holes have provided information regarding the down dip continuity of mineralisation, which will be used to assist with the updating of the Hyperion resource estimate.
With drilling now complete for the current field season the results will be used to assist with the planning of further drilling for the 2025 field season, which will definitely include follow-up drilling close to hole HYRC24004 that intersected 10m of mineralisation at close to half an ounce of gold per tonne (15.9g/t Au). This is an outstanding result and demonstrates the overall potential of the Hyperion Deposit and the nearby areas.”
Figure 1 Project location in the Tanami Region
Hyperion 2024 RC Resource Drilling Programs
The Hyperion Deposit is located on EL9250, which is 100% owned by Australian Tenement Holdings, a wholly owned subsidiary of Prodigy Gold. The project is approximately 150km southwest of Lajamanu in the Tanami Region of the Northern Territory (Figure 1).
The Hyperion Deposit was actively explored by Zapopan NL between 1989 and 1995 with RAB, RC and DD drilling completed. Further exploration was undertaken by Otter Gold NL in 2002 and then Newmont Exploration between 2003 and 2005 before the project was purchased by Prodigy Gold in 2009. The Company has been active on the project since 2011.
Click here for the full ASX Release
This article includes content from Prodigy Gold NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Tempest Minerals Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects