TEM | Yalgoo Update - Further Excellent Iron Results

Tempest Minerals Limited (ASX: TEM) is pleased to update that recent RC drilling at the Remorse Target has identified the presence of thick, high-grade, magnetite-hosted iron in initial assays which has now been confirmed with multiple drill holes over several kilometres of strike length. The Remorse Target is situated within the Company’s 100% owned Yalgoo Project which has multiple world-class iron ore operations nearby.

Key Points

• Additional high-grade magnetite iron intercepted in RC drilling
• Consistent intercepts over >2 km of drilled strike length
• Identical outcropping geology mapped over a 5 km total strike length
• Potential for a large-scale iron ore deposit nearby other world-class processing facilities

Remorse Target

High-grade iron

In addition to the lab results for the first drillhole previously reported ¹, the Company is pleased to announce the completion of drilling and that follow-up results in subsequent drillholes confirm the presence of high-grade iron at the Remorse Target. New results include:

WARDH00180 16m @ 32.6% Fe from 93m (pXRF)

WARDH00169 20m @ 32.3% Fe from 120m (pXRF)

and 11m @ 30.8% Fe from 182m (pXRF)

WARDH00166 7m @ 32.8% Fe from 96m (Lab)

WARDH00171 8m @ 30.1% Fe from 130m (pXRF)

* Portable XRF (pxrf) results are not comparable in reliability to authorised laboratory results and should be not relied on for quantitative purposes outside indicative demonstrations of potential order of magnitude of enrichments.

Background

TEM has completed the first phase of RC drilling at the Remorse Target of its flagship Yalgoo Project. In total, 21 RC holes were drilled for 4,005m. Samples have been Boxscanned (pXRF) and submitted to the lab and final assay results are expected in December 2024.

The previously reported iron intercept from the first hole drilled at Remorse was WARDH00160 of 32m @ 30.0% Fe from 96m (including 7m @ 37% Fe) (Lab).

The Remorse Target is part of Tempest's broader Yalgoo Project which spans over 1,000 square kilometres of prospective terrain for base metals, precious metals and iron ore.

Figure 01: Section through iron mineralisation WARDH00180

Figure 02: Section through iron mineralisation WARDH00169 and WARDH00163-165.

All samples collected have been analysed using a Boxscan unit which includes a mounted portable X-ray fluorescence (pXRF). Although not as accurate as laboratory analysis, pXRF data when collected in a quality and consistent manner can also exhibit high accuracy and precision. The pXRF data has been compared with assays received to date (>800 samples) and has an average variance of -4.2% and a median of -4.3%. The results indicate the accuracy is considered acceptable for current exploration reporting purposes (and potentially an overall slight underestimation by pXRF).

Remaining assay results are due in December and are expected to correlate strongly with the pxrf results announced.

As previously advised, the drill program design was focused on the strong base metal geochemical anomaly exhibited at the Remorse Target ². The planned holes were focused strongly on testing the 'hanging wall' stratigraphy at Remorse and were not initially focused on the newly identified iron layer. However, the program did result in the 4 most northerly drill holes intercepting the main magnetite layer and numerous holes intercepting adjacent magnetite-rich layers.

The widely spaced drilling shows continuity and consistency over more than 2 kilometres and identical iron-rich stratigraphy outcrops can be traced over an extensive 5-kilometre zone correlating with the original Remorse Target footprint.

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