Yalgoo Update - Expanded Drill Program at Remorse

Tempest Minerals Ltd (TEM) is pleased to update the market on the progress at the Remorse Target. The Remorse Target is a 4km long coincident base metal and geophysical target located in the Company’s Flagship Yalgoo Project. TEM has received preliminary approval for drilling at the central area of the target. As a result of recent ground-truthing work, TEM believes a larger expanded program design of ~5000m is required. Approvals are in the final stages and work is anticipated to commence in June/July.

Key Points

• Expanded drill program planned at the 4km Remorse Copper Target
• Approvals in final stages for ~5000m RC campaign
• Commencement of works expected June/July

Yalgoo Project

Background

TEM’s landholding in the Yalgoo Region of Western Australia comprises more than 1,000km2 ¹ of 100% owned tenements highly prospective for base and precious metals ². The Company has been actively exploring the project and identified an entirely new mineralised belt ³ with previous drilling showing the belt to be fertile for previously unknown mineralisation ^{4, 5, 6, 7}. The Yalgoo Project currently hosts dozens of exciting exploration targets ⁸ with the Remorse and Sanity targets being the Company’s priority at this time.

TEM previously announced the presence of large-scale copper zinc anomalies at the Remorse Target ^{9, 10}, which were further strengthened by the identification of an overlapping geophysical anomaly detected during a large-scale regional EM survey ¹¹ covering much of the central portion of the Yalgoo project. The Company announced in late 2023 ¹² the intention to drill test the Remorse Target and has been vigorously pursuing regulatory requirements ¹³ amidst challenging demand-driven delays ^{14, 15} while also conducting additional field 16 and preparatory work.

Figure 01: Remorse Target

Remorse Target Status

Approvals

Phase I

Based upon the initial geochemistry results, TEM designed a modest drill program to test specific structural targets potentially related to higher copper values in the wide-spaced surface geochemistry. TEM progressed approvals for this work in late 2023 and approval was received in Q1 2024.

Phase II

Further ground truthing and more detailed geological mapping of the Remorse Target in Q1 2024 conclusively showed a much larger geological target zone which also mirrors the broader geochemical footprint of the anomaly. An expanded drill program was designed for this larger footprint which will entail ~5000m RC drilling. Permits for this expanded work are in the final stages of the approval process with the regulatory bodies and heritage surveys planned for early June 2024. Drilling is expected to commence shortly thereafter.

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