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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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This article includes content from Tempest Minerals, 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.
Sarama Corporate Presentation - June 2024
50KM UNEXPLORED GREENSTONE BELT IN WA + 0.5M OZ OF GOLD IN WEST AFRICA
Sarama has signed a Non-Binding MOU1 to acquire the Cosmo Newbery Project, highlights include:
- Project situated on one of the last unexplored greenstone belts in Western Australia
- Tenure is contiguous over 583km2 and covers the entire +50 km of greenstone belt
- The belt has seen virtually no modern exploration and no drilling of merit
- Located 95km west of +7Moz Gruyere (Gold Road) and 85km northeast of Laverton
- Documented historical gold workings (discovered in 1890’s)
- Reserve since 1980 but Land access now obtained, easy access via Great Central Road
Material additional value includes:
- Burkina Faso gold assets including 100% owned, 0.5Moz (Inf) Bondi Gold Deposit2
- Significant arbitration claim3
COSMO NEWBERY PROJECT LOCATION
LOOKING FOR GOLD IN AN AREA SURROUNDED BY GOLD
LARGE AND PROSPECTIVE SYSTEM WITH MULTIPLE TARGETS TO BE TESTED
- Cosmo Newbery greenstone belt has clear gold showings and strong geological and structural similarities to the adjacent Dorothy Hills greenstone belt which hosts the +7Moz Gruyere gold deposit
- Project is underlain by prospective volcanic and volcano-sediment rocks with localised intrusives, however is mostly under shallow cover and has seen little to no significant exploration
- A major regional fault/shear system extends for over 50km through the Project
- The fault/shear system combined with granite-greenstone rocks has the potential to provide requisite fluid pathways and favorable host rocks that are amenable to gold mineralization
- Historic, small-scale mining east of this regional system indicates gold deposition in the immediate area
- Soil geochemical and geophysical surveys identified numerous exploration targets for gold and nickel-cobalt
- Currently 8 areas of interest & 17 specific interpreted targets for follow up
This article includes content from Sarama 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.
Sarama Signs MOU Over West Australian Gold Project
The acquisition will be subject to completion of due diligence, execution of a definitive agreement and satisfaction of certain Conditions Precedent including but not limited to, shareholder and stock exchange approvals and assignment of land access agreements. The MOU contemplates that Sarama will acquire this interest through a combination of share and cash payments and tenement expenditure. The Key Commercial Terms and Conditions Precedent are set out in Schedule 1 to this news release.
PROJECT HIGHLIGHTS
- Located between Laverton and Gold Road Resources’ Gruyere gold mine
- One of the last effectively unexplored greenstone belts in Western Australia
- Land access impediments restricted modern exploration
- Land access obtained with Agreements in place with Traditional Owners and Ministerial Consent
About the Cosmo Newbery Project
The Project is comprised of 7 early-stage gold exploration properties located in the Eastern Goldfields of Western Australia. The Project is located approximately 85km northeast of Laverton and is readily accessible via the Great Central Road which services the Cosmo Newbery Community and the >7Moz Gruyere Gold Mine, 95km to the east.
Cosmo Newbery Project location
The Project is situated on one of the last unexplored greenstone belts in Western Australia and it has seen virtually no modern exploration or drilling of merit, with only soil sampling and limited RAB drilling being undertaken and no holes deeper than 32m vertically below surface. The Project tenure is contiguous and covers approximately 583km2 and the entire +50km extent of the greenstone belt (the “Cosmo Newbery Belt”).
The Cosmo Newbery Belt represents a large and prospective system with gold first being discovered in the area in the 1890’s. Multiple historical gold workings are documented within the Project area and work undertaken to date, has identified multiple exploration targets for follow up.
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This article includes content from Sarama 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.
Non-Renounceable Entitlement Offer
Entitlement Offer
A non-renounceable entitlement offer of one (New Share) for every one Share held by Eligible Shareholders on Thursday, 20 June 2024 (Record Date) at an issue price of $0.004 per Share together with one free attaching option (New Options) for every two Shares applied for and issued to raise up to $3,986,139 (based on the number of Shares on issue as at the date of the (Prospectus). The Entitlement Offer is open to Eligible Shareholders who have a registered address within Australia or New Zealand, and who hold Shares on the Record Date. The Entitlement Offer will close at 5:00pm on Tuesday, 9 July 2024 (unless extended), and Eligible Shareholders can apply for any shortfall in excess of their entitlement. As the Entitlement Offer is non-renounceable, Eligible Shareholders cannot trade their rights under the Entitlement Offer.
Indicative Timetable
The indicative timetable of the Entitlement Offer is set out below:
* The Directors may extend the Closing Date by giving at least 3 Business Days’ notice to ASX prior to the Closing Date. Accordingly, the date the Securities are expected to commence trading on ASX may vary.
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This article includes content from Antilles Gold, 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.
