Tempest Minerals (ASX:TEM) reports that early drilling at its Remorse Project in Western Australia – where the explorer was targeting copper-zinc mineralisation – has intersected “high-grade” iron.
The results from the first reverse circulation hole drilled in the 5,000m program shows 32m @ 39.34% magnetite-hosted iron.
Tempest says the “promising” iron grades intersected represent a “significant opportunity” for further iron-focused exploration in addition to base and precious metals.
The company, which has a market capitalisation of just over $5 million, adds that multiple untested zones exhibiting such magnetite mineralisation apparently exist, each being 7km in strike length.
Although extensive iron-rich stratigraphy was noted in all work to date, due to the surface expression, it was viewed as a gangue mineral associated with base metal deposit styles such as volcanogenic massive sulphides.
However, according to Tempest, drilling into the fresh rock below weathered, cherty, haematite-goethite-magnetite outcrops has shown “consistent medium-grained, massive, high-grade, magnetite-rich mineralisation in the sub-surface”.
Tempest now plans to re-evaluate the iron potential.
Magnetite plays a crucial role in the production of ‘green steel’ due to its higher iron content and lower impurities, meaning it requires less iron ore and energy.
Read more in this Mining.Com.Au article
