Tempest Minerals launches entitlement offer; completes heritage clearance for FiveWheels

Tempest Minerals Ltd (ASX:TEM) has today provided an update on its FiveWheels Project in the Earaheedy Basin in Western Australia. The company also announced an entitlement offer to raise up to $830,000 to progress its next phase of exploration across its Western Australian projects.

FiveWheels Project update

Tempest acquired the 266 square kilometre FiveWheels Project in July last year. It has now completed heritage agreements for all granted tenure at the FiveWheels project with the Traditional owner corporation, Mungarlu Ngurrarankatja Rirraunkaja Aboriginal Corporation RNTBC (MNR).

Tempest says it is looking forward to working together with the traditional owners to progress the “exciting exploration potential” at the FiveWheels Project.

The company has also completed a strategy planning session for the project and finalised an exploration plan for the coming 2024-25 financial year that includes geochemistry, geophysics and target generation.

The FiveWheels Project is on the northern edge of the Earaheedy Basin — a  region reinvigorated in 2021 by Rumble Resources’ major discovery of base metals, in 2023 with a globally significant inferred mineral resource estimate (MRE) of 94 million tonnes at 3.1% zinc + lead and 4.2g/t silver (at a 2% zinc+lead cutoff). 

Neighbouring Strickland Resources Ltd also announced the discovery of similar mineralisation in 2023. Tempest’s FiveWheels Project is around 36 kilometres north of these projects and is considered to exhibit similar geology. 

Historical exploration near the FiveWheels Project exhibites soil geochemistry of up to 1,130 ppm (around 0.1%) copper and 847 ppm zinc. Key geological units, including the Yelma Formation and the Frere Formation, have also been intersected in legacy drilling but not assayed.

Read more in this Proactive article