Tempest Minerals May 2024 Update: Exciting Developments at Yalgoo and Five Wheels On The Back Of Copper

We are excited to share some significant updates corporately and from our ongoing exploration efforts at the Yalgoo Project, specifically the Remorse Target.

Yalgoo Project:

Remorse Target Overview: The Remorse Target is a promising 4km long coincident base metal and geophysical target situated within our flagship Yalgoo Project. This area has shown great potential, and recent activities have reinforced our optimism about its prospects.

Recent Developments:

  • Preliminary Drilling Approval: We have received preliminary approval for drilling in the central area of the Remorse Target.
  • Expanded Drilling Program: Based on the findings from recent ground-truthing work, we believe an expanded drilling program of approximately 5000m is necessary to fully explore the target’s potential. Approvals for this expanded program are in the final stages, and we anticipate commencement of drilling in June/July.
  • Geochemistry Sampling: We have completed an extensional geochemistry sampling campaign at the Remorse Target, collecting approximately 80 soil samples. These samples were collected in an offset pattern to align with the existing sampling data.
  • Advanced Analysis: The collected samples will undergo Ultrafine assay analysis and comprehensive scanning using BoxScan technology. We expect the assay results by July 2024. These results will be integrated into our existing dataset and will help inform our drilling activities.

Five Wheels Project:

  • Heritage and Land Access Agreements: We have finalised heritage and land access agreements for all granted tenure at the Five Wheels project with the Traditional Owner corporation, Mungarlu Ngurrarankatja Rirraunkaja Aboriginal Corporation RNTBC (MNR).
  • Strategy Planning and Exploration Plan: A strategy planning session for the project has been completed, resulting in a finalised exploration plan for the 2024-25 financial year. This plan includes geochemistry, geophysics, and target generation activities.

For more on Five Wheels read our announcement here.

Other TEM News: 

  • To support the next phase of exploration at our Western Australia projects, we are pleased to announce a non-underwritten non-renounceable 1-for-5 pro-rata Entitlement Offer of shares to raise up to $0.83 million. Read additional information here.

Copper, Copper, Copper: Copper prices have topped US$10,000 per tonne for the second time in a fortnight, with analysts, including Goldman Sachs, predicting further increases. Goldman’s forecast sees copper reaching US$12,000/t by the end of 2024 and US$15,000/t in 2025. As the world moves towards an electric future and Net Zero 2050, copper remains crucial due to its conductivity, but mine output has not kept pace with demand. To learn more read this Small Caps article.

We are making significant strides at our Yalgoo and Five Wheels projects. With preliminary approvals for drilling, expanded programs, and geochemical sampling at the Remorse Target, we are on track for a busy period. The finalised heritage agreements and a comprehensive exploration plan at Five Wheels set the stage for further discoveries. We are well-funded for the next phase of our exploration, thanks to the TOK share sale. The exclusive Entitlement Offer for shareholders is our way of expressing gratitude for your continued support. This additional capital will enable us to more aggressively expand our exploration activities. With rising copper prices, our work becomes even more critical as we contribute to the global shift towards sustainable energy solutions.

Thank you for your continued support and interest in Tempest Minerals. Stay tuned for more updates by joining the TEM investor hub as we progress with our exciting projects.