Tempest Minerals Strikes High-Grade Iron at Yalgoo Project
TEM (TEM) Share Update October 2024 Thursday 24th
Tempest Minerals Uncovers High-Grade Iron at Yalgoo Project
Tempest Minerals Limited (ASX: TEM) has announced promising results from its initial drilling at the Remorse Target within the Yalgoo Project, revealing high-grade iron intercepts.
Instant Summary:
- High-grade magnetite iron intercepted in RC drilling at Remorse Target.
- 32m down-hole intersection with up to 39.34% Fe.
- Potential for further exploration with multiple untested zones.
- Significant opportunity for iron-focused exploration alongside base and precious metals.
Exploration Update
Tempest Minerals Limited has released an update on its exploration activities at the Yalgoo Project, specifically focusing on the Remorse Target. The company has reported promising assay results from the initial drilling, with RC hole WARDH0160 returning a 32-meter down-hole intersection of magnetite-hosted iron, grading up to 39.34% Fe.
This discovery was made while drilling the Remorse copper-zinc soil anomaly target, indicating a significant opportunity for further iron-focused exploration. The company notes that multiple untested zones exhibiting similar magnetite mineralization exist, each spanning 7 km in strike length.
Geological Context
Despite the assays being available for only one hole to date, the intersection of high-grade magnetite iron is an exciting development. Previously, the iron-rich stratigraphy was considered a gangue mineral associated with base metal deposit styles such as VMS. However, drilling into the fresh rock below weathered outcrops has revealed consistent, medium-grained, massive, high-grade magnetite-rich mineralization in the subsurface.
Next Steps
Tempest Minerals plans to continue its drilling program to further explore the potential of high-grade magnetite and base metal intercepts. The company is also undertaking a re-evaluation of the iron potential with new data as calibration. Further results are expected in the coming weeks, which will provide more insights into the geological context and the relationship between soil anomalies and drilling results.
The discovery of high-grade iron at the Yalgoo Project is likely to boost Tempest Minerals' stock as investors anticipate the potential for significant resource development. The market may react positively to the news, given the high iron grades and the potential for further exploration success. However, the overall impact will depend on subsequent drilling results and the company's ability to capitalize on these findings.
Investor Reaction:
Analysts are likely to view the high-grade iron intercepts as a positive development for Tempest Minerals, enhancing the project's prospectivity. The news could attract interest from investors looking for opportunities in the iron ore sector, especially given the ongoing demand for high-grade iron.
Conclusion:
Investors should keep an eye on further announcements from Tempest Minerals as more drilling results become available. The company's strategic approach to exploring and developing the Yalgoo Project will be crucial in maximizing shareholder value and maintaining investor confidence.