Tempest Minerals Unveils 63.5Mt Iron Resource at Remorse, Eyes Rapid Development
Tempest Minerals reports a maiden inferred mineral resource of 63.5 million tonnes at 30.6% iron for its Remorse Deposit, alongside promising gold anomalies at its Sanity Target and a successful $1.87 million capital raise.
- Inaugural JORC 2012 inferred resource estimate of 63.5Mt at 30.6% Fe at Remorse
- Metallurgical testing shows Davis Tube Recoveries up to 70% Fe with low contaminants
- Large coherent gold anomaly confirmed at Sanity Target with soil results up to 294ppb
- Completed $0.4M private placement and $1.469M entitlement offer with strong shareholder support
- Exploration activities to intensify in September quarter focusing on Range Project drilling and Remorse development
A Landmark Resource at Remorse
Tempest Minerals Ltd has marked a significant milestone with the release of its inaugural mineral resource estimate for the Remorse Deposit, located in the prolific Yalgoo region of Western Australia. The company reported an inferred resource of 63.5 million tonnes grading 30.6% iron, classified under the JORC 2012 code. This substantial magnetite deposit positions Tempest as a noteworthy player in the iron ore exploration space, particularly given the deposit's proximity to established mining operations and infrastructure.
Robust Metallurgical Credentials
Supporting the resource estimate, metallurgical testwork conducted in partnership with IMO labs revealed Davis Tube Recoveries (DTR) exceeding 68%, with some samples surpassing 70% iron content. These results are encouraging, indicating the ore’s amenability to efficient processing and low levels of contaminants, which bodes well for potential rapid development. The strong metallurgical profile enhances the deposit’s attractiveness to downstream users, including the nearby multi-user iron processing hub proposed by Green Steel and Iron Pty Ltd, with whom Tempest has signed a memorandum of understanding.
Exploration Success Beyond Iron
Beyond iron, Tempest’s exploration efforts at the Sanity Target have unveiled a large, coherent gold anomaly. Recent geochemical surveys returned soil gold values up to 294 parts per billion, reinforcing the prospectivity of this target area. The Sanity Target lies just south of Remorse and is part of a broader mineralised system that includes historical gold and base metal occurrences. This diversification across commodities could provide multiple avenues for value creation as exploration advances.
Capital Raising and Financial Position
To underpin its exploration and development ambitions, Tempest completed a $400,000 private placement and a $1.469 million non-renounceable entitlement offer during the quarter. Both capital raises were met with strong shareholder support, reflecting confidence in the company’s strategy and asset base. As of the quarter’s end, Tempest held a healthy cash position of approximately $1.78 million, providing a solid runway for the upcoming exploration programs.
Looking Ahead – Growth and Development
Tempest plans to ramp up exploration activities in the September quarter, with particular focus on drilling at the Range Project near Mount Magnet and advancing the development of the Remorse Deposit. The company’s data-driven approach to identifying underexplored geological domains continues to yield promising targets, and its strategic partnerships position it well to capitalize on emerging opportunities in Western Australia’s mineral-rich landscape.
Bottom Line?
Tempest’s maiden resource and metallurgical success at Remorse set the stage for a pivotal phase of growth and development.
Questions in the middle?
- What are the timelines and capital requirements for advancing Remorse from inferred resource to production?
- How will Tempest leverage its MOU with Green Steel and Iron Pty Ltd to accelerate project development?
- What further exploration results can be expected from the Sanity and Range targets in the near term?
