Tempest Minerals Launches Rights Offer To Advance Western Australian Projects

Tempest Minerals Ltd (ASX:TEM) has launched a rights offer to raise up to A$830,000 to progress the next exploration phase across its Western Australian projects.

Shareholders can subscribe for one new share for every five shares held at an offer price of A$0.008.

Use of funds

Tempest plans to conduct reverse circulation (RC) drilling at the Remorse copper target within its Yalgoo Project in Western Australia.

This is an exciting target where Tempest has a compelling copper-zinc geochemical anomaly coincident with a geophysical anomaly.

Tempest will also advance RC drilling at the Sanity gold target which sits several kilometres to the south of the Remorse target.

FiveWheels Project update

Tempest acquired the 266 square kilometre FiveWheels Project in the Earaheedy Basin in Western Australia in July last year.

Earaheedy is in focus after the region was reinvigorated in 2021 by the major discovery of base metals by Rumble Resources Ltd (ASX: RTR).

Tempest has now completed heritage agreements for all granted tenure at the FiveWheels project with the traditional owner corporation.

Exploration plan

The company has completed a strategy planning session for the FiveWheels Project and finalised an exploration plan for the financial year 2024-25.

The plan includes:

  • Additional data collection and analysis;
  • Widespread mapping and geochemical sampling;
  • A geophysical survey (TEM has received EIS grant funding approval for 50% of a budgeted $500k survey);
  • Target generation and field follow-up; and
  • Potential drilling.

 

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