Tempest Minerals Ltd (ASX:TEM) has completed its acquisition of the Five Wheels base metals project in Western Australia’s Earaheedy region and in proximity to the area’s prominent zinc-lead-copper discoveries of Rumble Resources and Strickland Metals.
Tempest has allotted 4,561,828 ordinary fully paid shares (issued pursuant to Tempest's existing placement capacity) and a $36,000 cash payment to purchase 100% of the issued capital of Five Wheels Pty Ltd, which owns the Five Wheels Project that comprises exploration licence 69/3884.
The Five Wheels Project spans 266 square kilometres granted tenure at the northern edge of the Earaheedy Basin, and is around 36 kilometress from Rumble Resources Ltd (ASX:RTR, OTC:RTRFF)’s high-profile world-class discoveries.
Tempest’s project remains largely under-explored (or unexplored for base metals) and shares similar geology to both Rumble Resources' Chinook deposit, as well as the emerging Strickland Metals Ltd (ASX:STK) zinc-lead-copper discoveries.
Recent work by Rumble and Strickland suggests that multiple key geological sequences may be mineralised and the prospectivity is more widespread than originally considered within the basin distal geological area.
Tempest continues to grow its project portfolio, with confirmation of the Five Wheels acquisition coming just a week after the company announced plans to acquire the Elephant gold project in the Fraser Range.