Tempest Minerals Ltd (ASX:TEM) says significant developments are in train at the Euro Project, part of the company's flagship holdings in the Yalgoo region.
Silver linings
Recent mineralogical mapping at the Budapest target has revealed high-grade silver rock chips, with measurements of up to 63 parts per million (ppm).
The presence of silver, along with other alteration minerals, suggests an extension of known mineralisation previously identified at the Calais target.
These findings open up new opportunities for TEM in the exploration of precious metals.
In addition to the silver discovery, TEM has made changes to the project footprint. The Euro project has been extended to the south, expanding its reach, and the company has terminated joint venture (JV) discussions with Karara Mining Ltd (KML).
The Euro Project is a part of TEM's extensive exploration portfolio in the Yalgoo region of Western Australia, covering more than 300 square kilometres of tenements. It sits between major operations such as Karara (iron), Rothsay (gold/copper) and Mt Mulgine (gold/tungsten).
Untested gold
While some parts of the project were explored for gold and iron ore in the past, shallow reconnaissance drilling in the northern area encountered significant gold mineralisation that wasn’t thoroughly tested due to economic challenges at the time.
Since 2020, TEM has been actively exploring the project, leading to the identification of various commodities, including iron, lithium and base metals.
Recent fieldwork involved mapping, interpretation and rock chips and soil geochemistry analysis, providing multi-element geochemistry data for the first time. TEM announced the presence of exploration targets and numerous iron-rich formations across the project, with a focus on polymetallic mineralisation and gold.
Drilling at the Calais target confirmed historical findings and uncovered new targets, including the presence of sulphides and a mineralised corridor extending over a kilometre.
This corridor is believed to contain widespread gold mineralisation that remains open in multiple directions and at depth, adding to the project's geological significance.
Extended footprint
In response to new geological interpretations, TEM has applied for additional lease applications, expanding the Euro Project's area and increasing the total tenements in the Yalgoo region by approximately 195 square kilometres.
The extended area is considered prospective for gold and other minerals within orogenic, intrusion, and skarn-related systems.
With this new footprint to explore, TEM has further fieldwork planned to understand the controls at the Budapest target in the third quarter. There is also an extension of the geochemistry survey at Remorse in the works and nearby new targets in the Meleya area to explore.
The company is also looking forward to the pending results of the recent aerial electromagnetic survey in the Meleya/War West region, expected late in the third quarter of the year.