Tempest Minerals Ltd (ASX:TEM) has executed a binding agreement with Lusture Pty Ltd for the acquisition of the Elephant Project which is highly prospective for gold and base metals and is in Western Australia's prolific Goldfields.
Upon settlement of $100,000 in cash and shares and a $500,000 exploration commitment, TEM will become an 80% shareholder in Lusture.
Situated on the suture between the Yilgarn and Albany-Fraser geological blocks, the Elephant Project is in a favourable location for major discoveries as reflected by multiple world-class deposits in similar geology along this trend.
The next steps at the project include heritage agreement completion and concurrent initial exploration and drilling approvals.
About Elephant Project
The Elephant Project comprises 194 square kilometres of exploration leases highly prospective for gold and base metals, including copper and nickel.
The project highlights large, compelling gold targets in favourable geology adjacent to world-class deposits.
Project location within a regional exploration context.
Forward plan
The next steps at the Elephant Project include:
- Complete heritage agreement at the project;
- Exploration planning and data analysis; and
- Commence drill approvals.
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