Australian explorer Tempest Minerals (ASX:TEM) is preparing for another round of fieldwork at its Euro Project in Western Australia after reporting silver mineralisation from the area.
The $7.6 million market capitalisation company says a recent portable X-ray fluorescence (pXRF) review of samples collected for mineralogical mapping has highlighted silver mineralisation up to 63 parts per million (ppm) at the Budapest target in the project area.
According to Tempest, silver is commonly present with gold and base metals, and its presence — along with other alteration minerals — indicates an extension of known mineralisation previously recognised at the Calais target.
A limited soil geochemistry program was conducted in the Budapest area, while legacy sampling did not analyse for multi-elements. As a result, Tempest says it is awaiting several sample assays and will integrate these with the legacy data and report in due course.
The company says these outcomes are ‘highly anomalous’ and further reinforce the prospectivity of the project alongside Tempest’s drill results proximal to the Calais target. Further surface geochemistry has been conducted in the immediate surroundings and is currently being reviewed.
As a result of new geological interpretations, Tempest reports it has applied for several new tenements adjoining the Euro Project. This was in conjunction with a larger regional landholding change that increased the company’s position in the Yalgoo region to about 195km-square, as announced in February 2023.
Tempest believes that this extended area is prospective for gold and other minerals within orogenic, intrusion, and skarn-related systems.
The company has planned follow-up fieldwork to further understand the controls at Budapest in Q3 2023, while at its Meleya Project, Tempest has planned to extend a geochemistry survey at the Remorse target and is awaiting the results of an aerial electromagnetic survey, both scheduled for Q3 2023.
In June 2022, Tempest signed a memorandum of understanding (MoU) with unlisted company Karara Mining to form a joint venture (JV) on tenements near the Euro Project. This MoU was subject to various conditions that have not been met by the agreed timeline. As a result, Karara has informed Tempest that it has elected to terminate the MoU.
The Euro Project covers more than 300km-square of granted and applied tenements considered prospective for gold and iron ore in the Yalgoo region of Western Australia.
Tempest began exploring the project in 2020, with mapping, interpretation, rock chips, soil geochemistry, multi-element geochemistry, and drilling confirming the presence of polymetallic mineralisation. This mineralisation contained widespread gold, with results remaining open in multiple directions and at depth.
Tempest Minerals is an Australian explorer with a diversified portfolio of projects in Western Australia considered prospective for precious, base, and energy metals.
These assets include the Range Project in the Mount Magnet region, along with the Messenger, Meleya, War West, and Euro projects in the Yalgoo region and the Rocky Hill Project in the Yilgarn region of Western Australia.
On 31 March 2023, the company had $3.294 million cash at hand, according to its latest quarterly report published on 27 April 2023.