Tempest Minerals Limited (ASX:TEM) Announces Inaugural Resource Estimate
Resource Details
Tempest Minerals Limited (ASX:TEM) has completed its inaugural inferred resource estimate for the Remorse Magnetite Iron Deposit. The estimate comprises 63.5 million tonnes at 30.6% iron (Fe), classified as inferred due to limited drilling. The resource provides a foundation for future development studies and potential open pit mining operations at the Yalgoo Project in Western Australia.
Executive Comments
Managing Director Don Smith said, “This is an excellent outcome. We have gone from discovery to resource in a few short months – and this is based on a relatively small number of drillholes. We have metallurgical and other studies well advanced and we’ve already identified potential processing options and signed an MOU with GreenSteel and Iron. This gives us confidence that we can progress from being an explorer to a developer as well.”
Future Development
Tempest Minerals plans to advance metallurgical test work, conduct further drilling, and pursue necessary environmental and economic studies. The company aims to enhance the resource estimate through additional exploration and development activities, positioning the Remorse Deposit for rapid development into a low-cost open pit operation.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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