Tempest Minerals Ltd (ASX:TEM) has soared on a new copper discovery described as "spectacular" that was uncovered during a drill program at the Orion target, part of the company’s flagship Meleya Project in Western Australia.
Shares have increased almost fourfold to $0.09, a new high of almost three years, after the explorer hit significant, visible copper sulphide mineralisation at the target with assays pending. More than 500 million shares were traded during the course of the day valued at more than $33 million.
Notably, Tempest has observed multiple mineralisation horizons in the core including geology directly comparable to the nearby world-class Golden Grove polymetallic mine.
“Spectacular outcome”
Commenting on the findings, Tempest managing director Don Smith said the discovery was “a spectacular outcome”.
“To make a new discovery on our very first hole into an entirely untested region far exceeds our expectations.
“This drilling was designed to help understand the geology and to inform future exploration and we’ve actually hit multiple zones of sulphides and copper mineralisation.
“It shows our tech innovation, science and hard work are paying off.
“The team and I are very excited and just itching to get on with analysing exactly what we have here, do more drilling and continue exploring the hundreds of square kilometres of untested ground along strike we have secured.”
New copper discovery
Tempest has intersected semi-massive sulphides including visible copper mineralisation in the very first hole at the Orion Target which forms part of the greater Meleya Project within the company’s Yalgoo holdings
The first hole (WARDH72) in the two-hole deep drilling program has intersected multiple mineralisation horizons including:
- 8 metres of interbedded semi-massive base metal/magnetite mineralised geological strata from 18 metres;
- 10 metres of copper-bearing semi-massive sulphides within a 20 metre disseminated sulphide zone from 422 metres; and
- 18 metres of copper-bearing disseminated and stringer veins within a broader ~100 metre disseminated sulphide and strongly potassic altered intrusives zone from 610 metres to end of hole.
Copper minerals, such as chalcopyrite, were observed throughout the drill hole with the presence supported by portable x-ray fluorescence (pXRF).
WARDH72 - 29.5-35.5 metres intense magnetite +/- copper/base metal sulphide mineralisation
Forward plan
Tempest’s second diamond hole in the deep hole program (WARDH73) is in the final stages and is anticipated to be completed by the end of March
The company is aiming to conduct detailed logging and analysis of all drill core before submission to laboratory for assays.
Notably, receipt of assays is expected in June quarter of 2022.
Looking ahead, Tempest is planning for further drilling at its Meleya and Euro projects.
About Meleya
The Meleya Project is part of Tempest Minerals' flagship Yalgoo Portfolio that extends over a footprint of more than 900 square kilometres with 808 square kilometres granted and 107 square kilometres of pending tenure.
Tempest’s team has long considered the target zones at Meleya to represent one of Australia’s most exciting greenfields base and precious metal exploration opportunities.
The company has identified more than 50 kilometres of strike length of a previously unrecognised and unexplored segment of the Yalgoo Greenstone Belt which hosts a number of world-class mines.
Tempest Minerals is an Australian based mineral exploration company with a diversified portfolio of projects in Western Australia considered highly prospective for precious, base and energy metals.
The company has an experienced board and management team with a history of exploration, operational and corporate success.