Tempest Minerals (ASX:TEM) has announced its maiden inferred resource estimate for the Remorse magnetite iron deposit, situated within the Yalgoo Project in Western Australia. The JORC 2012-compliant resource is estimated at 63.5 million tonnes with an iron content of 30.6%. This classification as inferred reflects the limited number of drillholes that have intersected the key economic magnetite iron-bearing geological layers. Tempest anticipates that this resource tonnage and grade will increase with further drilling and project development.
According to Tempest, this resource provides a solid base for future development studies and potential mining operations at the Yalgoo Project. Managing Director Don Smith stated that the company has progressed from discovery to resource estimation within a few months. Studies are underway, potential processing options have been identified, and a Memorandum of Understanding (MoU) has been signed with GreenSteel and Iron.
The Remorse deposit, discovered in 2024 via drilling of a volcanic massive sulphide-style base metal target, is considered a large magnetite iron deposit. The Yalgoo Project spans over 1,000km² and is located near the assets of 29Metals (ASX:29M), Tungsten Mining (ASX:TGN), and Spartan Resources (ASX:SPR). The project holds promise for copper, gold, base metals, precious metals, and iron ore. Tempest Minerals focuses on discovering untapped resources across Western Australia.