Tempest Minerals Limited (TEM) has announced its inaugural inferred resource estimate for the Remorse Magnetite Iron Deposit at its Yalgoo Project in Western Australia. The estimate comprises 63.5 million tonnes at 30.6% iron (Fe), classified as inferred due to the limited number of drillholes. TEM anticipates significant increases with further drilling and project development.
Managing Director Don Smith highlighted the rapid transition from discovery to resource definition in just a few months, based on a relatively small number of drillholes. He expressed confidence in progressing from explorer to developer, supported by advanced metallurgical studies, identified processing options, and a signed MOU with GreenSteel and Iron Pty Ltd for potential processing synergies.
The Remorse Deposit is part of TEM’s flagship Yalgoo Project, strategically located near high-profile neighbors across multiple commodities. The deposit was discovered in 2024 during drilling of a VMS style base metal target. Initial drilling yielded high-grade iron (up to 39%). Metallurgical testwork is underway to assess processing metrics. Mining assumptions are based on conventional open-pit methods, influencing resource depth limits.
The resource estimate, independently completed by Measured Group Pty Ltd, adheres to JORC (2012) guidelines. The estimate demonstrates sensitivity to cut-off grade; reducing the cut-off from 28% Fe to 20% Fe increases the tonnage by over 67% to 106.5 Mt. The current estimate is confined to areas with drillhole data, providing a robust assessment, with potential for extensional growth.
Next steps include further metallurgical test work, drilling planning, approvals for future works, and economic and infrastructure studies. The company believes the Remorse Deposit has high potential to be rapidly developed into a low-cost, open-pit operation with access to major infrastructure.
