Tempest Minerals : Meleya Update - Significant Discovery At Orion Target

ASX : TEM

2022-03-28 | Meleya Discovery

TEM | Meleya Update - Significant Discovery At Orion Target

Key Points

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• ● Exciting new copper discovery in massive sulphide copper targeted drill program

• ● First hole drilled to 709m intersects visible copper and semi-massive sulphides

• ● Multiple mineralisation horizons observed in core including geology directly comparable to nearby world-class Golden Grove polymetallic mine

• ● EIS drilling confirms new mineralised province in an untested region which TEM retains a dominant holding

• ● Second drillhole in progress to depth of approximately 1,100m

News Item

Tempest Minerals Ltd (TEM) is pleased to announce to the market that its maiden drillhole (WARDH72) into the Company's flagship Meleya Project has intersected significant visible copper sulphide mineralisation with assays pending.

WARDH72 is intermittently mineralised throughout the entire 709.1 metres but contains several zones of notable mineral enrichment 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.

The Meleya Project is located in the Yalgoo region of Western Australia, host to several VMS and gold projects, including one of Australia's most successful high grade copper-zinc and precious metal operations - the Golden Grove Mine.

Tempest announced in March 2022 that it was commencing a two-hole diamond drilling program, co-funded by the WA State Government as part of the Exploration Incentive Scheme (EIS), designed to stimulate new mineral discoveries. The first hole in this program was drilled to a target depth of 709m at the Orion Target (drill hole WARDH72).

Tempest Minerals Ltd │ ACN 612 008 358

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Address: Level 2, Suite 9, 389 Oxford Street, Mt Hawthorn, WA 6016

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ASX : TEM

2022-03-28 | Meleya Discovery

Regarding the discovery hole, Managing Director Don Smith said:

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"This is 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 Discovery

TEM 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 2 hole deep drilling program has intersected multiple mineralisation horizons including:

• ● ~8 metres of interbedded semi-massive magnetite/base metal mineralised (pyrite, chalcopyrite, molybdenite) geological strata from 18 metres and are directly comparable to the key horizons which host the mineralisation at the nearby world class Golden Grove polymetallic mine

• ● ~10 metres of semi-massive sulphides (primarily pyrrhotite and chalcopyrite) within a 20 metre disseminated sulphide zone from 422 metres; and

• ● ~18 metres disseminated and stringer sulphide veins (pyrrhotite, pyrite, chalcopyrite) within a broader ~100 metre disseminated sulphide and strongly potassic altered intrusives zone

Copper minerals, such as chalcopyrite, were observed throughout the drillhole. The presence of copper is supported by portable x-ray fluorescence (pXRF) *.

* The Company cautions that visual mineralisation estimates in the field - even when accompanied by pXRF values - are indicative only and are considered subordinate to conventional laboratory analysis. The assay results for the core are yet to be received.

ASX : TEM

2022-03-28 | Meleya Discovery

Second Hole In Progress

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The second diamond hole in the deep hole program (WARDH73) is currently in the final stages and works are anticipated to be completed by the end of March. WARDH73 is offset to the southwest from WARDH72 by some 300m and is drilling stratigraphically below for a planned depth of 1,100m.

Meleya Project

Background

The Meleya Project is part of Tempest Minerals flagship Yalgoo Portfolio that extends over a footprint of more than 900km2 (>808km2 granted and 107 km2 of pending tenure). Tempest's team have long considered the target zones at Meleya to represent one of Australia's most exciting greenfields base and precious metal exploration opportunities. Tempest 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.

Figure 03: Schematic view of the Meleya Project

EIS drilling confirms new mineralised province

TEM is currently completing approximately 1,800m of diamond drilling. The drillholes were designed with the purpose of providing a cross section of the interpreted Yalgoo Greenstone belt to provide further evidence to prior surface exploration indicating a large-scale new mineralised province 1, understanding the geology of the untested Meleya Project and generating vectors to new mineralisation discoveries. TEM would like to acknowledge the Western Australian state government for showing support for this project with the EIS co-funding scheme 2 .

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ASX : TEM

2022-03-28 | Meleya Discovery

Figure 04: Schematic profile of the planned EIS drilling at the Orion target

The first drillhole (WARDH72) has shown that not only are the Yalgoo Greenstone Belt (hosts multiple million ounce gold mines) and the Golden Grove Formations (hosts world class Golden Grove Cu-Zn-Au-Ag mine) present - but the Orion target contains several significant mineralised zones within these geological units.

TEM currently holds a dominant landholding position in the new mineralised province including a recent 100% expansion of granted tenure 3.

Geology

The geology of the Meleya Project was interpreted from geophysics 4 and several large-scale mapping and geochemistry 5 campaigns. The primary lithology is mafic and felsic 'greenstones' wrapped around a shallow intermediate intrusion known as the Walganna Suite. This stratigraphy is crosscut by numerous large scale structures considered highly favourable as 'feeders' for mineralisation styles such as Volcanogenic Massive Sulphides (VMS), Intrusion Related Gold (IRG) deposits and Lode Hosted / Orogenic vein style gold.

Numerous targets have been generated from this work including those of the current drill target 'Orion'. The current drilling has confirmed the presence of the interpreted stratigraphy including the Walganna, Yalgoo Greenstones, Golden Grove Formation and Big Bell intrusions. The drilling has also intersected intense hydrothermal alteration such as: magnetite, biotite, epidote, k-feldspar, quartz, calcite throughout the geological sequence. This alteration is consistent with other significant mineralised systems including those observed at nearby mining operations in the region.

Several zones of mineralisation have been identified within these large alteration halo's including: 8 metres of interbedded base metal/magnetite from 18 metres; 10 metres of semi-massive sulphides within a 20 metre disseminated sulphide zone from 422 metres; and 18 metres of disseminated and stringer sulphide mineralisation within a ~100 metre disseminated zone from 600 metres.

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ASX : TEM

2022-03-28 | Meleya Discovery

Figure 05: WARDH72 29.5m- 35.5m Intense magnetite +/- copper/base metal sulphide mineralisation

Figure 06: WARDH72 427m- 433m semi-massive pyrrhotite/chalcopyrite sulphide mineralisation

Next Steps

• - Completion of 1,100m drillhole WARDH73 works by end of March 2022

• - Detailed logging and analysis of all drill core before submission to laboratory for assays

• - Receipt of assays expected in June 2022 quarter

• - Planning for further drilling at Meleya and Euro Projects in progress