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Tempest set to prosper in the pacific

12 August 2022 11:59

Tempest Minerals consider its pending acquisition to be a transformative exercise, and rightfully so — it has positioned the former explorer as both developer and producer with potential for the gold and revenue to flow from new world class assets in the Pacific nation of Papua New Guinea.

And production will come from within an exploration portfolio comprising over two thousand square kilometres of territory, resting along strike from globally eminent gold and copper mines.

 

TEM PNG Map

Regional geological map and notable surrounding gold projects

 

Acquired from Lole mining for an equity transaction valued at $25.69 million, assets include the high-grade Tolukuma mine and its historic production exceeding a million ounces of gold (and two and a half million silver) from small open pit and underground operations.

And lying in the West New Britain Province is the Mt Penck project, perched on the strategically valued Kulu-Simi geological structure within the New Britain arc, which plays host to the colossal 60-million-ounce Lihir deposit.

The company said its shareholders could still expect exposure to significant upside from ongoing and aggressive exploration across its Western Australian holdings.

“We are pushing full steam ahead with our exploration fronts at the Meleya and other Yalgoo regional projects,” managing director Don Smith said after the deal was announced.

“At the same time we have identified this fantastic opportunity to drive growth by positioning ourselves as a near term gold producer with associated revenue steam.”

The move stands in line with Tempest’s growth strategy to transform into a sustainable and development mining company with the diversity of exploration across multiple jurisdictions.

The company are meanwhile moving on multiple geophysics programs, exploration results, drilling programs and finalising the PNG transaction in what looks to shape as a heady stream of news for the company through the year and onwards.

TEM’s Australian Stock Exchange-listed share price was trading at 4.4c today (12.17pm UTC+ 8 hours).

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