Tempest Minerals Ltd (ASX:TEM) (FRA:LIF) has a capital raising announcement pending and has been granted a trading halt by the ASX.
The halt will remain in place until the earlier of the start of normal trading on Tuesday, November 17, 2020, or when an announcement is released to the market.
Securities last traded at 3.8 cents and since the market close on August 28 have traded in the range of 2.4 cents to 5.3 cents.
Drilling underway
The company is active at the Yalgoo projects around 400 kilometres north of Perth in WA with drilling of three priority targets beginning last month at the Warriedar West Prospect.
Tempest considers Yalgoo the forgotten goldfield, with world-class deposits every 10 kilometres, including high-grade gold, copper, zinc, tungsten and iron, and major infrastructure in place which represents a low-cost, high-impact exploration opportunity.
The drilling at Warriedar West is targeting intrusion-related gold system (IRGS) mineralisation.
Gold and trace element anomalies typical of IRG-style mineralisation are present in the project and it includes considerable nugget-rich free gold exploited in modern times by prospectors as well as high-grade gold in rock chips.
Tempest is also undertaking surface sampling and drill planning at other projects within its portfolio.
