Tempest Minerals (ASX: TEM) Secures EIS Grant for FiveWheels Project Geophysical Survey

Tempest Minerals Ltd (ASX: TEM) has announced a significant milestone for its FiveWheels base metals project in Western Australia, securing a $0.23 million grant from the state's Exploration Incentive Scheme (EIS). This grant will cover approximately 50% of the costs for an extensive airborne gravity and magnetic geophysical survey planned for FY2024-25.

The FiveWheels Project, acquired by Tempest in July 2023, encompasses 266 km² of promising land situated about 146 km north of Wiluna on the edge of the Earaheedy Basin. The area is known for its similar geological features to major base metals discoveries by Rumble Resources (ASX: RTR) and Strickland Metals (ASX: STK).

The planned geophysical survey, which includes gravity and magnetics, is a crucial step in exploring the project's potential. Gravity surveys have proven effective in identifying base metals in the Earaheedy Basin, bolstering the project's prospects.

With the grant secured, Tempest is moving ahead with the finalisation of agreements, planning with stakeholders, and preparing to commence the survey. The company appreciates the continued support from the Western Australian government and its commitment to the exploration industry.

This announcement marks another positive development for Tempest as it continues to leverage its expertise in the pursuit of valuable mineral resources.

The most recent trading price for $TEM shares was A$0.009 as of 5th June 2024.