The excitement came after Tempus reported a drill result 0.42m grading 523 grams per tonne gold, as well as multiple other intercepts of much lesser grade.

True width was put at about 85%.

While the high-grade intercept was "cause for celebration", the company suggested what's potentially more important is that every hole had multiple gold intersections spaced relatively close together.

"This indicates potential for stacked high-grade vein mineralisation within a wider Blue Vein structure," Tempus said.

Blue Vein was discovered last year and is being tested over a strike length of about 400m.

Tempest features well known ASX corporate executives Alex Molyneux and Jonathan Shellabear, while the company's president is "Canadian/Australian" mining engineer Jason Bahnsen.

Any economic discovery would be treated at Tempus' nearby Blackdome mill where results of a restart study could be reported this month.

Tempus ended the June quarter with A$1.1 million cash.

A $1 million raising last month priced new shares at 5c each.

Shares in Tempus were up 48% to 8.9c in afternoon trade, capitalising the company at $14 million.