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Drilling by TM1 intersected 69m with multiple high-grade PGM zones and associated copper and nickel
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The discovery at Southwest prospect adds to a separate nearby discovery announced in early January
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The company will look to grow the existing resource at Dante while also pursuing upside opportunities within its broader tenure
Special Report: Terra Metals has unearthed its second platinum group metals discovery this year, with drilling at Dante in WA returning a 69m continuously mineralised sulphide interval.
The first drill hole at the SW5 target within the Southwest prospect pierced multiple high-grade PGM zones and associated copper and nickel.
All up, it intersected 69m at 0.92g/t PGE3 from 48m and within this was 32m at 1.19g/t PGE3, 0.12% Cu and 0.1% Ni from 49m, and 8m at 1.4g/t PGE3, 0.14% Cu and 0.12% Ni from 73m.
SW5 lies about 800m south of the SW6 discovery announced in early January where two reconnaissance drill holes by Terra Metals (ASX:TM1) also intercepted high-grade PGM mineralisation.
One hole returned 8m at 1.35g/t PGE3, 0.12% Cu and 0.18% Ni from 142m, as well as 47m at 1.01g/t PGE3, 0.1% Cu and 0.12% Ni from 163m, and it ended in mineralisation.
A second hole served up 26m at 1.16g/t PGE3, 0.17% Ni and 0.1% Cu from 172m. It was also mineralised at the end of the hole, prompting management to extend its depth to 344m.
According to Terra, visual observations at these deeper levels point to multiple additional zones of sulphide mineralisation with assay results pending.
Management believes the mineralisation at SW6 could be in proximity to a potential feeder pipe.
However, its early interpretation of SW5 indicates a stratigraphically controlled, reef-style sulphide horizon, located further away from the feeder.
Terra managing director and CEO Thomas Line said that mineralisation at the Southwest prospect “is not confined to a single point source, but is developing across multiple positions within the same magmatic system”.
Resource upside potential
Notably, the new discoveries at SW5 and SW6 sit outside the areas at Dante that already host a mineral resource of 148Mt at 1.38% copper equivalent across the Reef 1 and Reef 2 prospects.
The company now plans to drive its exploration efforts across two fronts.
Firstly, it will target systematic growth and de-risking of the resource at Reef 1 and Reef 2, as well as metallurgical optimisation work.
And secondly, it intends to pursue other upside opportunities within the broader tenure at Dante.
“We are deliberately advancing both streams in parallel – continuing to invest in and grow the core Dante resource while methodically assessing new high-impact targets such as Southwest that have the potential to add further scale, optionality and long-term value to the project,” said Line.
At present, the company has drill tested just 10% of the 80km strike length identified at Dante.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
