The project is just 15km from BHP’s Nebo-Babel deposit. Pic: Getty Images
Terra Metals delivers promising copper, gold, PGMs in West Musgrave
Mining
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- Terra Metals reports promising results from Phase 1 drilling at Dante Reefs
- Results reinforce potential to host copper, gold, PGMs, vanadium and titanium
- Results from Phase 2 drilling are pending
Special Report: Terra Metals has reported assays from Phase 1 diamond drilling at Reef 1 North at its Dante Reefs project in WA, which showed quality intersections of copper, gold and platinum group metals.
Terra Metals (ASX:TM1) has been homing in on at least two Platreef-style reefs at the Dante discovery in WA’s West Musgrave region, which collectively hosts more than two and a half million tonnes of copper metal in resources.
That includes BHP’s Nebo-Babel nickel and copper and Succoth copper deposits. While a drop in nickel prices saw the mining giant press pause on a $1.7 billion development this year, it shows the optionality in the region once nickel and copper prices begin to rise on material shortages and the energy transition.
Notable assays from Terra Metals’ (ASX:TM1) Phase 1 drilling include:
- 5.8m at 0.34% copper + 0.31g/t gold + 0.54g/t PGM + 0.80% vanadium + 22.2% titanium from 24m, including 1.8m at 0.43% copper + 0.39g/t gold + 0.80g/t PGM + 0.95 vanadium + 25.0% titanium from 28m
- 5.5m at 0.32% copper + 0.27g/t gold + 0.50g/t PGM + 0.69% vanadium + 19.9% titanium from 132m including 2m at 0.51% copper + 0.41g/t gold + 0.41g/t PGM + 0.73% vanadium + 23.7% titanium from 134m
- 4m at 0.30% copper + 0.24g/t gold + 0.61g/t PGM + 0.81% vanadium + 21.0% titanium from 141m, including 2m at 1.00g/t PGM + 0.28% copper + 0.26g/t gold + 1.02% vanadium + 22.9% titanium from 143m; and
- 6m at 0.26% copper + 0.27g/t gold + 0.52g/t PGM + 0.69% vanadium + 18.7% titanium from 179m (UDH006) ▪ incl. 2m at 0.37% copper + 0.36g/t gold + 0.94g/t PGM + 0.98% vanadium + 24.6% titanium from 182m.
The assays have widened the Bushveld-style stratiform reef mineralisation now defined over approximately 20km of strike at Reef 1 by over 100m.
Potentially large sulphide deposit
These results indicate that the company’s Dante Reefs boast potential to host a large sulphide deposit containing copper, gold and PGEs as well as high-grade vanadium and titanium, two important ingredients in the make-up of renewable batteries and specialty steel.
“These new results show dominance of copper, gold and platinum, and continue to build our confidence in the continuity and scale of this unique, Bushveld-Style reef deposit,” TM1 managing director and CEO Thomas Line said.
“Adding 100m of width to the mineralised zone increases the potential for additional exploration upside with such a long striking stratiform deposit.”
Notably, Platreef-style reefs have resulted in some of the world’s largest, longest running and most profitable PGE, copper, nickel, gold, vanadium and titanium mining operations with over 100 years of ongoing production.
Platreef also sits within the famous Bushveld Complex in South Africa, which hosts the world’s largest reserves of platinum group elements – including about 75% of the world’s platinum and about 50% of the world’s palladium resources – along with significant quantities of chromium, titanium and vanadium.
“Interestingly, a copper:gold ratio of almost 1 to 1 has been noted in the basal reef in the recent results, suggesting the potential for higher grade gold to follow higher grade copper,” Line said.
“Importantly, we have just completed over 50 more RC holes at Reef 1 North and we look forward to presenting these results as they become available over the coming weeks and months.
“Assays from a further 9 diamond holes drilled at Reef 2 are also expected in the coming weeks.”
This article was developed in collaboration with Terra Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
