Terra Metals Limited (ASX: TM1) has delivered another major breakthrough at its Dante Project in Western Australia. The Company’s latest drilling program at Reef 1 North has extended the mineralised strike by an additional 1.2km, bringing the total to approximately 4.2km.
Managing Director and CEO Mr. Thomas Line stated, “These outstanding results further reinforce the scale and high-grade potential of Reef 1 North. Extending the strike by another 1.2km to a total of ~4.2km, while consistently intersecting high-grade titanium, copper, PGMs, and vanadium, underscores the significant polymetallic opportunity at Dante.”
Key Highlights from the Drilling Program
- New results confirm a 4.2km-long high-grade polymetallic system at Reef 1 North.
- High concentrations of titanium, copper, platinum group metals (PGMs), and vanadium have been intersected across the full strike.
- Mineralisation remains open along strike and at depth, indicating further growth potential.
- Assays from 24 remaining drillholes are pending.
Drilling Results Confirm High-Grade Polymetallic Potential
Recent results from 9 reverse circulation (RC) drillholes have returned multiple high-grade intercepts, including the results given in the below table:
These results highlight the potential for a large-scale, high-grade polymetallic deposit at Dante.
Geological Significance of the Dante Project
The Dante Project is hosted within the Jameson Layered Intrusion, a large mafic intrusion geologically analogous to South Africa’s Bushveld Complex. The Bushveld Complex is the world’s largest source of PGMs, vanadium, and chromite, with over a century of production.
Similar to Bushveld, the Jameson Intrusion contains mineralised reefs enriched in platinum, palladium, gold, copper, vanadium, and titanium. The basal reef, located at the contact between gabbronorite and anorthosite, hosts the highest-grade mineralisation identified to date.
Key geological highlights of the Dante Project include:
- Titanium-rich mineral phases: The Dante Reefs predominantly consist of titanium-bearing mineral phases and magnetite, which serve as primary hosts for economic concentrations of base and precious metals.
- High-grade basal reef: The basal reef, situated at the gabbronorite-anorthosite contact, contains significant concentrations of copper, gold, PGMs, vanadium, and titanium, making it the primary exploration target.
- Exploration potential: Of the seven mapped reefs within the Jameson Intrusion, only two have undergone drill testing, indicating substantial untapped mineralisation potential.
- Reef 1 South extension: Recent assay results from Reef 1 South (Oceanus), located 11km along strike from Reef 1 North, confirm continuity of mineralised zones, further reinforcing the project’s large-scale resource potential.
- Favourable mining jurisdiction: The project is located in Western Australia’s West Musgrave region, a tier-1 mining district known for hosting world-class deposits.
Ongoing exploration and drilling at the Dante Project continue to highlight its strong potential for a substantial sulphide deposit rich in copper, gold, PGMs, vanadium, and titanium.
Figure 3: TMI image displaying prospects around Reefs 1 and 2 in the western part of the Dante Project.
Comparison to the Bushveld Complex
The Bushveld Complex, located in South Africa, is a prime example of large, layered mafic intrusions that host globally significant mineral deposits. Key layers in the Bushveld Complex have been commercially mined for over 100 years, producing platinum, copper, nickel, vanadium, and titanium.
Notable Bushveld deposits include:
- Platreef: Over 30 years of platinum, gold, copper, and nickel production.
- Merensky Reef: Over 100 years of platinum and base metal production.
- UG2 Chromitite Layer: Over 50 years of platinum production.
Exploration Continues with Further Assays Pending
The Company remains optimistic, with assays pending from 24 additional drillholes. The mineralisation at Reef 1 North remains open in multiple directions, indicating the potential for further resource expansion.
Mr.Thomas Line added, “With mineralisation remaining open and assays pending from an additional 11 drillholes at Reef 1 North, we are confident that the project’s potential will continue to grow. We look forward to delivering further results as they become available.”
Figure 5: An inset of the drill highlights from the extensional drilling at Reef 1 North.
Terra Metals’ December Quarter Performance
In addition to these outstanding results, Terra Metals delivered strong operational performance in the December 2024 quarter.
Key Highlights from the Quarter
- Completed an 18-hole diamond drill program (3,208m) and a 66-hole RC drill program (4,875m) at the Dante Project.
- Drill results confirmed extensive high-grade titanium, copper, PGMs, and vanadium over 2.5km of strike.
- Entered an option to acquire 100% of HRM Exploration Pty Ltd, expanding the Dante Project’s footprint by 618km².
- Assays confirmed high-grade silver mineralisation at the Onslow Project, including 6m @ 179g/t Ag and 1m @ 1,060g/t Ag.
Figure 6: Location map of the Dante Project displaying major deposits and surrounding tenure.
Outlook for 2025
With further drill results pending and an expanded exploration footprint, Terra Metals is well-positioned for continued growth. The Company’s focus remains on expanding the high-grade mineralisation at Dante while progressing its strategic acquisitions.
Terra Metals is building a strong case for Dante to become a world-class polymetallic project, with high-grade titanium, copper, PGMs, and vanadium contributing to its growing significance.
As the Company advances its exploration efforts, investors can expect further updates on resource expansion and development milestones.
Investor’s Outlook
Terra Metals Limited (ASX: TM1) has shown a strong upward trend, with a 14.29% gain year-to-date and a 6.67% rise in the past week. The Company’s latest price of $0.032 reflects a 14.285% daily increase with a 52-week range of $0.019 to $0.105.
With a market capitalisation of $13.45 million and 407.64 million shares on issue, TM1 remains a microcap stock with the potential for high volatility. Investors will be closely watching whether this momentum sustains, particularly in light of upcoming Company developments and broader market conditions.
