Terra Metals Limited (ASX: TM1) (“Terra Metals” or “the Company”) has announced significant drilling results from its Dante Project in Western Australia’s West Musgrave region. The latest infill drilling at Reef 2 North has intercepted high-grade, wide zones of mineralisation starting from the surface, closing a 2.7-kilometre gap in previous drilling.
Exceptional Drill Results
The recent drilling campaign at Reef 2 North has yielded impressive intercepts. Notably, hole HRC029 returned 15 metres at 12.89% titanium dioxide (TiO₂), 0.28% copper equivalent (CuEq), and 0.54% vanadium pentoxide (V2O5) from 42 metres, including 4 metres at 21.44% TiO₂, 0.59% CuEq, and 1.04% V2O5 from 48 metres. Additionally, hole HRC021 intersected 9 metres at 14.46% TiO₂, 0.29% CuEq, and 0.48% V2O5 from the surface, including 5 metres at 17.79% TiO₂, 0.48% CuEq, and 0.67% V2O5 from 4 metres.
Figure 1: Infill drilling highlight intercepts at Reef 2 North of Terra Metals
From the CEO’s Desk
Mr. Thomas Line, Managing Director and CEO of Terra Metals, expressed enthusiasm about the findings. “These latest results confirm the continuity of wide zones of hanging wall mineralisation and high-grade reef mineralisation from surface at Reef 2,” he stated. “The excellent metal recoveries and concentrate grades achieved in the Dante Reefs Phase 1 metallurgical work highlight the economic potential of the hanging wall mineralisation, indicating potential for a larger tonnage and lower strip ratio resource.”
Figure 2: Terra Metals’ CEO, Thomas Line, highlighted the significance of the latest findings, confirming the continuity of broad hanging wall mineralisation and high-grade reef mineralisation at Reef 2 from the surface.
Metallurgical Excellence
Phase 1 metallurgical testwork has demonstrated outstanding metal recoveries and concentrate grades. Three separate high-grade concentrates were produced using simple, low-cost processing methods:
- High-Grade Cu-Au-PGM Sulphide Concentrate: Achieved a concentrate grade of 28.0% copper (Cu), 17 grams per tonne (g/t) gold (Au), and 21.4 g/t platinum group metals (PGMs), with metal recoveries of 95.8% Cu, 75.8% Au, and 74.4% PGMs.
- High-Purity Titanium-Ilmenite Concentrate: Produced a titanium content of 40% TiO₂ with a recovery rate of 65.6%.
- High-Grade Vanadium-Magnetite Concentrate: Resulted in a vanadium content of 1.81% V2O5 and a recovery rate of 90.9%.
These results underscore Dante’s potential as a globally competitive source of critical minerals.
Figure 3: Table showing previous drilling highlights from Terra Metals’ Dante Project
Resource Expansion and Future Plans
The Company is undertaking metallurgical optimisation testwork and preparing a maiden Mineral Resource Estimate (MRE), expected to be completed using existing sample inventory and drill data. The wide mineralised zones and excellent metallurgical results support the potential for a higher-tonnage, lower-strip ratio resource, enhancing the project’s economic viability.
Figure 4: Highlights of the drilling results at Dante Reef 2 (Hyperion)
Historical Context and Comparisons
Previous drilling highlights from the Dante Project have also shown promising results. For instance, hole URC003 intersected 5 metres at 18.51% TiO₂, 0.74% CuEq, and 0.61% V2O5 from 80 metres. These findings, combined with the latest results, provide further confidence in the scale and grade of the system.
About the Dante Project
Located in the West Musgrave region of Western Australia, the Dante Project encompasses extensive outcropping Cu-Au-Ti-PGE-V mineralised layers, akin to coal seams. Mineralisation occurs in a gabbronorite hanging wall unit, expanding up to 70 metres in width. The mineralised hanging wall contains two higher-grade layers referred to as the “Upper Reef” and “Basal Reef,” with the basal reef being the highest-grade layer at the contact between the gabbronorite hanging wall and footwall anorthosite.
Figure 5: Location map of the Dante Project showing surrounding companies’ tenures and major deposits.
Strategic Significance
The Dante Project’s geological similarities to South Africa’s Bushveld Complex, a globally significant source of critical minerals, position it as a potential major contributor to the supply of copper, gold, PGMs, titanium, and vanadium. The project’s proximity to BHP’s Nebo-Babel mine development further enhances its strategic importance.
Community and Environmental Commitment
Terra Metals remains committed to conducting exploration that benefits all stakeholders, including local Aboriginal communities. The Company focuses on creating employment and business development opportunities that are appropriate and sustainable, ensuring alignment with local values and environmental stewardship.
End Note
Terra Metals’ recent drilling results at the Dante Project mark a significant milestone in the Company’s exploration efforts. The confirmation of high-grade, wide mineralised zones from the surface, coupled with excellent metallurgical outcomes, underscores the project’s potential to become a globally significant source of critical minerals.
Investor’s Outlook
Terra Metals Limited (ASX: TM1) has demonstrated strong exploration potential with its latest drilling results at the Dante Project. The Company’s stock reached $0.019 as of 2nd April, 2025, reflecting a 5.56% gain for the day. With a market capitalisation of $7.33 million and a 52-week range of $0.017 – $0.105, TM1 is currently trading near its yearly low, presenting a potential entry point for investors seeking exposure to high-grade critical mineral discoveries.
The Company has 407.64 million shares on issue, and its ongoing metallurgical optimisation and upcoming Mineral Resource Estimate could serve as major catalysts for stock performance. Given the project’s similarities to globally significant mineral systems like South Africa’s Bushveld Complex and its strategic location near BHP’s Nebo-Babel mine, Terra Metals remains a compelling watch for investors looking at long-term growth in the critical minerals sector.
