Terra (ASX:TM1) doubles Dante Platreef discovery strike in the West Musgrave

Terra Metals has confirmed another large Platreef-style copper-platinum group sulphide reef, doubling the discovery strike at its Dante project to 9 kilometres near the major BHP development in the remote West Musgrave region of Western Australia.

Assays from the new batch of 16 reconnaissance holes over Reef 2 quickly spurred mobilisation of multiple rigs for infill and extensional drilling.

Results from another 10 holes at Reef 1 are expected to be released shortly ahead of setting an exploration target 15km away from BHP’s $1.7 billion West Musgrave mine development and the current 390 million tonne copper-nickel-PGE resource at Nepo-Babel.

The Dante reefs are around 10 metres thick with a higher-grade 5m basal layer, notably thicker than analogous 1-2m reefs in a Bushveld Igneous Complex which contains the bulk of the world’s known platinum.

Terra Metals Managing Director and Chief Executive Thomas Line said that they were exceptional results from a growing discovery which stood as the first of its kind in Australia.

“These results highlight that the Platreef-style copper-PGE sulphide mineralisation at the Dante Reefs discovery extends for over 9km of outcropping strike across Reef 1 and Reef 2,” he said.

Line noted that, in terms of global outcropping strike, it makes the Dante Reefs one of the world’s largest magmatic sulphide reef deposits.

“And we have more than 30km of outcropping strike remaining to be tested, indicating the strong
potential for exploration upside with further drilling,” he said.

“We are making preparations to commence infill, extensional and metallurgical drilling at Dante, using a combination of diamond and RC drilling.”

Terra is confident that drilling has so far confirmed the collective potential to host a large sulphide deposit of copper, gold, PGE’s, vanadium, and titanium.

Next steps

The Perth-based explorer expects to finish the first tranche of a $6 million placement today to accelerate infill, extensional, and discovery drilling across the project.

The reefs at Dante outcrop from surface and have so far been mapped over 42 kilometres, and mapping will soon begin to the east where Terra has interpreted further reefs.

The Nepo-Babel mine is expected to produce 28,000 tonnes of nickel and 35,000 of copper annually over a 24-year life, and BHP has remained committed to its development even in the case of a Nickel West closure.

It offers an intriguing piggyback production opportunity for smaller companies like Terra and a development to point to as it does a whip-round for continued drilling in WA’s remote east.

New results

10m @ 0.86g/t PGE33, 0.85% V2O5, 0.23% Cu, & 19.3% TiO2 from 84m (HRC009) including:

• 5m @ 1.02g/t PGE3, 0.91% V2O5, 0.38% Cu, & 22.8% TiO2 from 86m, and
• 3m @ 1.11g/t PGE3, 1.03% V2O5, 0.14% Cu, & 19.6% TiO2 from 90m

4m @ 0.34% Cu, 0.59g/t PGE3, 0.80% V2O5 & 21.8% TiO2 from 106m (HRC020) including:

• 1m @ 1.29 g/t PGE3, 0.37% Cu, 1.10% V2O5 & 24.7% TiO2 from 109m

4m @ 0.45% Cu, 0.40% V2O5, 630ppm Co, & 12.5% TiO2 from 5m (HRC010) including:

• 1m @ 0.56% Cu, 0.11% Co, 0.45% V2O5 & 14.9% TiO2 from 6m

3m @ 0.75g/t PGE3, 0.87% V2O5, 0.20% Cu & 18.6% TiO2 from 67m (HRC011) including:

• 1m @ 1.03g/t PGE3, 1.16% V2O5, 0.15% Cu & 21.8% TiO2 from 68m

5m @ 0.87g/t PGE3, 0.71% V2O5, 0.24% Cu, & 19.1% TiO2 from 58m (HRC019) including:

• 2m @ 1.48 g/t PGE3, 0.11% Cu, 0.91% V2O5 & 19.9% TiO2, from 61m

5m @ 0.73g/t PGE3, 0.76% V205, & 16.1% TiO2 from 88m (HRC016) including:

• 2m @ 1.41g/t PGE3, 0.11% Cu, 1.15% V2O5, & 23.5% TiO2 from 89m

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