Drilling Confirms Discovery of Large Platreef-Style Copper-PGE Sulphide Reefs at Dante

Terra Metals Limited (ASX:TM1) (“Terra” or “Company”) is pleased to announce that results from a further 14 wide-spaced, first-pass reconnaissance drill holes at the Dante Reefs has confirmed the discovery of multiple Platreef-style copper-PGE sulphide reefs. Defined over 4.5km thus far across Reef 1 and Reef 2, mineralisation remains open along strike and downdip, with assays pending from a further 16 drillholes covering an additional 4.5km of strike at Reef 2.

Highlights

• Results from a further 14 drillholes confirm the discovery of multiple Platreef-style copper- platinum group element (PGE) reefs from surface at the Dante Reefs; only 15km from BHP’s $1.7 billion Nebo-Babel mine development (390Mt @ 0.30% Cu, 0.33% Ni, 0.23g/t PGE3)¹.
• Drilling results to-date confirm that the Dante Reefs have the potential to host a large sulphide deposit containing copper, gold, PGEs, vanadium and titanium; the first of its kind in Australia.
  • The Dante Reefs are a series of gentle dipping, laterally extensive, mineralised layers (similar to a coal seam) which outcrop from surface and in total run for 42km.
  • Approximately 10m thick with a higher-grade basal layer of approximately 5m.
  • Mineralisation defined over 3km in length from surface at Reef 1*, while first assays at Reef 2* confirm a further 1.5km of strike.
  • Other globally significant reefs include those of the Bushveld Province in South Africa which average 1-2m in thickness.
• Highlights from further wide-spaced, first-pass drilling at the Dante Reefs include:
  • 6m @ 0.40% Cu, 0.79g/t PGE3, 0.66% V₂O₅, & 19.9% TiO₂ from 4m (HRC004), including:
    • 2m @ 0.62% Cu, 0.85g/t PGE3, 0.71% V₂O₅ & 22.3% TiO₂ from 6m
  • 5m @ 0.34% Cu, 0.84g/t PGE3, 0.81% V₂O₅, & 21.2% TiO₂ from 21m (URC005), including:
    • 3m @ 0.43% Cu, 0.94g/t PGE3, 0.88% V₂O₅ & 24.1% TiO₂ from 23m
  • 7m @ 0.31% Cu, 0.61 g/t PGE3, 0.71% V₂O₅, & 20.7% TiO₂ from 17m (URC011)
  • 10m @ 0.82g/t PGE3, 0.11% Cu, 0.44% V₂O₅ & 10.5% TiO₂ from 66m (HRC002), including:
    • 3m @ 2.22g/t PGE3, 0.20% Cu, 1.08% V₂O₅, & 23.5% TiO₂ from 68m
  • 5m @ 0.30% Cu, 0.81g/t PGE3, 0.70% V₂O₅, & 19.1% TiO₂ from 71m (URC006), including:
    • 2m @ 1.57g/t PGE3, 0.31% Cu, 0.99% V₂O₅, & 23.2% TiO₂ from 74m
  • 3m @ 1.40 g/t PGE3, 1.00% V₂O₅, & 21.0% TiO₂ from 9m (URC008)
• The copper-PGE mineralisation includes high-grade vanadium and titanium, critical for renewable batteries and specialty steel. Conventional metallurgical tests have commenced.
• Assays from 16 drill holes still outstanding from a further 4.5km of strike at Reef 2.
• The Company anticipates publishing an initial exploration target for Reef 1 in the near future.

Managing Director and CEO, Thomas Line, commented:“Weareexcitedtohavediscovered multiple Platreef-style copper-PGE sulphide reefs from a first pass-reconnaissance drilling program at the Dante Project; the firstofits kindin Australia. Our next step is to continue to replicate these resultsovertheextensivestrikeattheDanteReefs,ensuringwearewellpositionedforsuccess.

“It’s clear that there is a concentration and combination of high value metals within the same layers in the Dante Reefs. Chalcocite and bornite appear to be the dominant copper-sulphides. Our highly experienced metallurgical team, led by Dr. Evan Kirby, have already commenced initial metallurgical test work, focusing on the application of conventional flowsheets.

“The discovery of similar style reefs in the Bushveld Province of South Africa has 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. The stratiform reefs of the Bushveld average 1 to 2 metres in thickness and require complex underground mining operations; however, their centennial mine life exemplifies how successful these types of deposits can be. The 120 million tonne Platreef Deposit, which is thicker than the other reefs in the Bushveld, sits 600m beneath the surface requiring immense infrastructure including one of the world’s largest hoist-shaft to extract the ore to the surface.

“The Dante Reefs, however, outcrop from surface over more than 40km of strike, with a gentle dip and an average thickness of approximately 10 metres with a higher-grade basal reef layer, and a second, upper reef layer of lower grade but similar thickness.

“This is just the beginning of the discovery story at the Dante Project, where the vast majority of targets and strike remain undrilled. New insights at the Cronus Prospect are highlighting possible vectors for higher-grade magmatic sulphides. We look forward to presenting these along with further assays in the coming weeks.”

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