Terra Metals (ASX:TM1) has intersected ‘project-best’ platinum group metal (PGM) grades at its Southwest discovery within the Dante Project in Western Australia.
Diamond drill hole SWDD133 returned 31.9m @ 3.96 grams per tonne platinum, palladium, and gold (3E), 0.23% nickel, and 0.12% copper from 366m. The interval included 8.9m @ 11.85g/t 3E from 389m, with a ‘project-record’ intercept of 1.1m @ 72.71g/t 3E.
The hole intersected four stacked mineralised zones over 452m, providing further evidence that the reef system extends into the central block and at depth. Terra says all reported intervals represent downhole widths.
Managing Director Thomas Line says SWDD133 returned “the best results we have seen to date at Southwest”.
“This single hole captures what Southwest is: a very large mineralised system with high-grade reefs running through it,” Line says.
According to Terra, Southwest’s mineralisation is linked to a magmatic nickel-copper-PGM sulphide system that includes massive and semi-massive sulphides. This, the company says, provides a solid geological framework as it continues searching for more ‘high-grade’ zones.
Four rigs remain active at the project, with more than 35,000m of drill samples yet to be reported.
Metallurgical results are expected this quarter, followed by a maiden mineral resource estimate in the first quarter of 2027 and a Scoping Study in mid-2027.
The company held $57.9 million in cash at 30 September 2026.
Tenure dispute
Separately, Terra is managing a tenure dispute with GIB Mining (ASX:GIB) (Gibb) over Dante exploration licence E69/3401, which hosts the Southwest discovery.
Gibb lodged an absolute caveat over the tenement on 25 February 2026, asserting claims beyond an existing 1% net smelter return royalty agreement dated 14 May 2018.
Terra disputes those additional claims and Gibb’s entitlement to maintain the caveat. The dispute does not affect the subsidiary’s title or current exploration activities, although the caveat may restrict the registration of future dealings with the tenement while it remains in place.
Terra Metals is a critical minerals explorer and developer focused on its flagship Dante Project in WA.
Write to Paula Fabe at Mining.com.au
Main image: Terra Metals
