Terra Metals (ASX:TM1) has reported first assay results from three holes completed at the Southwest Prospect in 2026, with the company identifying multiple ‘high-grade’ intervals of massive and semi-massive platinum group metals (PGM)-copper-nickel-cobalt mineralisation.
The drilling was designed to test the extent of mineralisation identified in earlier drilling completed in 2026.
CEO and Managing Director Thomas Line says the results confirm “broad shallow sulphide mineralisation” across multiple ‘high-grade’ zones.
“The first two diamond drillholes for the season both intersected broad sulphide mineralisation with uniquely high-grade PGM grades, with SWDD011 delivering 150 metres of PGM-copper-nickel sulphide mineralisation over multiple stacked horizons,” Line says.
“SWDD009 and SWDD011 also delivered the highest recorded nickel, copper, and cobalt sulphide grades on the project to date.
“Results from the first reverse circulation pre-collar SWRD051 have delivered high-grade PGM sulphide, with mineralisation extending to the end of the assayed zone, with assays pending for the entire diamond tail which extends much deeper into the sulphide system.
“Drilling is continuing at Southwest, and further pending assays will help define the scale, grade, and continuity of the Southwest sulphide system.”
Diamond hole SWDD011, the first diamond hole from the northern SW6 discovery zone, returned the following assays:
- 100m @ 1.06 grams per tonne platinum, palladium, and gold (PGE3), 0.11% copper, 0.19% nickel, 169 parts per million cobalt from 200m, including
- 16.3m @ 2.56g/t PGE3, 0.25% copper, 0.36% nickel, 285ppm cobalt from 281.7m
- 1.1m @ 8.76g/t PGE3, 0.26% copper, 1.54% nickel, 1,068ppm cobalt from 284.7m
- 24.3m @ 0.52g/t PGE3 from 313.7m
Diamond hole SWDD009, the first diamond hole from the southern SW5 discovery zone, returned:
- 39.5m @ 0.70g/t PGE3, 0.12% copper from 49m, including
- 3.8m @ 3.12g/t PGE3, 0.20% copper, 0.23% nickel, and 206ppm cobalt from 65.2m
- 0.6m @ 17.11g/t PGE3 from 68.4m
Hole SWRD051, the first reverse circulation drillhole between the northern SW6 and southern SW5 discoveries, returned:
- 11m @ 1.32g/t PGE3, 0.15% copper, 0.17% nickel from 102m, including
- 3m @ 4.04g/t PGE3, 0.42% copper, 0.56% nickel from 102m
- 7m @ 0.84g/t PGE3, 0.11% copper, 0.13% nickel from 153m to end of assayed zone
The company notes that hole SWRD051 remains open at depth, with 436.5m of diamond assays still pending.
Terra says the platinum, palladium, gold, rhodium, ruthenium, osmium, and iridium (PGE7) assay results from 2025 drilling are a “significant development for the Dante Project,” as they represent a more holistic view of the polymetallic nature of the Southwest sulphide system.
Terra is now focused on additional diamond and reverse circulation drilling to extend mineralisation and test additional targets. The company is also integrating key datasets into three-dimensional geological and mineralisation models and testing interpreted feeder zones and extensions.
The company will also continue with the PGE7 assay programs to assess the broader polymetallic value of the Dante system.
Terra Metals is focused on the Dante Project, which hosts a large-scale mineral system with copper, gold, platinum group elements, vanadium, and titanium.
Write to Amy Rotman at Mining.com.au
Images: Terra Metals
