Terra Metals (ASX:TM1) has begun on-ground and reconnaissance exploration in phase three at its flagship Dante Project in Western Australia, after receiving heritage and drilling approvals.
Approvals have allowed infill and extensional drilling at Reef 1 and Reef 2 to target known copper-critical mineral discoveries, with potential for the company to upgrade its resources ahead of its maiden resource estimate.
Consultants from a South African independent resource company are scheduled to visit the site mid-June to prepare for a resource estimate of the area.
The company has also received approval to target recently discovered copper-critical metal targets spanning the broader project area. New targets include outcropping reef layers and electromagnetic anomalies that have yet to be drilled.
Terra, which has a market capitalisation of $14.52 million, believes drilling at these targets will provide opportunity for new discoveries and further growth.
CEO Thomas Line says the company is excited to test the growth potential following its “high” strike rate over the past 18 months.
“These approvals provide a strong pipeline of high-priority drill targets, including untested outcropping reef layers, and electromagnetic anomalies, which have never been drilled,” Line says.
Field reconnaissance and exploration activities at privately held HRM Exploration’s tenements are interpreted to host extensions of mineralisation identified at Reef 1 and Reef 2 along strike.
As reported last month by Mining.com.au, the company exercised its option to acquire HRM’s exploration licences, which are contiguous to the project.
“The HRM ground contains contiguous geology extending from the core Dante Project, and sits mostly under shallow cover, however, the magnetics strongly suggest extensions of geophysical features associated with extensive copper-critical metal discoveries at Reef 1 and Reef 2,” Line says.
The Dante Project is located in the West Musgrave region, containing magmatic copper, gold, platinum group metal, titanium, and vanadium discoveries, proximal to BHP’s (ASX:BHP) Nebo-Babel deposit.
Terra Metals is an explorer, focusing on the development of tin across its portfolio of assets in Australia.
Write to Maddison Elliott at Mining.com.au
Images: Terra Metals
