Terra Metals’ (ASX:TM1) initial assays from the SW5 target at the Southwest prospect within the Dante Project have confirmed a second new platinum group metal–copper–nickel sulfide discovery.
Drillhole SWT011 intersected a 69-meter continuously mineralised interval, including multiple high-grade PGM zones with associated copper and nickel.
SW5 is located roughly 800m south of the previously announced SW6 discovery, demonstrating that PGM sulfide mineralization occurs across multiple locations in the Southwest area.
While mineralisation at the northern SW6 prospect is interpreted as being near a potential feeder pipe, SW5 appears to host a more stratigraphically controlled, reef-style sulfide horizon, suggesting multiple styles of mineralisation and supporting the potential for a large, multi-phase magmatic sulfide system.
Key highlights from SWT011 include 69m at 0.92 g/t PGE3 from 48 meters, with higher-grade sections such as 32m at 1.19 g/t PGE3, 0.12% Cu, and 0.10% Ni.
These Southwest discoveries lie outside the current Dante mineral resource estimate of 148 Mt at 14.8% TiO₂, 0.54% V₂O₅, 0.18% Cu, and 0.33 g/t PGE3.
Assays from the ongoing resource upgrade and expansion drilling at Reef 1 and Reef 2 remain pending and will be released progressively this quarter, alongside continued metallurgical optimisation work.
At the time of reporting, Terra Metals' share price was $0.18.