Terra Metals (ASX:TM1) has reported the visual confirmation of multiple sulphide zones at its Southwest SW6 target.
The latest diamond drill hole, SWDD011, intercepted these high-priority layers within a substantial 320-metre mineralised interval dominated by disseminated and net-textured sulphides.
The latest intercept is situated in close proximity to a modelled downhole electromagnetic conductor and follows the exceptional results previously recorded in hole SWDD006, which yielded 31.1g/t PGE3, 1.31% nickel, and 0.55% copper.
The findings bolster the company’s magmatic feeder model, supported by the presence of rare iridium-group platinum cluster metals such as rhodium and osmium.
The exploration success at Southwest is underpinned by a robust balance sheet following an $85 million institutional placement completed in February.
The capital injection, which saw cornerstone participation from Washington H. Soul Pattinson, is being aggressively deployed to accelerate resource definition and infill drilling across the Dante corridor.
Beyond the immediate sulphide targets, the company continues to expand the footprints of the Crius and Hyperion reefs, while metallurgical testwork from 2025 suggests a low-cost pathway to producing distinct copper, titanium, and vanadium concentrates.
While visual results are highly encouraging, the market's focus now shifts to the laboratory, with assay results for SWDD011 expected within the next eight to twelve weeks.
At the time of reporting, Terra Metals’ share price was $0.30.