Terra Metals Limited (ASX:TM1) has announced a significant drilling intercept at its 100%-owned Dante Project in Western Australia. Terra Metals is focused on discovering and developing world-class metal deposits. The company’s Dante Project is located in the emerging West Musgrave mining hub.
The Phase 3 drilling program at the new Southwest Prospect has intersected a 58-metre thick titano-magnetite reef layer from 132m to 190m in drill hole SWRC008. According to visual observations, this represents the thickest reef encountered to date at the Dante Project. The intercept is within a corridor where 5.2km of new reef strike has recently been mapped, significantly expanding the prospective area.
Three drill rigs are now operating simultaneously across the Dante Project. The company has confirmed its exploration strategy of targeting thicker portions of reef across the Dante system. Results demonstrate the potential for district-scale development, with multiple parallel reefs and electromagnetic anomalies yet to be drill tested.
Managing Director and CEO, Thomas Line, commented that intersecting 58 metres of magnetite reef mineralisation is an outstanding achievement and a clear validation of the company’s exploration strategy. Assay results for the visual observations are pending and expected within approximately six weeks. The company is well-funded for planned exploration and metallurgical testwork, supported by a recent $15 million institutional placement.
