Terra Metals Limited (ASX:TM1) announced that the Phase 3 drilling at the 100%-owned Dante Project in Western Australia has had a successful start, with a 58m intercept of magnetite reef mineralization at the New Southwest Prospect. The results are some of the thickest reef interval encountered to date and confirms the company plan to systematically target thicker and higher-grade portions of reef mineralization.
Thomas Line, Managing Director and CEO of Terra Metals commented, “Intersecting 58 metres of magnetite reef mineralization – the thickest ever drilled at Dante – is an outstanding achievement for our team and a clear validation of our exploration strategy. Importantly, this is just the beginning, and only the first week of a drilling programme. We have a large pipeline of high-priority targets still to be drilled, and with less than 10% of the strike tested so far, the potential for further discoveries is immense. Dante continues to prove itself as a district-scale system of global significance, and with strong institutional backing, we are in an excellent position to accelerate drilling and unlock the full potential of this world-class project.”
This discovery comes just after another recent delivery of a 148Mt maiden mineral resource estimate (MRE), which highlighted the scale and growth trajectory of the Dante Project.
The company notes that they are well funded for all planned exploration and metallurgical testwork, supported by the recent $15M institutional placement that was led by Golden Energy and Resources (GEAR), Tribeca Investment Partners, and Matt Latimore.
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