Terra Metals Ltd (ASX:TM1, OTC:PNGZF) has begun Phase 3 drilling at its 100%-owned Dante Project in Western Australia. The program is designed to build on the company’s recent maiden Mineral Resource Estimate (MRE) of 148 million tonnes (Mt) and target extensional growth at Reef 1 and Reef 2.
The campaign will also test high-priority new targets at Dante Southwest and across the Jameson Layered Intrusion, where less than 10% of strike has been drilled. It is expected to expand the resource footprint and advance the broader district-scale opportunity.
The work is supported by a recent A$15 million placement led by Golden Energy and Resources (GEAR), Tribeca Investment Partners, and Matt Latimore.
“The commencement of Phase 3 drilling is an exciting milestone for Terra Metals," managing director and CEO Thomas Line said. "This program is designed to expand the existing Mineral Resource at Reef 1 and Reef 2, while also drill-testing new targets that demonstrate the scale of the Dante system. Backed by the strong support of our recent $15 million placement, we are well funded to accelerate exploration and drive meaningful growth and new discoveries through this campaign.”
Focus of Phase 3 drilling
The new campaign will target three core areas. Resource expansion drilling will step out from Reef 1 and Reef 2 to extend strike and depth continuity of mineralisation. Discovery drilling will begin at Dante East alongside several other magnetic and geochemical anomalies within the Jameson Layered Intrusion. A district-scale element will systematically test multiple parallel reef structures, many of which remain untested.
This structured approach is designed to both grow the existing resource and unlock new discoveries across a large, underexplored footprint. The company emphasised that less than 10% of strike has been tested to date, providing considerable upside across the system.
Location of the outcropping magnetite reefs relative to the location of the MRE and drill holes overlaying regional aeromagnetic data (AMAG) displayed using a pseudo-colour spectrum.
Maiden Mineral Resource Estimate
In August 2025, Terra Metals delivered a maiden MRE of 148 Mt at 14.8% titanium dioxide (TiO₂), 0.54% vanadium pentoxide (V₂O₅), 0.18% copper (Cu) and 0.33 grams per tonne (g/t) three platinum group elements (3PGE), equating to 1.38% copper equivalent (CuEq).
The resource includes a high-grade indicated component of 38 Mt at 18.4% TiO₂, 0.73% V₂O₅, 0.23% Cu and 0.72 g/t 3PGE (1.87% CuEq). Contained metal estimates include 22 Mt TiO₂, 800,000 tonnes V₂O₅, 270,000 tonnes Cu and 1.6 million ounces of 3PGE. The company said these results confirm Dante as a globally significant polymetallic system with large-scale potential across titanium, vanadium, copper, gold and platinum group metals.
Dante Project background
The Dante Project is within the Jameson Layered Intrusion in the West Musgrave region of Western Australia, part of the broader Giles Complex. This mafic-ultramafic system is comparable in scale and style to South Africa’s Bushveld Complex.
The Dante Reefs, discovered in 2024, comprise three large-scale, stratiform titanium-vanadium-copper-PGE reefs extending over 20 kilometres of strike. Mineralisation begins at surface and extends to depths of more than 250 metres. Over 17,000 metres of drilling has already defined shallowly dipping, mineralised layers similar to those at Bushveld.
With recent tenement acquisitions, strike potential has grown to more than 80 kilometres, with extensive prospective stratigraphy still to be tested. The project sits at the junction of three major cratons, enhancing regional prospectivity.