Terra Metals Ltd (ASX:TM1) has reported first assay results from reverse circulation (RC) drilling at the SW1 area of the Southwest Prospect, part of the Phase 3 program.
The initial assays confirm magmatic Cu–Ni–PGE–Co sulphide mineralisation developed at the bases of mafic cycles, a style that is distinct from the titanomagnetite-dominant mineralisation that underpins the current Dante Mineral Resource Estimate (MRE).
Drilling has also intersected multiple Bushveld-style Fe–Ti–V–Cu–PGE reefs downhole, defining several stacked mineralised horizons extending from near surface to depth.
Hole SWRC018 is the first sulphide-bearing drill hole at SW1 to return assays, with several later holes containing stronger visual sulphides still pending.
“These latest results demonstrate the scale and diversity of mineralisation across the Dante Project. The associations we are seeing — elevated MgO and Cr, Ni–Cu–PGE enrichment, and net-textured to semi-massive sulphides at the bases of mafic cycles — are consistent with immiscible sulphide melt separating from the magma during recharge events,” TM1 managing director and CEO Thomas Line said.
“This is a recognised process in many layered intrusions globally, such as the Sudbury Igneous Complex, and suggests we may be sampling a more dynamic part of the magmatic plumbing system. However, in addition, multiple new Bushveld-style reefs have been discovered in the same zone, highlighting an extensive system of multiple stacked mineralised layers from near surface to depth. Importantly, SWRC018, 19 and 21 are only the first holes to return assays from SW1. Several later holes contain stronger visual sulphides, including net-textured and locally massive zones at SW1, SW6 and SW5 prospects, and we are looking forward to reporting those results.”
Highlights
First assays from RC drilling at the SW1 area of the Southwest Prospect confirm multiple new, near-surface Bushveld-style Fe–Ti–V–Cu–PGE reef layers together with a newly identified magmatic Cu–Ni–PGE–Co sulfide zone.
The sulfides occur as net-textured to semi-massive accumulations at the bases of mafic cycles, consistent with segregation of an immiscible sulphide melt, a process documented in large layered intrusions globally, including the Sudbury Igneous Complex in Canada, one of the world’s most productive Ni–Cu–PGE districts.
Selected intercepts include:
SWRC018
- 21m at 0.72% CuEq from 63m to 84m, including 5m at 1.01% CuEq from 74m to 79m
- 21m at 0.67% CuEq from 133m to 154m, including 4m at 0.84% CuEq from 150m to 154m
SWRC019
35m at 0.65% CuEq from 66m to 101m, including 2m at 1.13% CuEq from 86m to 88m
SWRC020
- 2m at 1.18% CuEq from 36m to 38m
- 29m at 0.67% CuEq from 69m to 98m, including 3m at 1.08% CuEq from 82m to 85m
SWRC021
- 34m at 0.63% CuEq from 87m to 121m, including 1m at 1.34% CuEq from 91m to 92m
These results follow the SW1 sulphide intercepts reported on October 29 and November 3, 2025, expanding the footprint of the sulphide-bearing system and reinforcing the presence of multiple stacked mineralised layers close to surface.
Read more: Terra Metals logs massive sulphides at Southwest Prospect; assays pending
SW1 is one of six high-priority targets across the 12 km² Southwest Prospect, located approximately 5km west of the Dante MRE, and represents the third distinct sulphide style intersected during the first three weeks of drilling at Southwest.
Assays remain pending for recently reported visual sulphides from diamond drilling at the SW1, SW5 and SW6 prospects.
What’s next?
With the 2025 drill program now completed, totalling 21,678 m, and assays outstanding for approximately 106 drill holes, Terra Metals continues to advance its district-scale polymetallic system.
Metallurgical testwork, downhole electromagnetic (EM) surveys, gravity and heritage programs are in progress and will be used to refine targeting for high-priority drilling positions in 2026.