Terra Metals Ltd (ASX:TM1) has confirmed a new platinum group metal (PGM)–copper–nickel sulphide discovery at its Dante Project in Western Australia, after first-pass drilling at the SW6 target returned thick zones of mineralisation and strong geophysical evidence pointing to potential extensions at depth.
Initial assay results from two reconnaissance reverse circulation (RC) drillholes at SW6, part of the broader Southwest Prospect, intersected multiple intervals of elevated PGM mineralisation hosted in ultramafic rocks, with both holes ending in mineralisation. The results mark a clear shift from the magnetite–ilmenite–vanadium reef style that underpins Dante’s existing resource base and highlight a distinct conduit-style PGM–Ni–Cu sulphide system.
Plan view of the Southwest Prospect area, showing various target areas (SW1, SW2, SW3, SW4, SW5, SW6, SW7, SW8, SW9), with the presently released new PGM-Cu-Ni sulfide discovery at SW6 prospect (SWRC030 and SWRC031) over a mid-late time ground EM (historical) image.
First-pass drilling delivers thick PGM intercepts
The standout intersection from hole SWRC030 included 47 metres at 1.01 grams per tonne PGE3 (the total of platinum, palladium and gold), with associated nickel and copper, from 163 metres to end of hole, within a broader 68-metre mineralised package. The intersection also included a higher-grade zone of 8 metres at 1.35 g/t PGE3 from 142 metres.
A second hole, SWRC031, returned 26 metres at 1.16 g/t PGE3 from 172 metres, including higher-grade sub-intervals of up to 1.57 g/t PGE3, within a broader 58-metre mineralised zone. Terra Metals said the grades, thicknesses and continuity observed across both holes are consistent with a fertile magmatic system capable of concentrating PGMs alongside nickel and copper.
Cross Section of reconnaissance drilling at SW6 target, showing newly reported high-grade PGM-Cu-Ni sulfide intercepts from SWRC030: 47m @ 1.01g/t PGE3, 0.10% Cu, 0.12% Ni from 163m to end of hole, and SWRC031: 26m @ 1.16g/t PGE31, 0.17% Ni, 0.10% Cu, (25.9% MgO) from 172m, ending in 4m @ 1.57g/t PGE3, 0.19% Cu, 0.20% Ni from 194m to end of hole. Also shown - newly defined DHEM off-hole conductor which aligns perfectly with the downdip position of massive sulfides observed in the SWDD006 diamond tail (assays pending).
Diamond tail and DHEM point to depth potential
SWRC031 was subsequently extended with an NQ diamond tail to 344 metres. Visual logging of the core identified multiple additional zones of sulphide mineralisation over a further 148 metres, including net-textured to locally semi-massive sulphides. Laboratory assays for the diamond tail are pending and expected within the next eight weeks.
Downhole electromagnetic (DHEM) surveying completed in the diamond tail has strengthened the exploration case. The survey identified a robust off-hole conductor positioned roughly 60 to 100 metres down-dip from the reported intersections, interpreted as a potential accumulation of semi-massive to massive sulphides. The conductor has been modelled as a discrete plate of approximately 100 by 150 metres, with conductance levels typical of sulphide-rich bodies, making it a priority target for follow-up drilling.
DHEM plates showing offhole conductor, approximately 60m offhole, around 70m beneath the end of hole mineralisation intercepted in the RC pre collar SWRC031. (left) plan view, and (right) cross section view looking north.
Feeder conduit signatures emerge at SW6
Geochemically, the SW6 mineralisation is hosted in high-magnesium oxide (MgO) ultramafic rocks with elevated chromium and nickel values. Terra Metals said this combination is characteristic of conduit or feeder-style magmatic environments, where repeated injections of primitive magma can reach sulphide saturation and efficiently scavenge PGMs, nickel and copper.
The company said global systems such as Sudbury and the Platreef provide useful geological context for this style of mineralisation, noting that such comparisons are illustrative only and do not imply similar scale or economics at Dante.
Expanding the Dante exploration story
The SW6 discovery adds a new layer to the Dante Project, which already hosts a maiden 148-million-tonne mineral resource estimate released in August 2025, based on thick, Bushveld-style titanium–vanadium–copper–PGM reefs within the Jameson Layered Intrusion of the Giles Complex. That resource covers only around 10% of the mapped mineralised strike across the project area.
“These results confirm a significant new platinum group metal discovery at Dante and represent a very important step forward for the project,” managing director and chief executive Thomas Line said. “The grades, thicknesses and continuity of PGM mineralisation we are seeing at SW6, combined with elevated nickel and copper and strong ultramafic geochemistry, are exactly what we would expect from a fertile feeder conduit system.”
With assays pending from the diamond tail at SW6 and additional visually mineralised holes at targets including SW1 and SW5, Terra Metals expects a steady flow of results over the coming weeks as it continues to refine targets and plan follow-up drilling into early 2026.
Location of the Company’s Dante Project tenure, overlying the geology map of the West Musgrave Region.