Terra Metals Ltd (ASX:TM1, FRA:21V) has reported new assay results from three drill holes at the Southwest SW6 Prospect — one reverse circulation (RC) hole and two diamond tail extensions — saying the results support the scale and continuity of its platinum group metals (PGM)–copper–nickel (Cu–Ni) sulphide system.
The prospect is part of TM1's Dante Project in Western Australia’s West Musgrave region, which hosts what is described as a globally significant multi-metal discovery within the Jameson Layered Intrusion, part of the Giles Complex — a large mafic-ultramafic system the company compares in scale and style to South Africa’s Bushveld Complex.
Dante Project location map displaying surrounding companies’ tenure and major deposits.
Drilling now supports a substantial mineralised intrusive complex extending over at least 850 metres of strike between SW5 and SW6.
Thick mineralised zones remain open at depth
At SW6, Terra said drilling intersected thick, continuous PGM–Cu–Ni sulphide mineralisation from about 144 metres downhole to beyond 348 metres, with all holes mineralised to end-of-sampled intervals and the basal contact not yet intersected.
Based on drilling to date, the company said mineralisation defines an apparent thickness of more than 200m and remains open at depth.
Terra managing director and CEO Thomas Line said the results add further confirmation of Southwest’s potential to become a world-class PGM–Cu–Ni sulphide system.
“We are intersecting very thick zones of mineralisation, including exceptional high-grade PGE intervals, and importantly, the system remains open at depth with multiple holes mineralised to end-of sampling.
“The platinum-rich character of some of the highest-grade zones adds an important new dimension to the Southwest story, complementing the strong palladium endowment we have already demonstrate, and the existing 1.6Moz Pt–Au-dominant Reef 1 + Reef 2 resource base.”
Key intercepts from latest holes
SSWRC031 + SWDD006 tail (combined – partial assays):
- 61 metres at 1.41 grams per tonne (g/t) PGE3, 0.13% Cu and 0.19% Ni from 172 metres including 35 metres at 1.59g/t PGE3 from 198 metres including 1.1 metres at 12.67g/t PGE3 from 226.6 metres and 0.3 metres at 31.1g/t PGE3, 0.55% Cu and 1.31% Ni from 226.6 metres
- 82.4 metres at 1.14g/t PGE3, 0.11% Cu and 0.11% Ni from 262 metres to end-of-hole including 25.88 metres at 2.25g/t PGE3 from 267.12 metres
Assays are pending for the interval 233 metres to 262 metres downhole.
Cross-section through the Southwest Prospect (SW6) of the Dante Project, showing recent drilling results. Note: True width is not yet known, and dip is interpreted from limited data. Further drilling is required to confirm true widths and dip angle.
Drill core from hole SWDD006 (226.6 – 226.9 m) which reported 1.00 oz/t PGE3, 1.5% Ni, and 0.53% Cu.
SSWRC029 + SWDD007 tail (combined – partial assays):
89 metres at 0.96g/t PGE3, 0.09% Cu and 0.14% Ni from 144 metres including 29.9 metres at 1.20g/t PGE3, 0.13% Cu and 0.21% Ni from 152 metres including 9 metres at 2.01g/t PGE3, 0.20% Cu and 0.30% Ni from 152 metres and 1 metres at 8.76g/t PGE3 from 190 metres.
Platinum-rich zones and a priority EM target
The highest-grade PGM zones in the new assays are platinum-rich — reporting values of up to 17.8g/t Pt — contrasting with previously reported palladium-dominant mineralisation at Southwest.
The company also reported a large off-hole downhole electromagnetic (EM) conductor, modelled as a plate of more than 100 metres by 150 metres, positioned immediately beneath the 31.1g/t PGE3 intercept. Terra flagged this as a high-priority follow-up target.
“This exceptional pattern of mineralisation now emerging at Southwest is entirely consistent with the feeder-conduit and magma-chamber model we hypothesised early in the program,” said Terra chief geologist Dr Solomon Buckman.
“Palladium is more strongly chalcophile than platinum, and the Pd-rich, high-tenor sulphides intersected at Southwest are exactly what we would expect in positions close to a replenishing feeder conduit, where repeated magma pulses drive sulphide saturation and metal upgrading.”
Phase 4 drilling slated for March 2026s
SW6 is about 850 metres north of the SW5 discovery, where Terra recently reported grades of up to 53g/t PGE3 (1.70 oz/t).
Phase 4 drilling is scheduled to start next month, with four drill rigs being mobilised for its largest program to date. The company is planning up to 30,000 metres of diamond and RC drilling from March 2026, targeting vertical and lateral extensions of high-grade mineralisation at SW5 and SW6, which it says remain open in all directions.
More about Dante
The Dante Reefs, discovered in 2024, comprise three large-scale, stratiform titanium–vanadium–copper–PGM reefs extending over about 20 kilometres of strike. Mineralisation is reported to start at surface and extend to depths of more than 250 metres.
More than 38,000 metres of diamond and RC drilling has been completed, which the company said has defined extensive, shallowly dipping mineralised layers. It compared these layers to magnetite horizons within the Bushveld Complex.
Plan view of Dante Project showing current MRE and the Southwest Prospect area.
Following recent tenement acquisitions, the company said strike potential has been extended to more than 80 kilometres, with hundreds of kilometres of prospective stratigraphy now within the broader project footprint.
The company also highlighted the Giles Complex’ position at the junction of three major geological provinces — the North, West and South Australian Cratons — as supportive of regional prospectivity.
Multiple additional reef targets remain untested, including outcropping and interpreted sub-cropping reef systems across the wider Dante footprint.