Communicators

January 22, 2024 – Tennant Minerals

-          New intersections and pending assay results highlight potential for stand-alone Mineral Resource at Bluebird as drilling set to continue

-          A 14m zone of strong hematite alteration with visible copper mineralisation (chalcopyrite and minor chalcocite) has been intersected in diamond drillhole BBDD0048 over 400m below surface at the new Bluebird East target zone (see Figure 1 & Appendix 2 - descriptions of mineralisation).

-          This represents the deepest copper mineralisation intersected at Bluebird to date. It is also the second new copper intersection at Bluebird East (after BBDD00432 - 24m hematite with 8m of Cu mineralisation, results pending), indicating the discovery could link with Bluebird main zone over an 800m strike-length and 400m vertically - remaining open in all directions (see Figure 1).

-          In addition to BBDD0048, new gold with bismuth and copper results have been received from Bluebird eastern extension in BBRC0026: 22.0m @ 0.9% CuEq* (0.06% Cu, 0.13g/t Au, 0.26% Bi) from 44m downhole.  This is the shallowest significant intersection at Bluebird to date and is open to surface, highlighting potential to fast-track production through initial open pit mining.

-          Further results from the Bluebird western zone include the thick and relatively shallow copper with gold intersection in BBDD0046 below.  Samples from this hole and the underlying intensely mineralised intersection in BBDD0045 (results pending) are undergoing metallurgical testwork.   

-          36.7m @ 1.3% CuEq* (1.14% Cu, 0.08 g/t Au) from 129.3m downhole

• incl. 7.2m @ 2.0% CuEq* (1.8% Cu, 0.15 g/t Au) from 129.3m
• incl. 9.5m @ 2.0% CuEq* (1.8% Cu, 0.15 g/t Au) from 156.5m

-          Further results are expected in the next 4-6 weeks from the two copper mineralised intersections from the Bluebird East discovery (BBDD0048 and the previously announced BBDD00432) and the intensely copper-mineralised intersection in BBDD00452 from Bluebird western zone (Figure 1).

-          Drilling is set to resume at Bluebird following the wet season to further test and define the Bluebird East discovery and to test targeted extensions of the mineralisation to the west.

Tennant Minerals acting Chairman Neville Bassett commented:

“The intersection of the deepest copper mineralisation to date at the Bluebird East discovery indicates potential for Bluebird to continue from surface to more than 400m depth.

“The latest copper, gold and bismuth intersections have also confirmed continuity of copper-gold mineralisation along the entire identified strike-length of the Bluebird discovery.

“Further drilling is planned to define the enlarged footprint and generate a maiden Mineral Resource with potential to support a stand-alone mining and processing operation at Bluebird.” 

Figure 1: Bluebird longitudinal projection showing key copper-gold intersections, new intersections (BBDD0046 & BBRC0026) & planned drilling of the Bluebird Targets.

Tennant Minerals Ltd (“Tennant” or “the Company”) (ASX:TMS) is pleased to announce the deepest intersection of significant copper mineralisation to date at more than 400m below surface in a north-to-south diamond drillhole at Bluebird East Target.  This is the second copper-mineralised intersection at the Bluebird East discovery, which is part of the 1.5km strike-length Bluebird ironstone target corridor (see Figure 2 below).  Bluebird is one of a number of copper-gold targets within an overall 5km corridor defined by gravity imagery at the Company’s 100%-owned Barkly Project in the Northern Territory.

The new diamond drillhole, BBD0048, intersected 66m of hematite alteration including a 14m zone of strong hematite alteration with visible copper mineralisation from 484m (chalcopyrite and minor chalcocite – see Appendix 2 for descriptions of mineralisation), which is more than 400m vertical depth below surface. BBD0048 is the second intersection of significant copper mineralisation at Bluebird East after the 24m zone of hematite alteration with 8m of copper mineralisation in BBDD00432 (results pending – see Figure 1) and confirms the discovery of a new mineralised zone which has the potential to increase the strike-length of identified mineralisation to over 800m, extending to 400m below surface (Figure 1).

Figure 2: Bluebird plan projection showing 3D gravity inversion model and current and planned drilling.

Significant gold, copper and bismuth results have also been received from new drilling at the Bluebird eastern extension (Figure 1).  A diamond drillhole tail to BBRC0026 intersected the shallowest significant mineralisation to date of 22.0m @ 0.9% CuEq.* (0.06% Cu, 0.31g/t Au, 0.26% Bi) from 44m downhole, which extends the mineralisation on section 448,500mE to within 40m vertically from the surface (see cross section, Figure 3). The intersection lies below an ironstone outcrop with small historical workings, indicating that the mineralisation may extend to near-surface.  This indicates potential for Bluebird to initially be mined via open pit prior to establishing a longer-term underground mine development.

Previous deeper drilling on section 448,500mE intersected 17.4m @ 2.2% CuEq* (1.58% Cu, 0.06 g/t Au, 0.25% Bi) from 129.8m incl. 5.44m @ 4.2% CuEq* (3.66% Cu, 0.10 g/t Au, 0.20% Bi)4 (see Figure 3), which remains open at depth and may link with the deep copper mineralisation intersected in BBDD0048 – representing potential for over 400m of continuous mineralisation from near surface (see Figure 1).

Cautionary note regarding visual estimates:

In relation to the disclosure of visual mineralization within the text above and below and detailed in Appendix 2, the Company cautions that visual estimates of oxide, carbonate and sulphide mineralisation material abundance should never be considered a proxy or substitute for laboratory analyses. Laboratory ICP-MS and ICP-OES analyses are required to determine widths and grade of the elements (e.g., copper) associated with the visible mineralisation reported from preliminary geological logging. The Company will update the market when laboratory analytical results are received and compiled. Assay results pending are expected to be available within the next 4-6 weeks.

Figure 3: Bluebird cross section 448,500mE showing new significant and shallow intersection in BBRC0026

In addition, a substantial copper intersection has been produced from diamond drilling at the Bluebird western extension in BBDD00461,2 (see cross section, Figure 4), including:

• 36.7m @ 1.3% CuEq.*, (1.14% copper (Cu), 0.08 g/t gold (Au)) from 129.3m

incl. 7.2m @ 2.0% CuEq.* (1.8% Cu, 0.15 g/t Au) from 129.3m

incl. 9.5m @ 2.0% CuEq.*, (1.8% Cu, 0.15 g/t Au) from 156.5m

The intersection in BBDD0046 is open to shallow depth and on the same as BBDD00452 section (448,300mE – see Figure 4 below) which intersected 48m of strong to intense copper mineralisation, including massive chalcopyrite zones (see descriptions of mineralisation in Appendix 2). 

The results for BBDD0045, and the outstanding results for holes from the Bluebird East discovery (BBDD0048 and BBDD0043) are expected within 4-6 weeks.

Figure 4: Bluebird cross section 448,300mE showing new high-grade copper intersection in BBDD0046.

Samples from both BDD0046 and BBDD0045 have been aggregated to produce bulk composite samples for metallurgical testwork.  Perth-based Strategic Metallurgy have been contracted to conduct flotation tests on the predominantly copper sulphide mineralisation as well as gravity concentration tests for native copper and free gold.

The new results are from the successful Phase 3 extension drilling program at the Bluebird project, which has to date comprised 17 holes for 3,886.5m of drilling.

Table 1 below summarises the new significant intersections and Table 2 below includes drillhole details.  

Table 1: Significant new Intersections in this report:

* 1 metre samples to be analysed on a selected basis

Table 2: Bluebird Stage 3 drillhole details (MGA_94_Z53S)

NEXT STEPS

Further drilling is now required to define the Bluebird East mineralisation and test for continuity with the main Bluebird discovery.  The intersection of deep copper mineralisation at Bluebird East also opens-up the potential for deeper extensions of the Bluebird discovery to the west, down plunge, and associated with extensions to the Bluebird gravity corridor and coincident magnetic and IP resistivity anomalies at Bluebird West (see targets outlined on Figures 1 and 2).

The key objective of the new drilling program is to extend the Bluebird discovery and define high-grade copper-gold mineralisation from near surface to over 400m depth and over more than 800m strike-length (see Figure 1).  The Company believes the potential tonnage and grade of this expanded footprint will be sufficient to support a stand-alone mining and processing project at Bluebird.

This achievement will allow the Company to establish a maiden Mineral Resource estimate at Bluebird and, with the benefit of new metallurgical information, commence development studies and permitting for a new high-grade copper-gold project (see Figure 5 below).    

ABOUT THE BARKLY PROJECT AND THE BLUEBIRD COPPER-GOLD DISCOVERY

The high-grade Bluebird copper-gold discovery is located within the Company’s 100% owned Barkly Project, on the eastern edge of the richly-endowed Tennant Creek Mineral Field, which has produced over 5.5Moz of gold and over 700kt of copper from 1934 to 20055 (see Figure 5 below).

Figure 5: Location of the Barkly Project and major historical mines in the Tennant Creek Mineral Field

The mineralisation intersected at Bluebird is typical of the high-grade copper-gold orebodies in the Tennant Creek Mineral Field. The high-grade mineralisation is associated with intense hematite alteration and brecciation with secondary malachite (copper-carbonate) in the upper parts as well as native copper, which transitions to primary sulphide mineralisation at depth e.g. chalcocite, bornite and chalcopyrite.

Drilling to date has identified copper-gold mineralisation at Bluebird over a 500m strike length and now to over 400m depth. The mineralisation remains completely open in all directions (see Figures 1 and 2).

The Company has the adopted a dual strategic approach of defining the Mineral Resource potential of the Bluebird discovery whilst also testing other key targets in the 5km Bluebird gravity corridor (see Figure 6 below) - based on gravity, magnetics and IP resistivity survey modelling6.

Figure 6: Barkly Project, 5km Bluebird gravity corridor and key copper-gold target zones

REFERENCES

1 04/12/2023. Tennant Minerals (ASX.TMS): “Exceptional Copper and Gold Results at Bluebird Extension”.

2 15/11/2023. Tennant Minerals (ASX.TMS): “Strong to Intense Copper Mineralisation Bluebird and East”.

3 01/09/2023. Tennant Minerals (ASX.TMS): “New Bluebird Drilling to Target Triple the Strike Length”.

4 15/08/2023. Tennant Minerals (ASX.TMS): “New Results Confirm Eastern Bluebird Extension Discovery”.

5 Portergeo.com.au/database/mineinfo. Tennant Creek - Gecko, Warrego, White Devil, Nobles Nob, Juno, Peko, Argo.

6 25/08/2022. Tennant Minerals (ASX. TMS): “Standout Geophysical Targets to Replicate Bluebird Cu-Au Discovery”.

Authorised for release by the board of directors.

***ENDS***

For enquiries please contact:

Stuart Usher

Company Secretary

M: +61 (0) 499 900 044

Andrew Rowell

White Noise Communications

M: +61 (0) 400 466 226

* See Appendix 1 for copper equivalent (CuEq) calculations.

** See Appendix 2 for descriptions of mineralisation.