Tennant Minerals Accelerates Bluebird Drilling and Forms Strategic Copper-Gold Alliance

Exploration Momentum at Bluebird

Tennant Minerals Limited (ASX:TMS) has reported significant progress in its December 2024 quarter, focusing on advancing the Bluebird copper-gold discovery within its 100%-owned Barkly Project near Tennant Creek, Northern Territory. The company completed an expanded drilling program comprising 51 slimline reverse circulation (RC) drillholes totaling 3,654 metres over the Bluebird East and Perseverance prospects, alongside six deeper RC holes (2,166 metres) targeting extensions of the Bluebird mineralisation. Assay results are anticipated in the first quarter of 2025, which will be pivotal in defining the resource potential.

The drilling campaign was conducted with two rigs operating concurrently, testing high-priority targets identified through previous exploration successes and geophysical surveys. These efforts aim to delineate the footprint of the mineralisation, which to date extends over 500 metres strike length and 250 metres depth, with indications that it remains open along strike and at depth.

Enhanced Geophysical and Geochemical Targeting

Complementing the drilling, Tennant Minerals undertook a close-spaced infill gravity survey and an extensive shallow auger soil geochemistry program covering much of the 5-kilometre Bluebird trend. These surveys are designed to refine and generate new drill targets by integrating gravity, magnetic, and soil geochemical data, leveraging proven exploration techniques in the Tennant Creek district. The company’s geophysical consultant is finalising reprocessing of magnetic, induced polarisation (IP), and gravity data to support high-resolution modelling for future exploration.

Strategic Alliance to Unlock Regional Potential

A landmark development during the quarter was the formation of a Strategic Copper and Gold Alliance with CuFe Limited and Emmerson Resources Limited. This collaboration aims to fast-track the development of copper and gold resources in the Tennant Creek region by pooling technical expertise and resources. The Alliance is progressing a Scoping Study to assess the viability of a single, multi-user processing facility, adopting a 'hub and spoke' model reminiscent of the historical Tennant Creek Mineral Field operations.

The combined mineral resources controlled by the Alliance partners amount to approximately 7.3 million tonnes at 0.6 g/t gold and 1.7% copper, including Tennant Minerals’ Bluebird discovery and Emmerson’s Jasper Hills and Hermitage prospects. This cooperative approach is expected to enhance the economic feasibility of developing these high-grade deposits, which have historically faced challenges when pursued independently.

Financial Position and Outlook

At quarter’s end, Tennant Minerals held $1.88 million in cash reserves, following $1.4 million in cash outflows primarily directed towards exploration activities. The company anticipates a reduction in expenditure during the upcoming wet season but remains well-positioned to continue its aggressive exploration and development programs in 2025.

CEO Vincent Algar highlighted the company’s dual focus on defining a maiden mineral resource at Bluebird and advancing the Strategic Alliance’s Scoping Study. He emphasised the potential for the Alliance to transform the scale and economics of copper-gold development in the Tennant Creek region, reinforcing Tennant Minerals’ ambition to become a major player in this historically prolific mineral field.