Terra Metals has released its first Mineral Resource Estimate for the Dante Project, revealing substantial polymetallic deposits and a new thick reef discovery, backed by a $15 million capital raise to accelerate exploration.
- Maiden Mineral Resource Estimate, 148Mt @ 14.8% TiO2 with significant vanadium, copper, and PGMs
- Phase 3 drilling campaign underway with over 12,700 metres completed
- New 58m thick titanomagnetite reef discovered at Southwest Prospect
- Raised $15 million via placement to fund exploration and development
- Resource covers less than 10% of mineralised trend, indicating strong growth potential
Maiden Resource Marks a Milestone
Terra Metals Limited (ASX – TM1) has delivered a significant milestone with the announcement of its maiden Mineral Resource Estimate (MRE) for the Dante Project in Western Australia's West Musgrave region. The polymetallic system, hosted within the Jameson Layered Intrusion, boasts an estimated 148 million tonnes grading 14.8% titanium dioxide (TiO2), alongside notable quantities of vanadium, copper, and precious group elements (PGEs).
This initial resource contains approximately 22 million tonnes of TiO2, 800,000 tonnes of vanadium pentoxide (V2O5), 270,000 tonnes of copper, and 1.6 million ounces of combined PGEs, including gold, platinum, and palladium. Importantly, this resource estimate covers less than 10% of the mapped mineralised trend, underscoring the project's substantial upside potential.
Accelerated Exploration and New Discoveries
Building on this foundation, Terra Metals has rapidly escalated its exploration efforts with a Phase 3 drilling campaign. To date, the company has completed approximately 113 holes totaling nearly 12,800 metres, targeting high-priority critical metal horizons and electromagnetic anomalies. Assay results are eagerly awaited and expected to provide further clarity on the project's scale and grade.
One of the standout outcomes from this campaign is the discovery of a new titanomagnetite reef system at the Southwest Prospect. Visual logging from drilling revealed reef intersections up to 58 metres thick, the thickest encountered at Dante so far. This new growth centre within the broader project area highlights the effectiveness of Terra’s systematic targeting strategy and opens a promising avenue for resource expansion.
Strategic Capital Raising Supports Growth
Financially, Terra Metals has bolstered its position by completing the first tranche of a $15 million placement, led by cornerstone investors including GEAR, Matt Latimore of M Resources, and Tribeca Investment Partners. The proceeds are earmarked to accelerate drilling, resource upgrades, and project development activities. The second tranche, expected to raise an additional $8.3 million, is pending shareholder approval and anticipated to close in November 2025.
With a strong cash position exceeding $8 million at quarter-end and no debt facilities drawn, Terra is well-positioned to fund its aggressive exploration agenda. The company has also streamlined its focus by relinquishing non-core tenements, concentrating resources on the high-potential Dante Project.
Regional Context and Future Outlook
The Dante Project sits within the geologically significant Giles Complex, a region known for large-scale magmatic deposits and proximity to BHP’s Nebo-Babel mine. The discovery of multiple large, near-surface polymetallic reefs over a 20-kilometre strike length places Terra Metals in a strong position to develop a district-scale mining operation.
Looking ahead, the company’s ongoing drilling and downhole electromagnetic surveys aim to test for semi-massive sulphide mineralisation, potentially adding copper, nickel, cobalt, and PGEs to the resource base. The combination of a maiden resource, new thick reef discoveries, and robust financial backing sets the stage for Terra Metals to unlock further value from the Dante Project.
Bottom Line?
Terra Metals’ maiden resource and new reef discovery mark a pivotal step, but upcoming assay results will be critical to confirming the project’s full potential.
Questions in the middle?
- How will pending assay results from Phase 3 drilling impact the current resource estimate?
- What is the potential scale and grade of mineralisation at the newly discovered Southwest Prospect?
- How will Terra Metals prioritise exploration targets across the extensive 20km mineralised corridor?