Tennant Minerals has announced a maiden high-grade copper-gold resource at its Bluebird discovery, alongside new exploration targets identified through gravity data modelling. These developments set the stage for advancing project development and further drilling.
- Maiden Bluebird Mineral Resource Estimate, 1.58Mt at 3.00% CuEq
- 78% of contained copper equivalent metal classified as Indicated
- New gravity modelling reveals 3km strike extensions and ironstone targets
- Metallurgical tests show up to 90% copper recovery in concentrate
- Cash reserves at $855,000 with $328,000 spent primarily on exploration
Maiden Resource Marks a Milestone
Tennant Minerals Limited has delivered a significant breakthrough with the completion of its maiden Mineral Resource Estimate (MRE) for the Bluebird copper-gold discovery, located within its 100%-owned Barkly Project near Tennant Creek, Northern Territory. The resource totals 1.58 million tonnes at a robust 3.00% copper equivalent grade, containing approximately 47,400 tonnes of copper equivalent metal. Notably, 78% of this metal is classified in the Indicated category, providing a solid foundation for advancing development studies and potential early-stage production.
The Bluebird deposit's mineralisation extends over a strike length of roughly 250 metres and remains open to the west, with high-grade copper and gold intersections identified below the open-pit resource boundary. This suggests promising upside potential beyond the current resource limits.
Exploration Advances with Gravity Data Insights
Complementing the maiden resource, Tennant Minerals has completed detailed modelling of gravity survey data, which has revealed a large gravity high extending westward from Bluebird. This anomaly corresponds to a thick ironstone body, a geological setting known to host significant copper-gold mineralisation in the Tennant Creek Mineral Field. The interpreted 3-kilometre strike length of ironstone targets offers compelling prospects for expanding the mineralised footprint through targeted drilling campaigns.
These new targets, along with identified extensions to the east and west of the drilled zone, sharpen the company's exploration focus and underpin plans for follow-up field programs and drilling in the coming quarters.
Encouraging Metallurgical Results Support Project Viability
Metallurgical test work on bulk samples from Bluebird has demonstrated excellent copper recoveries of up to 90% into concentrates grading between 24% and 29% copper. Gold recoveries to the copper concentrate reached up to 79%, with ongoing test work planned to optimise recovery of gold, silver, and bismuth, metals that contribute over half of the copper equivalent value. These results bolster the economic potential of the Bluebird deposit and support the strategic copper-gold alliance's plans for centralised processing facilities in the region.
Corporate and Financial Context
On the corporate front, Tennant Minerals experienced a leadership change with the resignation of CEO Vincent Algar during the quarter. The company also received a $147,000 research and development tax incentive refund related to its metallurgical studies. Financially, Tennant Minerals ended the quarter with cash reserves of $855,000 after spending $328,000 primarily on exploration activities, indicating a runway of approximately 2.6 quarters at current expenditure levels.
Looking ahead, the company plans to undertake large-diameter drilling to generate material for further metallurgical testing and to continue refining exploration targets across the Bluebird corridor and regional prospects such as Babbler and Wedge. The ongoing collaboration within the Strategic Copper and Gold Alliance aims to evaluate the feasibility of a multi-user processing facility, supported by government endorsements.
Positioning for Growth in a Proven Mineral District
The Bluebird discovery sits on the eastern edge of the Tennant Creek Mineral Field, a historically prolific region that produced over 5.5 million ounces of gold and 700,000 tonnes of copper. Tennant Minerals’ dual approach of resource definition and regional exploration, supported by modern geophysical techniques and metallurgical advancements, positions the company well to unlock further value and scale its resource base.
Bottom Line?
With a maiden resource in hand and new targets emerging, Tennant Minerals is poised for a pivotal phase of growth, yet funding and drilling execution will be critical to sustaining momentum.
Questions in the middle?
- How will Tennant Minerals fund its upcoming drilling and development programs beyond current cash reserves?
- What are the timelines and expected outcomes for the planned metallurgical test work on gold, silver, and bismuth recovery?
- How might the Strategic Copper and Gold Alliance influence the pace and scale of project development in the Tennant Creek region?