59m at 0.95% CuEq: Terra Metals Discovers New Sulfide Reefs at Dante

A New Mineralisation Style Emerges

Terra Metals Limited (ASX – TM1) has announced a significant breakthrough at its Dante polymetallic project in Western Australia with the discovery of multiple titanium–vanadium–copper-cobalt-platinum group metal (PGM) sulfide reefs at the Southwest Prospect. This newly identified reef system introduces a distinct mineralisation style to the project, marked by thick, continuous sulfide packages that contrast sharply with the thinner reefs previously known within the Dante system.

The initial assays from eight drillholes at the Southwest Prospects SW3 and SW4 reveal impressive intercepts, including a standout 59 metres grading 0.95% copper equivalent (CuEq) with 172 ppm cobalt starting from 131 metres depth. Other holes returned similarly encouraging results, such as 61 metres at 0.70% CuEq from surface, highlighting the near-surface potential of these reefs.

Geological Significance and Scale

What sets the Southwest reefs apart is their thickness; up to 58 metres; approximately 11 times thicker than the roughly 5-metre basal reefs that underpin the current 148 million tonne Mineral Resource Estimate (MRE) at Dante. The reefs also exhibit higher sulfide content and a geochemical signature rich in cobalt, nickel, and palladium, with palladium dominance over platinum and gold. This combination points to the potential for massive and semi-massive sulfide mineralisation, a style reminiscent of the world-class Bushveld Complex in South Africa.

Geophysical data, including electromagnetic anomalies and magnetic modeling, support the presence of mafic–ultramafic intrusions and structural complexity conducive to sulfide accumulation. Historical datasets and recent mapping have validated and extended the reef outcrops, further underscoring the prospect’s scale and exploration upside.

Strategic Importance of Cobalt and Metals Mix

Cobalt has emerged as a key metal in this discovery, with assay results showing locally high cobalt grades. This is particularly timely given cobalt prices have nearly doubled year-over-year, surpassing US$48,500 per tonne. The polymetallic nature of the reefs, combining copper, nickel, cobalt, titanium, vanadium, and PGMs, enhances the economic robustness of the project by diversifying revenue streams and reducing reliance on any single commodity.

Metallurgical testwork conducted earlier in 2025 supports the potential to produce three high-grade concentrates – a copper-gold-PGM sulfide concentrate, a titanium dioxide ilmenite concentrate, and a vanadium-rich magnetite concentrate. This metallurgical versatility adds further value to the Dante Project’s development prospects.

Ongoing Exploration and Next Steps

With only 8 of 49 drillholes reported so far, assays for the remaining 41 holes are pending, promising a wealth of new data to refine the geological model. Downhole electromagnetic surveys are underway to target high-sulfide zones, aiming to delineate the geometry and continuity of these thick reefs. Terra Metals’ Managing Director Thomas Line highlighted the importance of these early results as a milestone, emphasizing the company’s focus on systematic follow-up drilling to unlock the full potential of the Southwest Prospect.

The Southwest area, covering 12 square kilometres, is now a cornerstone growth opportunity within the Dante Project, which itself sits within the Jameson Layered Intrusion of the Giles Complex; a geological setting comparable to the prolific Bushveld Complex. The project’s current MRE stands at 148 million tonnes grading 1.38% CuEq, with substantial scope for expansion given the new discoveries.

Broader Implications for Terra Metals

This discovery not only diversifies the mineralisation styles within the Dante Project but also enhances its strategic position in the polymetallic exploration sector. The thick sulfide reefs with elevated cobalt and PGM content could materially increase the project’s resource base and economic attractiveness. As cobalt demand intensifies globally, driven by battery and clean energy technologies, Terra Metals is well positioned to capitalize on this trend.