Reef 2 Drilling Yields Up to 2.66% Copper Equivalent Over Broad Intervals

Resource Upgrade Drilling Validates Reef 2’s Scale and Grade

Terra Metals Limited (ASX – TM1) has released a second tranche of assay results from its resource upgrade drilling at Reef 2 (Hyperion), part of the expansive Dante Project in Western Australia’s West Musgrave region. The results confirm thick, laterally continuous mineralisation starting from surface, featuring a polymetallic reef rich in titanium, vanadium, platinum group metals (PGMs), copper, and gold.

These latest assays include some of the highest individual metal grades recorded at Reef 2, with copper equivalent intercepts reaching up to 2.66% over significant widths. The mineralisation is stratiform in nature, hosted within a layered mafic-ultramafic intrusion known as the Jameson Layered Intrusion, part of the larger Giles Complex. This geological setting is comparable to South Africa’s Bushveld Complex, one of the world’s richest PGM provinces.

Distinctive Mineralisation Style and Economic Implications

Reef 2’s mineralisation style is notably different from the nearby Southwest Prospect, where recent discoveries have highlighted high-grade palladium-rich sulfides. Reef 2 and its neighbour Reef 1 (Crius) are dominated by platinum and gold rather than palladium, with copper sulfides present but little to no nickel. The reefs also boast exceptionally high grades of titanium and vanadium, critical minerals increasingly sought after for clean energy technologies.

This combination of metals within a large, near-surface, stratiform reef system offers a diversified portfolio of precious and critical metals within a single district-scale project. The mineralisation’s continuity and thickness, often exceeding 40 to 55 metres with higher-grade internal zones, provide strong confidence for resource growth and potential future upgrades in resource classification.

Ongoing Drilling and Future Prospects

Importantly, more than half of the assay results from the 2025 resource upgrade drilling program remain pending, including all drillholes from Reef 1. This suggests that the current results may only represent a portion of the project’s potential, with further assay releases expected to provide additional clarity on the scale and grade of the mineralisation.

Managing Director and CEO Thomas Line emphasised the complementary nature of the polymetallic reefs at Reef 2 with the palladium-rich sulfides at Southwest, positioning Dante as a rare district-scale system with exposure to both large-scale titanium–vanadium–platinum–gold–copper reefs and ultra-high-grade PGM sulfides. This diversity enhances the project’s economic optionality and appeal to investors focused on critical and precious metals.

Strategic Significance of the Dante Project

The Dante Project covers a significant portion of the Jameson Layered Intrusion, hosting multiple large-scale reefs extending over a 20-kilometre strike length, with recent tenement acquisitions expanding the prospective strike to over 80 kilometres. The project’s geological setting at the junction of three major Australian cratons further underscores its exploration potential.

With extensive drilling completed to date and ongoing metallurgical testwork demonstrating the potential to produce high-grade concentrates of copper, gold, PGMs, titanium dioxide, and vanadium pentoxide, Terra Metals is advancing the Dante Project toward becoming a globally significant source of both precious and critical metals.