Tennant Minerals has reported a significant diamond drilling intersection at its Bluebird discovery, revealing 19.7 metres of intense copper-gold-bismuth mineralisation and potential to more than double the resource footprint. The company also advances a feasibility study for a regional processing facility backed by government grants.
- 19.7m high-grade copper-gold-bismuth intersection at Bluebird
- Potential to double Bluebird mineralised footprint westwards
- $600,000 government grants secured for regional processing study
- Metallurgical test-work underway to optimise metal recoveries
- Quarter-end cash reserves at $258,000 with $199,000 spent on exploration
Significant Drilling Extends Bluebird Mineralisation
Tennant Minerals (ASX:TMS) has delivered a striking update from its 100% owned Barkly Project, with diamond drilling at the Bluebird discovery intersecting a 19.7-metre zone of intense copper-gold-bismuth mineralisation. The highlight drillhole BBDD0050 revealed a thick hematite-quartz/jasper-sulphide breccia hosting native copper, bismuth sulphides, and visible gold specks, signalling a major extension of the high-grade zone beyond current resource boundaries.
This intersection lies within a substantial gravity-high anomaly, extending mineralised ironstone over 400 metres west of the previously defined high-grade footprint, effectively more than doubling Bluebird’s known mineralised area. The system remains open to the west and down-plunge, indicating further upside potential. Laboratory assays are expected within one to two weeks to confirm the visual estimates, which the company cautions are preliminary and not a substitute for formal assay results.
The drilling success builds on the October 2025 Mineral Resource Estimate, which reported 1.58 million tonnes at 3.00% copper equivalent containing 47,400 tonnes of copper equivalent metal, predominantly in the Indicated category. The new drilling intersects mineralisation below the optimised pit shell, supporting potential underground resource expansion. This aligns with Tennant’s ongoing strategy to define Bluebird’s resource potential while advancing metallurgical test-work to optimise recovery of gold, copper, bismuth, and silver.
Government-Backed Feasibility Study for Processing Facility
The company is also a key participant in the Tennant Creek Copper Alliance, which recently secured $600,000 in combined Northern Territory and Federal Government grants matched by member contributions. This funding underpins a feasibility study for a multi-user critical minerals processing facility in the Tennant Creek region, aimed at unlocking the economic potential of copper, gold, silver, and bismuth resources across the Barkly area.
The Alliance has appointed an independent study manager and is progressing engineering and design proposals, with the process engineering flowsheet nearing completion. The proposed plant would produce copper-gold-bismuth concentrates and gold doré, providing a shared infrastructure solution to reduce capital costs and environmental footprint for regional miners, including Tennant Minerals.
Exploration and Financial Position
Looking ahead, Tennant plans to assess the recent drill core for metallurgical testing and continue exploration targeting along the Bluebird strike corridor, leveraging gravity and magnetic data inversions. The company is also advancing geological modelling to identify further extensions of the mineralised zone.
Despite the drilling progress, cash reserves stood at a modest $258,000 at quarter end, with $199,000 spent on exploration activities during the period. Net cash outflows of $105,000 from operating activities and $185,000 from investing activities highlight the need for careful cash management or potential capital raising to sustain momentum. The company expects cash outflows to decrease in the coming quarter as it shifts focus to office-based studies and planning.
The new drilling results and ongoing feasibility study efforts follow Tennant’s maiden Mineral Resource announcement and recent drilling campaigns, which have progressively built confidence in Bluebird’s scale and grade profile. This latest intersection reinforces the discovery’s potential to evolve into a significant copper-gold-bismuth resource within the prolific Tennant Creek Mineral Field, which historically produced over 5.5 million ounces of gold and 700,000 tonnes of copper.
These developments are detailed in the company’s recent 19.7m high-grade intersection announcement and align with the broader government-backed processing study advancing in the region.
Bottom Line?
Tennant Minerals’ latest drilling at Bluebird strengthens the case for resource expansion but limited cash reserves signal a need for prudent funding strategies as assay results and feasibility outcomes approach.
Questions in the middle?
- Will assay results confirm the visual estimates of high-grade mineralisation?
- How will the feasibility study outcomes influence the timing and scale of Bluebird’s development?
- What funding options will Tennant pursue to support ongoing exploration and resource advancement?