Tennant Minerals Secures $2.8M to Expand Bluebird High-Grade Drilling

Capital Raise Fuels Ambitious Bluebird Drilling Expansion

Tennant Minerals (ASX:TMS) has successfully closed the second tranche of a $2.8 million placement, issuing over 164 million new shares to institutional and sophisticated investors. This capital injection is earmarked for an expanded drilling campaign at the Bluebird copper-gold-bismuth discovery within the Barkly Project, as well as for advancing development studies.

The company’s immediate drilling focus is on extending and better defining the high-grade gold-bismuth-copper zone at Bluebird. Recent diamond drilling results have been spectacular, with hole BBDD0050 returning up to 47.2 grams per tonne (g/t) gold, 12.0% bismuth, and 9.3% copper. Notably, an 18-metre intersection graded at 10.0 g/t gold equivalent (AuEq), including a 4.55-metre section at 34.3 g/t AuEq.

Targeting Extensions Along a 2.5km Corridor

The Bluebird mineralisation has so far been tested over less than 500 metres of strike, but Tennant Minerals is optimistic about the broader 2.5-kilometre Bluebird-Perseverance corridor. Structural studies and detailed geophysical modelling, including gravity, magnetics, and induced polarisation data, are being finalised to identify and prioritise new discovery targets within this corridor and other areas of the Barkly Project.

General Manager Chris Ramsay highlighted the potential for a much larger copper-gold-bismuth system, drawing comparisons to significant regional deposits like Warrego. The company aims to build a major resource that could underpin a stand-alone mining and processing operation.

Metallurgical Work Supports Processing Studies

Alongside exploration, Tennant Minerals is progressing metallurgical test work focused on enhancing recovery rates for gold, bismuth, copper, and silver. This work supports ongoing pre-feasibility studies for a jointly funded processing plant under the Tennant Creek Copper Alliance, as well as the possibility of a future standalone facility.

The placement also included the issuance of over 430 million new options exercisable at $0.013 until June 2030, with an additional 68.9 million options allocated to the lead manager, GBA Capital, as a fee for services. Shareholder approval for the new shares was secured on 7 July 2026.

Bluebird Mineralisation Reflects Tennant Creek’s High-Grade Style

The Bluebird discovery exhibits mineralisation typical of the Tennant Creek Mineral Field’s high-grade copper-gold orebodies, such as the historic Peko deposit. Mineralisation begins approximately 80 metres below surface and features intense hematite alteration and brecciation with quartz veining. The zone includes primary hypogene sulphides like chalcopyrite, bornite, and chalcocite, alongside secondary copper minerals nearer the surface.

Previous metallurgical testing has demonstrated that Bluebird mineralisation is amenable to standard copper flotation processes, producing concentrates with commercially viable copper and gold grades. Further test work will explore gravity concentration and cyanide leaching to improve gold recovery and investigate extraction of critical elements like cobalt, bismuth, and silver.