Tennant Minerals tests Bluebird’s next high-grade extension

Bluebird drilling moves from target generation to testing

Tennant Minerals Limited (ASX:TMS) has moved its Bluebird copper-gold-bismuth story into its next testing phase, with diamond drilling now underway on a structural corridor that extends at least 800 metres west of the existing resource. The target sits within a broader interpreted 1.5-kilometre corridor running towards the Perseverance magnetic complex, where Tennant has identified four priority diamond-drilling targets.

“Bluebird longitudinal showing >800m strike-length westerly plunging structural corridor and targets on gravity inversion.”

The first Stage 1 hole is testing a 60-metre step-out section west and down-plunge of the drilled Bluebird zone. Further holes are planned above or below the initial intersection before the program steps another 120 metres west. The campaign described in the filing follows the Bluebird drilling campaign, which earlier coverage said had begun with four priority targets across an 800-metre corridor.

High-grade results provide the exploration case

The geological thesis is supported by several strong historical intersections. Earlier drilling in hole BBDD0050 returned 18 metres at 10.0g/t gold equivalent, including 4.55 metres at 34.3g/t gold equivalent, based on 15.4g/t gold, 4.0% copper and 3.5% bismuth. Other intersections along the westerly plunging zone included 24 metres at 11.8g/t gold and 30.5 metres at 6.8g/t gold with 6.2% copper.

“Bluebird Longitudinal showing %Cu x true-width contours on gravity inversion with priority drilling targets.”

“Bluebird Resource, plan view gravity inversion, major faults interpretation and drilling targets corridor.”

Caption and image © Tennant Minerals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

Tennant’s structural interpretation links the mineralised zones to the intersection of the Camel and Kamran faults, while gravity and magnetic modelling identifies a matching geophysical corridor. The company compares the scale of the target with the historical Warrego gold-copper deposit, but that comparison describes an exploration concept, not an estimate of mineralisation at Bluebird. Results from the current drilling were not available when the quarterly report was prepared.

Funding supports the campaign but leaves a short runway

Tennant completed the second tranche of its $2.8 million capital raising during the quarter, receiving approximately $1.07 million before costs through the issue of 164.3 million shares. The July capital raise had been described as funding accelerated Bluebird exploration and development activities.

Cash stood at $1.91 million on 30 September, after quarterly outflows of $708,000, including $427,000 on exploration and evaluation. The Appendix 5B calculation gives the company about 2.7 quarters of funding at that reported spending rate, with no financing facilities available. That makes the timing and quality of drilling results important not only for the geological case, but also for the next funding decision.

Regional drilling and processing study add two development tests

“Bluebird discovery, major fault-target corridors and proposed drilling with gravity inversion on RTP magnetics image.”

Alongside the Bluebird diamond drilling, an aircore and slimline RC program of up to 3,000 metres is testing the Kamran West and Perseverance North target. Previous vacuum drilling returned 725 parts per million copper and 34.6g/t silver in bottom-hole sampling, although the anomaly remains an exploration target under cover.

Tennant is also continuing its work with the Tennant Creek Copper Alliance on a feasibility study for a shared critical-minerals processing facility. The study is assessing plant configuration, available feedstocks, products including copper, gold, cobalt and bismuth, and the capital, operating, infrastructure and approvals requirements. For Tennant, the proposed shared facility could become relevant to future development planning, but the study has not yet established that the project is commercially viable.