Outstanding 61.8m @ 2.3% Copper intersection at Bluebird - includes 6.85m Massive Sulphide Zone grading 17% Copper

February 12, 2024 – Tennant Minerals

-          Latest exceptional copper with gold results from diamond drillhole BBDD0045 at the Bluebird discovery have extended the western high-grade copper-gold zone with the outstanding intersection of (see cross section, Figure 1):

• 61.8m at 2.3% Cu, 0.4g/t Au (2.8% CuEq*) from 149.2m (downhole)

-          including 13.2m at 9.6% Cu, 1.51 g/t Au, (11.1% CuEq*) from 149.9m,

-          including 6.85m at 17% Cu, 0.5 g/t Au, (17.7% CuEq*) from 155m, and,

-          including gold grades of up to 14.7 g/t Au.

-          The new intersection lies to the west and extends the massive copper sulphide zone intersected in previously announced diamond drillhole BBDD00181, which included a 16.1m massive copper sulphide intersection grading 10.5% Cu and an overlapping 17.8m high-grade gold intersection grading 11.5 g/t Au, 5.2% Cu within an overall intersection of 30.5m @ 6.2% Cu and 6.8 g/t Au, (12.4% CuEq*) from 153.6m downhole (see longitudinal projection, Figure 2).

-          The new results also extend the high-grade copper-gold zone below the previously announced intersection in BBDD0046 of 36.7m @ 1.14% Cu, 0.08 g/t Au (1.3% CuEq*) from 129.3m2 on section 448,300mE, and the high-grade zone remains open at depth (see cross section, Figure 1).  

-          Results are pending from five holes which tested for Bluebird repeats along strike within the 1.5km gravity-ironstone target zone (see Figure 3).  Two of these holes intersected visual copper mineralisation at the Bluebird East target, including**:

-          a 61m zone of hematite alteration including 14m of strong hematite alteration with visible copper mineralisation** (chalcopyrite and minor chalcocite) in BBDD00482, and,

-          a 24m zone of strong hematite alteration with 8m of copper mineralisation** in BBDD00433.

-          Structural interpretation suggests a potential link between Bluebird East and the main Bluebird high-grade discovery over an 800m strike-length and over 400m vertically - remaining open in all directions (see longitudinal projection, Figure 2 and plan projection, Figure 3).

-          Following receipt of all results from drilling and ongoing metallurgical testwork on holes BDD0045 and BBDD0046, a new drilling program is planned to further test and define the Bluebird East discovery and to extend the main Bluebird high-grade zone to the west and at depth. 

-          This new drilling program will aim to produce a maiden copper-gold Mineral Resource to support a stand-alone mining and processing development at the Company’s Barkly Project.

Tennant Minerals CEO Vincent Algar commented:

“This latest exceptional intersection of copper with gold at Bluebird has extended and confirmed the continuity of the high-grade massive copper sulphide zone, which remains open at depth.

“It follows the intersection of significant visible copper mineralisation in two wide-spaced holes at the Bluebird East discovery, which indicates potential for the Bluebird mineralisation to continue from surface to more than 400m depth and link with Bluebird East over a strike-length of more than 800m.

“Every hole we drill gives us more encouragement that Bluebird is an exceptional emerging copper-gold discovery which will continue to grow with further exploration.

“We can now look forward to launching our next drilling program, aiming to define and extend the enlarged mineralised footprint and define a maiden Mineral Resource to support a stand-alone mining and processing operation to help meet growing global demand for copper and gold.”

EXCEPTIONAL NEW DRILLING INTERSECTION FROM BLUEBIRD WESTERN EXTENSION

Tennant Minerals Ltd (ASX:TMS) (“the Company”) is pleased to announce further exceptional drilling results at the Bluebird high-grade copper gold discovery in the Northern Territory (location, Figure 4).

Bluebird is one of multiple copper-gold targets within a 5km gravity-defined corridor within the Company’s 100% owned Barkly Project, which is located on the eastern edge of the richly-endowed Tennant Creek Mineral Field, that produced 5.5Moz of gold and 700kt of copper from 1934 to 20054 (Figure 4).

The latest drilling results include an exceptional intersection of 61.8m at 2.3% Cu, 0.4g/t Au from 149.2m in diamond drill-hole BBDD0045. This intensely mineralised intersection, from the western extension of the Bluebird discovery, includes a very high-grade zone of 9.6 % copper over 13.2m, and a massive chalcopyrite interval grading 17% copper over 6.85m. Gold grades of up to 14.7 g/t Au were also identified (see Table 1, significant intersections).

The new intersection in BBDD0045 lie to the west of the previously reported spectacular intersection in BBDD00181 which also intersected massive chalcopyrite and included a 16.1m copper intersection grading 10.5% Cu and an overlapping 17.8m high-grade gold intersection grading 11.5 g/t Au, 5.2% Cu within an overall intersection of 30.5m @ 6.2% Cu and 6.8 g/t Au, (12.4% CuEq*) from 153.6m downhole (see longitudinal projection, Figure 2).

Other intersections from the western high-grade extension of Bluebird show that this zone includes exceptionally high-grade gold grades as well as the massive chalcopyrite copper-rich intersections as reported in this release (see Figure 2).  Previous very high-grade gold intersections reported from this zone include:

-          17.95m @ 11.08 g/t Au, 2.66% Cu incl. 15.9m @ 12.45 g/t Au, 2.91% Cu in BBDD00265

-          24.0m @ 11.8 g/t Au, 0.66% Cu incl. 5.7m @ 49.3 g/t Au, 0.74% Cu in BBDD00216

This new result in BBDD0045 also lies vertically below the previously reported copper intersection at Bluebird in BBDD00462 (see cross section, Figure 1), which included:

-            36.7m @ 1.14% Cu, 0.08 g/t Au (1.3% CuEq*) from 129.3m downhole

incl. 7.2m @ 1.8% Cu, 0.15 g/t Au (2.0% CuEq*) from 129.3m

incl. 9.5m @ 1.8% Cu, 0.15 g/t Au (2.0% CuEq*) from 156.5m

Figure 1: Bluebird cross section 448,300mE showing new high-grade copper intersection in BBDD0045.

The new results are from the recent successful extension drilling program at Bluebird, which has to date comprised 17 holes for 3,886m of drilling (see to Table 2 for drillhole details).

Two bulk composite samples from BDD0046 and BBDD0045 are undergoing metallurgical test-work2, supervised by Perth-based Strategic Metallurgy.  The test-work includes flotation tests to recover the copper sulphide mineralisation (predominantly chalcopyrite, chalcocite and bornite) and gravity concentration tests will aim to recover native copper and free gold.  The metallurgical testwork results are expected to be available in March.

Figure 2: Bluebird longitudinal projection highlighting the outstanding intersection in BBDD0045 and copper mineralised intersections at Bluebird East.

Figure 3: Bluebird plan projection showing 3D gravity inversion model and current and planned drilling.

Extending the Bluebird Mineralisation Footprint

The Company recently announced the deepest significant copper mineralisation intersection to date, at more than 400m below surface in a north-to-south oriented diamond drillhole BBDD0048, at the Bluebird East Target2. This is the second copper-mineralised intersection at the Bluebird East discovery, within the 1.5km strike-length Bluebird ironstone target corridor (see Figure 3).

Diamond drill hole BBDD0048 (results pending – see Figure 2), intersected 66m of hematite alteration, including a 14m zone of strong hematite alteration with visible copper mineralisation from 484m (chalcopyrite and minor chalcocite**), which is more than 400m vertical depth below surface2.  This is the second wide-spaced intersection of significant copper mineralisation at Bluebird East since the 24m zone of hematite alteration with 8m of copper mineralisation3 in BBDD00432 (results pending – see Figure 2). These copper intersections confirm the discovery of a new mineralised zone, that has the potential to increase the strike-length of identified mineralisation to over 800m and extend the depth extent from near surface to more than 400m vertical depth (see Figure 2).

NEXT STEPS

Further drilling is now required to define the Bluebird East mineralisation and test for continuity within the main Bluebird discovery. The intersection of deep copper mineralisation at Bluebird East opens up the potential for deeper extensions to the west and down plunge of the Bluebird discovery, as well extensions of the Bluebird gravity corridor and coincident magnetic and Induced Polarisation (IP) resistivity anomalies at Bluebird West (see targets outlined on Figures 2 and 3).

The key objective of the new drilling program is to extend the Bluebird discovery and define high-grade copper-gold mineralisation from near surface to over 400m depth and more than 800m strike-length (see Figure 2). The Company believes the potential tonnage and grade of this expanded footprint will be sufficient to support a stand-alone mining and processing operation at Bluebird.

This would enable the Company to establish a maiden Mineral Resource estimate at Bluebird and, with the benefit of new metallurgical information, commence development studies and permitting for a new high-grade copper-gold project at a critical time of growing demand for copper (and gold) globally.  

For enquiries please contact:

Vincent Algar

Chief Executive Officer

P: +61 (08) 9481 7833

Stuart Usher

Company Secretary

M: +61 (0) 499 900 044

Figure 4: Location of the Barkly Project and major historical mines in the Tennant Creek Mineral Field.

Figure 5: Barkly Project, 5km Bluebird gravity corridor and key copper-gold target zones.

* See Appendix 1 for copper equivalent (CuEq) calculations.

** See Appendix 2 for descriptions of mineralisation.