The Company commenced the 2024 exploration season during the Quarter and completed a drilling program which comprised of 22 reverse circulation (RC) drillholes for 6,253m. The drilling successfully tested the eastern and western extents of the known high-grade copper-gold mineralisation at Bluebird and included the first new step out drilling towards the prospective Perseverance targets located 1.5km to the west of Bluebird.
Samples from the drilling program have been submitted to Perth Laboratories and assay results will be collated and reported to the market on receipt.
During the Quarter, the Company received further results from ongoing metallurgical test-work of diamond drill core samples from Bluebird. Results from flotation test-work on bulk-samples from Bluebird diamond core holes BBDD0045 and BBDD0046, have confirmed excellent flotation recoveries and high-concentrate grades of copper (Cu) and gold (Au). Concentrate grades of up to of 29.6 % Cu and 3.96 g/t Au exceeded commercial benchmarks, while recovering 94.4% of Cu and 75.8% of Au.
The Company completed a successful capital raising of $4.78M at the start of the Quarter. The placement was strongly supported and ensures the Company can actively pursue its exploration drilling activity during 2024.
Tennant Minerals CEO, Vincent Algar, commented on the Quarterly progress:
“The completion of our first drilling program of 2024 has provided us with multiple new opportunities to grow Bluebird to the east and west as well as test for repeats of this exciting copper-gold discovery within the 2.5km strike-length Bluebird-Perseverance corridor, of which only 500m has been tested to date.
“The attraction of Bluebird and the potential for new discoveries in the 100% owned Barkly tenements, occurs at a time when investors can benefit from the global rise in demand for copper, and strong pricing for both copper and gold.
“This year’s drilling and field programs will be transformational for the Company as we progress towards defining a maiden Mineral Resource and commencement of development studies. All metallurgical test work has exceeded expectations. These activities will continue to define Tennant Minerals as a key player in the rejuvenated Tennant Creek Mineral Field – a field that has already produced over 5.5Moz of gold and 700kt of copper.”
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