Results of metallurgical test work expected in March

The signs are pointing to growth for Australian copper and gold explorer Tennant Minerals (ASX:TMS; FRA: UH7A). With each new drill hole, the company is providing further evidence that its Bluebird discovery in the Northern Territory is not only exceptionally high-grade, but also very likely has the necessary scale and continuity to justify the development of a future standalone project. The footprint of the discovery is growing to the west, east and to depth. The recent exceptional diamond drill hole BBDD0045 has extended the known western high-grade copper-gold zone with the prominent intersection. Tennant reports 61.8m of 2.3% Cu, 0.4 g/t Au (2.8% CuEq*) from 149.2m, including 13.2m of 9.6% Cu, 1.51 g/t Au, (11.1% CuEq*) from 149.9m, including 6.85m of 17% Cu, 0.5 g/t Au, (17.7% CuEq*) from 155m, and, including gold grades up to 14.7 g/t Au.

Results are pending from five holes tested along strike within the 1.5km long gravity ironstone target zone (see Figure 3) for Bluebird repeats. Two of these holes intersected visible copper mineralization on the Bluebird East target, intersecting a 61m zone of hematite alteration, including 14m of strong hematite alteration with visible copper mineralization (chalcopyrite and minor chalcocite) in BBDD0048, and, a 24m zone of strong hematite alteration and 8m of copper mineralization in BBDD0043. The new results are from the recent successful expansion drilling program at Bluebird, which has completed 17 holes to date for a total length of 3,886m.

The structural interpretation suggests a potential link between Bluebird East and the main high-grade Bluebird discovery over a strike length of 800 meters and over 400 meters vertically, open in all directions (see longitudinal projection, Figure 1 and plan projection, Figure 2).

Vincent Algar, new CEO of Tennant Minerals, 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 that is open at depth. It follows the intersection of significant visible copper mineralization in two widely spaced drill holes at the Bluebird East discovery, suggesting that mineralization at Bluebird may continue from surface to a depth of more than 400m and may be associated with Bluebird East over a strike length of more than 800m. Each drill hole reinforces that Bluebird is an exceptional, emerging copper-gold discovery that will continue to grow with further exploration.”

Geological map of the Bluebird region shows >800m strike length with mineralized footprint, target zones and drill results.
Figure 1: Bluebird Longitudinal Projection highlighting the prominent intercept in BBDD0045 and copper mineralized intercepts at Bluebird East. Assays from Bluebird East are expected shortly. Source Tennant Minerals
Aerial photo with geologic plan view from Bluebird showing the copper-gold discovery, target areas and a 3D gravity inversion model.
Figure 2: Bluebird plan projection with 3D gravity inversion model and current and planned drilling. Source Tennant Minerals

Summary: Tennant is planning a new drill program to define the Bluebird East mineralization and test continuity within the main Bluebird discovery. The primary objective of the upcoming drilling is to expand the Bluebird discovery and define high-grade copper-gold mineralization from near surface to a depth of over 400m and a strike length of more than 800m. The Company believes that the potential tonnage and grade of this expanded footprint will be sufficient to support a stand-alone mining and processing operation at Bluebird. Two large composite samples from BDD0046 and BBDD0045 are currently undergoing metallurgical testing. The results of the metallurgical test work are expected to be available in March.

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Pursuant to §34b WpHG (Securities Trading Act) and in accordance with paragraph 48f (5) BörseG (Austrian Stock Exchange Act) we would like to point out that principals, partners, authors and employees of GOLDINVEST Consulting GmbH hold or may hold shares in Tennant Minerals and therefore a possible conflict of interest exists. We also cannot exclude that other stock letters, media or research firms discuss the stocks we recommend during the same period. Therefore, symmetrical information and opinion generation may occur during this period. Furthermore, there is a consulting or other service contract between Tennant Minerals and GOLDINVEST Consulting GmbH, which means that a conflict of interest exists.

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