Favorable metallurgical characteristics confirmed
Tennant Minerals Limited (ASX: TMS; FRA: UH7A) is targeting a maiden resource at its Bluebird high-grade copper-gold discovery at the Barkly project in Australia’s Northern Territory for this year. In its just released June 30, 2024 quarterly report, the Company notes that Bluebird is “one of the most significant discoveries of Tennant Creek style iron oxide copper-gold mineralization in over 20 years”.
The Company completed 22 reverse circulation (RC) drill holes for 6,253 meters during the quarter. The drilling successfully tested the eastern and western extensions of the known high-grade copper-gold mineralization at Bluebird and included the first new step-out drilling towards the prospective Perseverance targets located 1.5 km west of Bluebird. Assays from the drill samples are currently being analyzed in the laboratory. At the end of the quarter, the company had capital resources of AUD 4.47 million. The company had successfully completed a $4.78 million capital raise at the beginning of the quarter.
During the quarter, Tennant Minerals was able to confirm the very favorable metallurgical characteristics of the Bluebird discovery. Flotation test results on bulk samples from diamond core drill holes BBDD0045 and BBDD0046 at Bluebird confirmed excellent flotation recoveries and high concentrate grades of copper (Cu) and gold (Au). Concentrate grades of up to 29.6% Cu and 3.96 g/t Au exceeded commercial benchmarks, with 94.4% of Cu and 75.8% of Au recovered.
Vincent Algar, CEO of Tennant Minerals, commented on the quarter’s progress: “The completion of our first drill program in 2024 has opened up several new opportunities for us to expand Bluebird to the east and west and look for repeats of this exciting copper-gold discovery within the 2.5km Bluebird-Perseverance corridor, of which only 500m has been tested to date. This year’s drilling and field programs will be significant for the Company as we progress towards defining an initial mineral resource and commencing development studies. All metallurgical test work has exceeded expectations. These activities make Tennant Minerals a major player in the historic Tennant Creek mineral field – a field that has already produced over 5.5 million ounces of gold and 700kt of copper.”
Figure 1: The Bluebird discovery could be just the beginning. The eastern and western extensions of Bluebird and the Perseverance target lie within an approximately 2.5 km long corridor. Current and planned drill holes are marked with white dots.
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