Highlights

  • Terra Metals shares jumped 71.43% to AUD 0.36 after announcing a high-grade platinum group metal sulfide discovery at the Southwest Prospect within the Dante Project.
  • Drillhole SWT008 returned PGM grades of up to 52.97 g/t PGE3 within near-surface mineralised intervals, including 14 metres at 6.71 g/t PGE3 from 68 metres.
  • PGM–Cu–Ni mineralisation at Southwest has been defined across an 850-metre-long corridor, remains open at depth and along strike

Terra Metals Limited (ASX:TM1) shares surged 71.43% to AUD 0.36 on 27 January following the announcement of a major high-grade platinum group metal (PGM) sulfide discovery at the Southwest Prospect within its Dante Project. The sharp price move followed the release of second-pass assay results confirming exceptionally high PGM grades from recent drilling.

High-Grade PGM Results Drive Market Reaction

The share price increase followed confirmation of high-grade PGM–copper–nickel mineralisation from drillhole SWT008 at the SW5 target. Assay results returned individual grades of up to 52.97 g/t PGE3 within broader mineralised intervals starting from near surface.

Key intercepts included 14 metres grading 6.71 g/t PGE3 from 68 metres, which contained narrower intervals of 3 metres at 27.78 g/t PGE3 and 1 metre at 52.97 g/t PGE3. These results sit within a wider mineralised zone of 35 metres at 2.90 g/t PGE3 from 48 metres.

Scale and Continuity of the Southwest System

The Southwest Prospect hosts PGM–Cu–Ni mineralisation across a broad corridor, averaging approximately 50 metres in thickness. Drilling to date indicates the system extends laterally and vertically, with potential for stacked mineralised horizons associated with a feeder conduit and layered mafic intrusion.

Drillhole SWT008 was terminated at a depth of 102 metres while still in mineralisation, approximately 160 metres short of its planned target depth, indicating the system continues at depth. Additional drilling at SWT009 intersected broad anomalous PGM–Cu–Ni zones, confirming mineralisation extends northwest along the SW5–SW6 corridor.

Geological Model and Development Indicators

The mineralisation is interpreted as magmatic sulfide accumulation within a layered mafic–ultramafic intrusive system. High-grade PGM zones are associated with oxide-poor mafic units, consistent with sulfide melt segregation during magma recharge events.

Mineralisation occurring from shallow depths highlights potential development optionality, subject to further drilling and technical assessment. Terra Metals has confirmed that follow-up drilling, including oriented diamond drilling, will be undertaken to define geometry, continuity and true widths.

Share Price Performance

Terra Metals shares last traded at AUD 0.36, up AUD 0.15 on the day, representing a 71.43% increase. The price movement follows confirmation of high-grade PGM mineralisation and expanded scale at the Southwest Prospect.