TENNANT MINERALS LIMITED BLINAonlyMINERALS NL ASX ANNOUNCEMENT TENNANT MINERALS
24 September 2019
LIMITED
useASX ANNOUNCEMENT Board:
13 December 2021
David Porter
Non-Exec tive Chairman
GinoBoard:D'Anna
Non-Executive Director
personalM tthew Driscoll M tthew Driscoll
-Executive Chairman NNon-Executive Director
Gi o D'Anna
CapitalN n-ExecutiveStructure:Director
Michael Scivolo
4.593 Billion Shares
Non-Executive Director 904 Million Options
@ 0.17c xp 31/10/2020
N ville Bassett
Non-Executive Director
ASX Code: BDI
ForCapital Structure:
465.38 million Shares
307.5 million Options @ $0.03 exp 23/04/24
ASX Code: TMS
Capital Raising Completed
Exploration Update at the Barkly Copper-
Gold Project, NT
Drilling currently underway, intersecting up to 50m of mineralisation
Tennant Minerals completes placement to sophisticated and professional investors to raise $1 million (before costs) via the issue of 50 million fully paid ordinary shares (ASX. TMS) at $0.02 per share with a free attaching option on
- 1-for-2basis resulting in the issue of 25 million options (ASX. TMSO) (Placement)
Placement will be completed using ASX Listing Rule 7.1 and a portion of ASX Listing Rule 7.1A capacity
Funds raised will be used to immediately advance exploration of the Barkly Copper-Gold Project located in the Northern Territory where drilling is currently underway, intersecting a new zone of copper-gold mineralisation
The first four diamond drillholes have been completed for 802.6m, all intersecting significant intervals of haematite breccia with copper mineralisation (malachite +/- chalcocite).
The most significant mineralised intersection to date is in BBDD0009, that intersected 50m from 166m of intense haematite, brecciation and minor to abundant malachite/chalcocitein the main zone and continued into the footwall zone1, not previously intersected (previous hole BBRC019 ended in the main target zone at 3.9g/t Au, 4.8% Cu1).
The next hole, BBDD0010, tested the mineralised zone a further 20m down plunge from BBDD0009, intersecting over 35m of quartz veining, haematite alteration and copper mineralisation (including native copper) from 190m.
The last hole of the current program, BBDD0011, a further step-out 20m to the west of any previous testing, is in progress.
Drillcore is currently being logged and sampled at Tennant Creek, before despatch to Alice Springs for sample prep. then Intertek Perth for analyses
Tennant Minerals Limited (ASX: TMS) (TMS or the Company) is pleased to announce that it has received a letter of firm commitments from Westar Capital Limited in relation to a capital raising of $1 million (before costs) via issue of 50 million fully paid ordinary shares (ASX. TMS) at $0.02 per share with a free attaching listed option on a 1-for-2 basis resulting in the issue of 25 million listed options (ASX. TMSO) (Placement).
The Placement will be completed using the Company's available capacity under ASX Listing Rule 7.1 (a total of 42,406,439 shares) and a portion of the available capacity under ASX Listing Rule 7.1A (a total of 7,593,591 shares). The Placement Options will be issued pursuant to ASX Listing Rule 7.1 (a total of 25,000,000 listed options).
** This announcement is authorised by the board on behalf of the Company **
Tennant Minerals Limited ACN 086 471 007 I Level 1, 247 Oxford Street, West Leederville WA 6007 I www.tennantminerals.com
In addition, the Company has completed the issue of 1,200,000 fully paid ordinary shares (ASX. TMS) and 1,200,000 listed options (ASX. TMSO) to technical consultants that have been instrumental in the Company being able to deliver on its commitment to exploration and development of the Company's 100% owned Barkly Copper-Gold Project, located in the Northern Territory (Consultant Share Issue). The Consultant Share Issue will be completed using the Company's available capacity pursuant to ASX Listing Rule 7.1.
onlyA Cleansing Prospectus will be lodged with the ASIC on or about 15 December 2021 in relation to the Placement and Consultant Share Issue.
Funds raised from the Placement will be applied to diamond drilling at the Bluebird high-gradecopper-gold prospect, at the Company's 100%-owned Barkly Project in the Northern Territory, as well as general working capital.
EXPLORATION UPDATE - BLUEBIRD PROSPECT
Drilling at the Bluebird prospect is progressing very well, with the first four (4) diamond drillholes already completed, for 802.6m. All four holes have intersected intense haematite alteration with visible copper mineralisation use(malachite and/or chalcocite) in the main target zone. In addition, BBBD0008, 0009 and 0010 were continued into
a newly discovered footwall zone of mineralisation.
The third hole of the program, BBDD0009, tested the centre of the currently identified high-grade shoot on section 448,380mE (see longitudinal projection Figure 2). This hole intersected a 50m zone from 165.6m of intense haematite-silicabreccia with minor to abundant malachite with chalcocite (copper sulphide) in the main target zone, continuing into the newly discovered footwall zone to 216m. This is the first time the footwall of the main
zone has been tested on this section, a previous hole, BBRC019, having been abandoned in 3.9 g/t Au, 4.8% Cu1 at personalend of hole after intersecting only 17m of mineralisation.
Tennant Minerals Chairman, Mr Matthew Driscoll, commented:
"This Bluebird diamond drilling program has already achieved its key objectives, including successfully testing the main target zone and intersecting significant thicknesses of mineralisation with visible copper minerals, well into the f otwall.
"The Company has successfully raised $1 million (before costs) with overwhelming support from existing shareholders and new sophisticated and professional investors. The funds raised from the Placement will be applied to ongoing exploration and development of the Company's 100% owned Barkly Copper-Gold Project.
"We look forward to seeing the results of the Bluebird drilling completed to date, as well as the outcome of step out holes designed to expand the footprint of this very high-gradecopper-gold deposit."
Recently completed BBDD0010 tested the mineralised zone a further 20m down plunge from BBDD0009, intersecting over 35m of quartz veining, haematite alteration and copper mineralisation (including native copper) from 190m.
The current hole, BBDD0011, is stepping out down plunge of the identified mineralised zone and will be completed Forbefore the Christmas break (see longitudinal projection, Figure 2).
This drilling has the potential to expand the footprint of the Bluebird shoot and determine if the scale, as well as the grade, can replicate other major high-gradecopper-gold deposits in the Tennant Creek mineral field such as the Peko deposit, that produced 147,000 tonnes of 4% Cu and 414Koz at 10 g/t Au and lies only 20km to the west of Bluebird (see location, Figure 3).
Drillcore from these first four holes is currently being logged prior to sampling for despatch to the Intertek laboratory in Alice Springs for sample preparation then pulps to be sent for a full ICP suite of analyses at Intertek, Perth.
Appendix 1 includes drillhole details to date. Appendix 2 includes JORC table 1, including details and sampling procedures in previous holes.
** This announcement is authorised by the board on behalf of the Company **
Tennant Minerals Limited ACN 086 471 007 I Level 1, 247 Oxford Street, West Leederville WA 6007 I www.tennantminerals.com
Refer to ASX Announcement dated 6 December 2021 and titled "New Intensely Mineralised Cu Zone Intersected at Bluebird" and lodged by the Company on the MAP Platform.
onlyuse
personalFigure 1: Bluebird cross-section 448,400mE with the BBDD0007 and BBDD0008 mineralised intersection and previous intersections as well as the new footwall zone discovery
ForThe mineralisation intersected at Bluebird is typical of the high-gradecopper-goldore-bodies in the Tennant Creek Mineral Field of the Iron-Oxide-Copper-Gold (IOCG) type. The high-grade mineralisation is associated with intense haematite alteration and brecciation with quartz veining inside a halo chlorite alteration and variable haematite development. The upper parts of the shoots include secondary malachite (copper-carbonate) minerals which transitions to primary sulphide mineralisation at depth e.g. chalcocite, bornite, chalcopyrite or tennantite.
The drilling to date has only just penetrated the transition to primary sulphide mineralisation in association with the IOCG mineralisation. Orebodies such as Peko occur as multiple shoots within a plunging alteration zone of similar dimensions to Bluebird. The shoot currently being drilled may represent only the upper zone of a much larger deposit and deeper drilling would be required to test for repeats/extensions at depth.
** This announcement is authorised by the board on behalf of the Company **
Tennant Minerals Limited ACN 086 471 007 I Level 1, 247 Oxford Street, West Leederville WA 6007 I www.tennantminerals.com
In addition to Bluebird, there is excellent potential to discover multiple high-gradecopper-gold shoots within the 5km strike length corridor of coincident magnetic and gravity highs that includes Bluebird and the Perseverance mine. This corridor has had minimal testing below the leached zone that continues to >50m below surface. Further modelling of the magnetic and gravity data will help determine depths to target to assist further drill targeting.
For personal use only
Figure 2: Bluebird longitudinal projection showing BBDD0007, BBDD0008 and BBDD009 pierce points
** This announcement is authorised by the board on behalf of the Company **
Tennant Minerals Limited ACN 086 471 007 I Level 1, 247 Oxford Street, West Leederville WA 6007 I www.tennantminerals.com
ABOUT THE BARKLY PROJECT, BLUEBIRD PROSPECT, DRILLING PROGRAM
The Barkly Copper-Gold Project ("Barkly" or "the Project") is located approximately 45km east of the town of Tennant Creek and
onlycomprises two Exploration Licences, EL 28620 (Barkly Project) and EL 30701 (Babbler Project) (Figure 3).
The Barkly-Babbler Project is considered highly prospective for magnetite hosted copper-gold mineralisation, similar to other major deposits f und elsewhere in the Tennant Creek Mineral Field, such as the Peko deposit (Figure 3), only 20km to the west of the Barkly project, that
useproduced 147,000 tonnes of 4% Cu and 414Koz at 10 g/t Au between 1934 and 1981.
The Company's initial focus is the Bluebird Prospect, where previous drilling intersected high-gradecopper-gold mineralisation, at relatively shallow depth.
personalThe diamond drilling program at the Bluebird Prospect (see plan, Figure 4) is planned to comprise up to seven (7) diamond drillholes for a total of up to 1,500m of drilling. The program is designed to test the entire thickness of the high-gradecopper-gold mineralisation, as well as test the down-dip / plunge extensions of the zone.
The drilling follows-up previous high-grade drilling intersections from the November 2020 RC drilling program1, when the Company undertook an initial exploration drilling campaign at the Barkly Copper Gold Project of seven (7) drill holes for a total of approximately 1,170m. Significant intersections from the 2020 program included:
BBRC0015
BBRC0019
The 2020 RC holes were drilled to in-fill and extend previous RC and diamond drilling completed in 20143, that intersected high-gradecopper-gold mineralisation within an ironstone unit on a west-northwest trending, steeply south dipping, fault zone and produced several very high-grade intersections, including:
ForSignificantly, drill hole BBRC00191, drilled below BBRC013, which was previously the deepest and most westerly hole drilled at Bluebird3, intersected strongly haematite altered siltstone and ironstone from 172m to 187m but was abandoned at that depth due to in-hole caving. The hole ended in high-grade copper-goldmineralisation, with the last metre assaying 3.9 g/t Au and 4.81% Cu.
The third hole of the current program (BBDD0009) has already tested the footwall in the vicinity of this intersection and intersected 50m of intense haematite alteration and brecciation, with minor to abundant copper mineralisation (malachite/chalcocite).
** This announcement is authorised by the board on behalf of the Company **
Tennant Minerals Limited ACN 086 471 007 I Level 1, 247 Oxford Street, West Leederville WA 6007 I www.tennantminerals.com
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Tennant Minerals NL published this content on 13 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 December 2021 00:15:10 UTC.
