Tennant Minerals : Exploration Fast-Tracked at Bluebird Copper-Gold Discovery

ASX ANNOUNCEMENT
24 March 2022	ASX : TMS

Exploration Fast-Tracked at Bluebird Copper-Gold Discovery

- New diamond drilling to extend Bluebird discovery and high-resolution
drone magnetic survey to prioritise additional targets along 5km strike
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use	 Parallel exploration programs being fast-tracked at Tennant Mineral's 100%-owned Bluebird
copper-gold discovery in Tennant Creek to follow up on latest exceptionally thick, high-grade
drilling intersections, including:
o 50.0m @ 2.70% Cu and 0.52 g/t Aufrom 158m (down hole) in BBDD00091,
personal	- including 24.0m @ 5.01% Cu and 1.01 g/t Aufrom 159m,
o 35.5m @ 2.58% Cu and 0.27 g/t Aufrom 194m (down hole) in BBDD00102,
- including 18.0m @ 4.74% Cu and 0.50 g/t Aufrom 197m,
 Titeline Drilling are contracted and mobilising a diamond rig to Bluebird for a follow-up
1,500m drilling program designed to grow the footprint of the Bluebird copper-gold discovery
 Initial holes will target the central part of the shallow westerly plunging copper-gold shoot
above the exceptional BBDD0010 and BBDD0011 intersections. Drilling will then step out to
the west, testing extensions to the mineralisation in an area which remains completely open
For	 The accelerated exploration program also includes a high-resolutiondrone-magnetics survey
to better define multiple, coincident, magnetic-gravity targets within the 5km Bluebird
Corridor. Historical shallow drilling failed to effectively test these targets and the results from
this survey will guide new drilling for further copper-gold discoveries along the corridor

 Success in the next diamond drilling phase - and definition of multiple new targets for repeats of Bluebird along strike - will open up the potential for a major new, high-grade copper-golddiscovery at the eastern end of the Tennant Creek Mineral Field

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 Chairman, Mr Matthew Driscoll, commented:

"We are very excited to continue this highly-successful drilling program at Bluebird, to see how big this new copper-gold discovery at Tennant Creek can grow.

"In addition, the new drone magnetics survey we are undertaking will enable us to better define and prioritise the multiple copper-gold targets already identified over the 5km potentially mineralised corridor. These targets are all similar, if not larger, than Bluebird, which adds to our confidence in making further high-grade copper- gold discoveries and thus unlocking the true potential of this exciting discovery."

Tennant Minerals Limited (ASX: TMS) ("Tennant", or the "Company") is pleased to announce it has fast-tracked exploration at Bluebird copper-gold discovery ("Bluebird") to follow-up on recent exceptional drilling results.

Bluebird is located within Tennant's 100% owned Barkly Project, 45km east of Tennant Creek township in the Northern Territory (see location, Figure 6).

Follow-Up Diamond Drilling Program

Tennant has finalised a new drilling contract with Titeline Drilling Pty Ltd ("Titeline"), who are mobilising to carry out a follow-up diamond drilling program at Bluebird. A minimum of 6 holes for 1,500m of diamond drilling is planned to commence early to mid-April.

Initial holes will target the central part of the shallow westerly plunging copper-gold shoot above the BBDD0010 (see Figure 1) and BBDD0011 (see Figure 2) intersections2, immediately down plunge from the thick high-grade intersection in BBDD0009 of 50.0m @ 2.70% Cu, 0.52 g/t Au from 158m incl. 24.0m @ 5.01% Cu, 1.01 g/t Au1.

Further step-out holes, 40m to the west of the BBDD0011 intersection, on section 448,300mE, will extend testing of the Bluebird coper-gold discovery to over 200m strike-length (see longitudinal projection, Figure 3). The scoped dimensions of the deposit will then be of similar scale to other, major, copper-gold deposits in the Tennant Creek Mineral Field such as the Peko deposit 20km to the west of Bluebird that historically produced 147,000 tonnes of copper grading 4% Cu and 414,000oz of gold at 10 g/t Au between 1934 and 19813.

Figure 1: Cross-section 448,360mE with BBDD0010

Figure 2: Cross-section 448,340mE with BBDD0011

The recent intersections of high-grade copper with gold mineralisation in BBDD0010 (Figure 1) and BBDD0011 (Figure 2) both penetrated the primary copper-sulphide (chalcocite) zone after passing through a transitional supergene zone that included native copper. Copper grades are generally similar in the sulphide zone (e.g.

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chalcocite intersection of 5.0m @ 6.53% Cu, 0.67 g/t Au from 197m in BBDD00102), with higher-gradebismuth, cobalt and iron but lower grade gold when compared with the supergene zone (e.g. previous intersection 20m at 0.61% Cu, 8.17g/t Au, from 157m in BBDD0024, see Figure 3).

The intersection of high-grade copper in primary sulphide mineralisation and iron enrichment at Bluebird indicates that Bluebird is a significant primary sulphide deposit associated with an iron oxide copper-gold (IOCG) system - typical of the high-gradecopper-goldore-bodies mined in the Tennant Creek Mineral Field.

Figure 3: Bluebird longitudinal projection with BBDD0010 & BBDD0011 intersections and planned hole pierce points

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High-Resolution Drone Magnetic Survey to Define Multiple Targets in 5km Bluebird Corridor

Previous detailed gravity surveying indicates that Bluebird is associated with a gravity high, that is part of a five kilometre (5km) long gravity anomaly or "ridge" (see Figure 4 below), indicating widespread iron enrichment in the primary zone below the near surface leaching that penetrates to >80m depth at Bluebird.

Figure 4: Bouger 1VD gravity image with Bluebird Prospect and magnetic targets in the 5km Bluebird Corridor

In addition, previous ground magnetics indicates that Bluebird is associated with a bullseye magnetic anomaly that is evident in recently pre-processed magnetic imagery (see Figure 5 below). The re-processing has reversed the apparent polarity of the magnetic anomalies and has now highlighted multiple "positive" magnetic features along strike from Bluebird, associated with coincident gravity highs (Figure 5).

Figure 5: Reversed Ground-Magnetics Image, with Bluebird and other magnetic targets in the Bluebird Corridor

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In order to better define these magnetic anomalies along strike from Bluebird a new, high-resolution, drone magnetic survey is being flown over the 5km Bluebird gravity/magnetic corridor to better define at least 12 other priority targets for further drilling.

This drone magnetic survey will be carried out in early April, just prior to the diamond drilling program, so that processing can be carried out to define priority targets for further, targeted, drill-testing.

It is evident that there are multiple coincident magnetic - gravity highs along the 5km Bluebird Corridor that have not been effectively tested with previous drilling and may be associated with additional high-gradecopper-gold deposits.

Planning of a further, extensive, RC drilling program will be fast-tracked following completion of the drone- magnetics survey and modelling of both the gravity and magnetics data.

ABOUT THE BARKLY PROJECT AND THE BLUEBIRD COPPER-GOLD DEPOSIT DRILLING PROGRAM

The Barkly Copper-Gold Project ("Barkly" or "the Project") is located approximately 45km east of the town of Tennant Creek and comprises two Exploration Licences, EL 28620 (Barkly Project) and EL 30701 (Babbler Project) (Figure 6).

Figure 6: Location of the Barkly (EL 28620) and Babbler (EL 30701) Barkly Projects showing Peko and Nobles Nob mines

The Barkly and Babbler Projects are considered highly prospective for magnetite - hematite hosted copper-gold mineralisation, similar to other major deposits found elsewhere in the Tennant Creek Mineral Field, such as the Peko deposit (Figure 6), only 20km to the west of the Barkly Project, that produced 147,000 tonnes of 4% Cu and 414Koz at 10 g/t Au between 1934 and 19813.

The Company's initial focus is the Bluebird prospect, where previous drilling intersected high-gradecopper-gold mineralisation at relatively shallow depth.

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