Tennant Minerals Limited announced that the Company has completed imaging and inversion modelling of its new drone magnetics. When combined with detailed gravity models, interpretation of the new magnetics has identified 12 coincident magnetic-gravity copper-gold targets within a 2km "Bluebird-Perseverance Target Zone" extending west of the high-grade Bluebird copper-gold discovery. This major target zone includes an exceptionally strong magnetic-gravity feature centred below the Perseverance gold workings where previous shallow drilling produced bonanza gold grades of up to 50 g/t Au2.

Bluebird sits within Tennant Mineral's Barkly Project in the Tennant Creek Mineral Field (TCMF). The TCMF produced more than 5Moz of gold and 500kt of copper between 1934 to 20053. Then Bluebird discovery recently produced spectacular high-grade copper-gold intersections including 63m @ 2.1 % Cu and 4.6 g/t Au from 153.0m including 27.55m @ 3.6 % Cu and 10.0 g/t Au in BBDD00121.

The intersection of high-grade copper and gold at Bluebird highlights the Project's potential to host deposits similar to other previously mined ore-bodies in the Tennant Creek Mineral Field such as the Peko deposit, which produced 3.7Mt @ 4% Cu and 3.5 g/t Au from 1934 and 19813, and Nobles Nob, which produced 2Mt @ 17.3 g/t Au from 1947 to 19863. Peko and Nobles Nob are both located within 20km of Bluebird in identical geological settings. Modelling of detailed gravity survey data indicates Bluebird is associated with a gravity high, that is part of a 5km strike-length gravity anomaly ("Bluebird Corridor").

The gravity high indicates widespread iron enrichment, which is associated with the major copper-gold deposits in the Tennant Creek Mineral Field. Within the Bluebird Corridor a deep-seated, west-southwest trending gravity high has been modelled, extending for 2km and linking the Bluebird deposit with a large gravity feature identified below the historic Perseverance gold workings. Previous ground magnetics indicated that Bluebird is associated with a discrete, reverse-polarised magnetic anomaly.

The relatively poor-quality ground magnetics data was not obtained over the Perseverance area. The new, high-resolution, drone magnetics survey data that has now been (reverse) imaged and modelled has highlighted a west-southwest trending magnetic high interpreted to represent a mineralized fault zone associated with the high-grade copper-gold mineralisation intersected at Bluebird. Multiple other magnetised fault structures continue west-southwest to intersect the Perseverance target, 2km west of Bluebird, where the largest coincident magnetic-gravity feature occurs.

The strong reverse-polarised magnetic anomaly at Perseverance is coincident with the deep-seated gravity high that links with Bluebird, defining the 2km strike-length Bluebird-Perseverance Target Zone. Previous RC drilling under the Perseverance workings produced shallow high-grade gold intersections such as 3m @ 50.0 g/t Au from 42m in PERC0152 and 3m @ 43.2 g/t Au from 72m in PERC0012. These results may represent the upper-part of a major copper-gold system which is indicated by the large and deep-seated gravity anomaly (ironstone) and the coincident, reversely-polarised magnetic anomaly (magnetite associated with copper-gold mineralisation) which is analogous to the Bluebird geophysical signature.

All up, the Company has Identified 12 coincident magnetic-gravity targets within the 2km Bluebird-Perseverance Target Zone. Previous shallow RAB drilling failed to penetrate the leached-weathered zone in these target areas and, apart from at Bluebird, has not tested the underlying magnetic-gravity features. The geophysical evidence suggests that Bluebird is just one of a number of even stronger coincident magnetic-gravity highs with the same signature as the Bluebird copper-gold deposit.

The Company will immediately carry out an IP dipole-dipole survey over the Bluebird deposit to detect the sulphides associated with the copper-gold mineralisation. This will allow the Company to rank and prioritise the magnetic-magnetic targets identified within the 2km strike-length Bluebird-Perseverance Target Zone for drill testing. Further RC and diamond drilling follow-up programs will then be fast-tracked following completion of the IP surveys and modelling of the key priority targets.

THE BLUEBIRD DRILLING PROGRAM: Recent drilling at the Company's Barkly copper-gold project, 45km east of Tennant Creek has focussed on follow-up drill testing the Bluebird copper-gold discovery to the west and at depth below previous drilling4 to scope the extent of the high-grade copper and gold mineralisation. The first stage of this follow-up drilling program included 6 holes for 1,700m1 that tested the westerly plunging copper-gold shoot and produced the thick, high-grade copper and gold intersections in the initial hole, BBDD00121 (63m @ 2.1 % Cu and 4.6 g/t Au from 153.0m including 27.55m @ 3.6 % Cu and 10.0 g/t Au). All 6 diamond drillholes intersected extensive hematite-magnetite alteration and visible copper mineralisation.

This drilling has extended the zone to the west over a strike length of >150m and to a depth of more than 200m below surface, where it remains completely open. Core samples from a further three mineralised intersections (BBDD0013, 14, 15) are currently being assayed and the final two holes of the program (BBDD0016, 17) will be submitted to the lab shortly. Following receipt and interpretation/modelling of results from this program and completion of down hole electromagnetics (DHEM) from the two western-most holes, BBDD0016 and BBDD0017, a second stage of drilling will be carried out to expand the footprint of the high-grade copper-gold mineralisation at Bluebird.