Exceptional Copper and Gold Results from Bluebird Eastern Extension

-          New results include a 2.6m zone of 18.8% copper and 12.3 g/t gold within a thick and high-grade intersection of 14.1m @ 10.4% CuEq* (7.6% Cu, 2.4g/t Au, 0.32% Bi)

-          High-grade copper and gold results received from the eastern extension of the high-grade Bluebird discovery including an exceptionally high-grade zone of:

-          2.6m @ 18.8% copper (Cu), 12.3 g/t gold (Au) and 1.08% bismuth (Bi) from 97.38m

-          These are the highest grade results received to date from the shallow extension of the Bluebird discovery and are part of a thick and relatively shallow (80m below surface) high-grade copper-gold intersection in diamond drillhole BBDD0042 of:

-          14.1m @ 10.4% CuEq* (7.6% Cu, 2.4g/t Au, 0.32% Bi) from 90.64m downhole,

• incl. 9.3m @ 14.7% CuEq* (10.8% Cu, 3.6 g/t Au, 0.38% Bi) from 95.4m, and,
• incl. 2.6m @ 31.5% CuEq* (18.8% Cu, 12.3 g/t Au, 1.08% Bi) from 97.38m.

-          Assay results pending from this ongoing program, which is testing targets across the 1.5km target corridor at Bluebird, include four strongly mineralised holes in three key target areas, including:

-          BBRC0026: 58.5m zone of hematite with 22.5m of visible copper mineralisation from less than 40m below surface at the Bluebird eastern extension, indicating the potential for initial open pit mining at Bluebird (see Figure 1).

-          BBDD0043: 24m zone of chlorite-silica-hematite alteration including 8m of copper mineralisation1 (chalcocite, malachite) in the Bluebird East target zone. Further drilling of this potentially important discovery is in progress, targeting a repeat of the Bluebird high-grade copper-gold mineralised zone (see Figures 2, 3 and 4).

-          BBDD0045 and BBDD00461: strong to intensely mineralised intersections in the Bluebird western high-grade gold-copper zone (Figure 3). Drill core is being sampled for metallurgical composites and assay. Metallurgical test work will include gravity concentration of free gold and native copper, followed by flotation tests to produce high-grade copper concentrate.

Tennant Minerals acting Chairman Neville Bassett commented:

“This latest intersection has again demonstrated the widespread and exceptional copper and gold grades along the entire identified strike-length of the Bluebird discovery.

“Mineralisation has been intersected from 40m below surface, indicating potential to access the top of the deposit via an open pit, before continuing as a long life underground mine.

“We continue drilling the Bluebird East discovery, which has the potential to be a repeat of the Bluebird high-grade copper-gold zone drilled to date, further enhancing the project’s development potential.”

December 4, 2023 – Tennant Minerals Ltd (“Tennant” or “the Company”) (ASX:TMS) is pleased to announce further exceptionally high-grade copper and gold results from diamond drilling at the shallow eastern extension of the Bluebird discovery (see Figures 1, 2 3) at the 100%-owned Barkly Project in the Northern Territory.

The new results are from the current phase of the ongoing, drilling program which has to date comprised 15 holes for around 3,000m1 (see Table 1 for significant intersections and Table 2 for drillhole details).

These first new drilling results from diamond drillhole BBDD0042 in the shallow eastern extension of the Bluebird discovery (see Figures 1 and 2), include an exceptionally high-grade zone of 18.8% copper (Cu), 12.3 g/t gold (Au) within a thick and high grade copper and gold intersection which includes:

-          14.1m @ 10.4% CuEq* (7.6% Cu, 2.4g/t Au, 0.32% Bi) from 90.64m downhole,

• incl. 9.3m @ 14.7% CuEq* (10.8% Cu, 3.6 g/t Au, 0.38% Bi) from 95.4m, and,
• incl. 2.6m @ 31.5% CuEq* (18.8% Cu, 12.3 g/t Au, 1.08% Bi) from 97.38m.

Figure 1: Bluebird cross section 448,500mE showing new high-grade copper and gold intersection in BBDD0042

Shallow drilling on the same section in hole BBRC0026 (Reverse Circulation (RC) with a diamond tail), intersected a 58.5m zone of hematite alteration from 10m downhole with 22.5m of visible copper mineralisation from 46m downhole, or less than 40m vertically below surface (see Figure 1, refer to Appendix 2 for descriptions of mineralisation). The intersection of significant mineralisation at these shallow depths indicates potential for initial open pit mining at Bluebird, before continuing as a longer term underground mine.

Figure 2: Bluebird plan projection showing currently drilled mineralisation model, 3D gravity inversion model and current and planned drilling.

Drilling is now continuing to test the new Bluebird East discovery (see Figure 3), where previously announced drillhole BBDD00431 intersected a 24m zone of chlorite-silica-hematite alteration and sulphide mineralisation including 8m of copper mineralisation (chalcocite, malachite) (see cross section, Figure 4, and Appendix 2 for descriptions of mineralisation)1. Results for this hole are expected within 4 to 6 weeks.

The intersection of copper mineralisation in the footwall of the Bluebird ironstone at Bluebird East1 is highly significant, as it may indicate the discovery of a repeat of the Bluebird high-grade copper-gold zone. Further drilling is now testing the down-plunge extensions of this zone extending west, where the ironstone and mineralisation are indicated to extend by gravity, detailed drone magnetics and IP resistivity modelling (see Figures 2, 3 and 4).

The discovery of a repeat of Bluebird at Bluebird East would represent potential to double the footprint of the copper-gold mineralised zone (see Figure 3 4).

Cautionary note regarding visual estimates:

In relation to the disclosure of visual mineralisation above, within the text below and as detailed in Appendix 2, the Company cautions that visual estimates of oxide, carbonate and sulphide mineralisation material abundance should never be considered a proxy or substitute for laboratory analyses. Laboratory ICP-MS and ICP-OES analyses are required to determine widths and grade of the elements (e.g., copper, Cu) associated with the visible mineralisation reported from preliminary geological logging. The Company will update the market when laboratory analytical results are received and compiled. Assay results for the majority of this program are expected to be available within the next 2-6 weeks. Target mineral abundances are estimated along with general geological descriptions.

Figure 3: Bluebird longitudinal projection showing key copper-gold intersections, new high-grade copper and gold intersections planned drilling of the Bluebird East Target

Figure 4. Bluebird East Cross-section 448,800mE, with significant hematite and copper intersection in BBDD0043

Drilling results from further mineralised intersections within the Bluebird Eastern Extension and from strong to intensely mineralised intersections in the Bluebird western high-grade zone1 are expected within the next 4 to 6 weeks (see Appendix 2 for descriptions of mineralisation).

Other targets remaining to be tested include western, down-plunge, extensions of the main copper-gold zone at Bluebird and geophysical targets at Bluebird West. Northern Territory government co-funding will be sought to test the deeper targets and other regional targets such as Perseverance North and at Babbler (see Figure 5).

Bulk metallurgical composite samples will be generated from the strongly mineralised holes in the western high-grade zone, BBDD0045 and 00461, which tested the western high-grade gold-copper zone of the Bluebird deposit. This work will include flotation tests for sulphide mineralisation as well as gravity concentration tests for native copper and free gold.

Mineral Resource modelling will be carried out after receipt of results from the current drilling program at Bluebird.

ABOUT THE BARKLY PROJECT AND THE BLUEBIRD COPPER-GOLD DISCOVERY

The high-grade Bluebird copper-gold discovery is located within the Company’s 100% owned Barkly Project, on the eastern edge of the richly endowed Tennant Creek Mineral Field, which produced over 5.5Moz of gold and over 700kt of copper from 1934 to 20052 (see Figure 5 below).

Figure 5: Location of the Barkly Project and major historical mines in the Tennant Creek Mineral Field

The mineralisation intersected at Bluebird is typical of the high-grade copper-gold orebodies in the Tennant Creek Mineral Field. The high-grade mineralisation is associated with intense hematite alteration and brecciation with secondary malachite (copper-carbonate) in the upper parts as well as native copper, which transitions to primary sulphide mineralisation at depth e.g. chalcocite, bornite and chalcopyrite.

Drilling to date has identified copper-gold mineralisation at Bluebird over a 500m strike length and to over 250m depth. The mineralisation remains completely open in all directions (Figures 2 and 3).

The Company has the dual approach of defining the Mineral Resource potential of the Bluebird discovery while also testing other key targets in the Bluebird-Perseverance corridor based on gravity, magnetics and IP resistivity survey modelling3.

Authorised for release by the board of directors.

***ENDS***

For enquiries please contact:

Stuart Usher

Company Secretary

M: +61 (0) 499 900 044  

Andrew Rowell

White Noise Communications

M: +61 (0) 400 466 226

REFERENCES

1 15/11/2023. Tennant Minerals (ASX.TMS): “Strong to Intense Copper Mineralisation Bluebird and East”

2 Portergeo.com.au/database/mineinfo. Tennant Creek - Gecko, Warrego, White Devil, Nobles Nob, Juno, Peko, Argo.

3 25/08/2022. Tennant Minerals (ASX. TMS): “Standout Geophysical Targets to Replicate Bluebird Cu-Au Discovery”.