Tennant Minerals Limited

Tennant Minerals Limited (ASX:TMS)

Offer Price

A$0.025

per share

Offer Size

A$2,500,000

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Tennant Minerals Limited

Placement

Tennant Minerals Limited (ASX:TMS)

TMS

Lead Manager

Offer Price

A$0.025

per share

Offer Size

A$2,500,000

Placement

Tennant Minerals Limited

Offer Details

  • Issue Price: $0.025
  • 1:1 Free Attaching Options with an exercise price of $0.048 expiring 31 December 2027. Options to be ASX listed are subject to meeting listing requirements.
  • Black Scholes value per option: $0.0113
  • Effective Entry: $0.014 ( ~51% Discount to last trade)

Use of Funds

The minimum funds raised will be focused towards:

  • Drilling to expand and test for repeats of the Bluebird discovery - $2m
  • Metallurgical work and initial development studies - $0.2m
  • General Working Capital purposes - $0.3m

Barkley Project

The project includes the Bluebird high-grade copper-gold discovery, located within a 5km east-west trending mineralised ironstone/structural corridor. Drilling to date has defined high-grade copper-gold mineralisation from 60m to over 400m depth and over 800m strike length – open in all directions. Recent drilling has produced multiple thick and high-grade copper-gold intersections including:

  • 61.8m @ 2.3% Cu, 0.4 g/t Au incl. 6.8m @ 17% Cu, 0.5 g/t Au in BBDD0045,
  • 17.95m @ 11.1 g/t Au, 2.7% Cu incl. 5.1m @ 38.6 g/t Au, 6.1% Cu in BBDD0026,
  • 14.1m @ 7.6% Cu, 2.4 g/t Au incl. 2.6m @ 18.8% Cu, 12.3 g/t Au in BBDD0042.

Recently, first-pass metallurgical test-work on the Bluebird discovery delivered copper recoveries of up to 97% into a concentrate grading up to 23% Copper (Cu) and 1.5g/t gold. New drilling set to commence immediately following the northern wet-season will focus on open extensions of the deposit and step out targets within the 2.5kmBluebird-Perseverance mineralised corridor, aiming to define a substantial Cu-Au Mineral Resource.

Figure-1-Location-of-Barkley-Project-and-historical-mines-980x722.jpeg

Babbler Project

The Babbler prospect tenement lies to the south of and adjoins the Barkly tenement. Interpreted magnetic and gravity anomalies indicate that the same rocks that host the Bluebird discovery continue under shallow cover throughout the Babbler tenement. The geophysical programs have defined targets with a similar signature to Bluebird indicating that Babbler is highly prospective for Tennant Style Creek copper-gold mineralisation. The main geophysical targets identified are nearby a North-West trending structure that is known to control mineralisation and drilling is planned to test these targets