Terra Metals: 58m-thick magnetite reef hit at new Southwest Prospect, Phase 3 drilling ramps up

22 September 2025 | West Musgrave, WA – Terra Metals (ASX:TM1) has intersected a 58m-thick titano-magnetite reef from 132–190m in hole SWRC008 at the newly defined Southwest Prospect within the Dante Project—its thickest reef interval to date and an early win from the company’s Phase 3 drill program. The intercept sits inside a corridor where 5.2km of new reef strike has recently been mapped. Assays are pending (approx. six weeks).

Three rigs (two RC, one diamond) are now operating, with multiple high-priority targets still to test across the Southwest area and broader Jameson Layered Intrusion. Terra notes less than 10% of total strike has been drilled so far, following the recent 148Mt maiden MRE, and says the system shows potential for Cu–Au–PGM–Ni–Co–V–Ti mineralisation alongside the vanadiferous magnetite reefs.

CEO Thomas Line said the result “is an outstanding achievement… and a clear validation of our exploration strategy,” adding that strong institutional backing from a recent $15m placement enables the company to accelerate drilling and metallurgical work.