Terra Metals Limited (ASX:TM1) Expands Dante Project with HRM Acquisition
Acquisition Details
Terra Metals Limited (ASX:TM1) has exercised its option to acquire 100% of HRM Exploration Pty Ltd through an all-scrip acquisition. The deal includes 7,500,000 fully paid ordinary shares upfront, with portions subject to escrow, and up to 11,250,000 deferred shares based on performance milestones.
Project Expansion
The acquisition nearly doubles Terra’s tenement position in the West Musgrave region, enhancing its foothold in the Jameson Layered Intrusion. HRM holds four exploration licenses covering 618 km² contiguous with Terra’s flagship Dante polymetallic project.
Operational Achievements
Recent ground activities on HRM’s tenements have confirmed extensions of target mineralisation styles, supporting the substantial exploration potential of the Dante Project. Terra is progressing metallurgical optimisation testwork and preparing a maiden Mineral Resource Estimate at the Dante Reefs discovery.
Executive Comments
Managing Director and CEO, Mr Thomas Line, stated, “We are excited to secure a dominant landholding in the emerging major metal province. Last year we made two large copper-titanium-gold-platinum-vanadium discoveries at Reef 1 North and Reef 2. Recent metallurgical testwork has confirmed the mineralisation can produce 3 high-grade concentrates with high recoveries, using simple and low-cost processing tools. We look forward to providing further updates on the expanded Dante Project in due course.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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