Tennant Minerals : More Exceptional Copper Intersections from Bluebird

ASX ANNOUNCEMENT
15 March 2022	ASX : TMS

More Exceptional Copper Intersections from Bluebird

only	 Further exceptional, thick and high-grade, copper with gold intersections from step-out
use
drilling at the Bluebird copper-gold discovery, Tennant Creek, including:
o 35.5m @ 2.58% Cu and 0.27 g/t Aufrom 194m (down hole) in BBDD0010,
- including 18.0m @ 4.74% Cu and 0.50 g/t Aufrom 197m,
personal	-	including	5.0m @ 6.53% Cu and 0.67 g/t Aufrom 197m, and
-	including	5.6m @ 8.06% Cu and 0.84 g/t Aufrom 205.m
o 29.3m @ 1.76% Cu and 0.21 g/t Aufrom 195.7m (down hole) in BBDD0011,
- including 17.2m @ 2.67% Cu and 0.22 g/t Aufrom 195.7m,
-	including	7.3m @ 5.59% Cu and 0.36 g/t Au, 0.37% Bifrom 195.7m
 These latest two copper-gold intersections are similar to previously announced BBDD009
(50.0m @ 2.70% Cu and 0.52 g/t Au from 158m incl. 24.0m @ 5.01% Cu, 1.01 g/t Au0) but are
interpreted to be underneath the thickest part of the plunging copper-gold deposit.
For
 Priority follow-up drilling program set to commence to test up and down dip of the known
high-grade copper and gold zone, as well as down plunge to the west, to scope the tonnage
and grade potential of this significant new discovery in the Tennant Creek Copper-Gold Field.

Discovery still open at depth and to the west - with priority follow-up

diamond drilling program set to commence

 Drilling also planned to test up to 13 other priority magnetic copper-gold targets with coincident gravity highs identified along the 5km Bluebird Corridor, following remodelling of gravity and magnetic data.

Tennant Minerals Limited ACN 086 471 007 I Level 1, 247 Oxford Street, West Leederville WA 6007 I www.tennantminerals.com

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Tennant Minerals Chairman, Mr Matthew Driscoll, commented:

"These exceptional results from the two step-out holes at Bluebird reinforce our view that we are just seeing the top of this high-gradecopper-gold deposit."

"The new results indicate that the thick and high-grade copper mineralisation continues to the west and is completely open at similar grade to the previously reported 50m intersection of high-grade copper in BBDD0009.

"We look forward to our follow-up drilling program at Bluebird which is set to commence within weeks to test the projected thickest part of the copper gold deposit as well as test the mineralisation down plunge."

"This further drilling will look to scope out this exciting new discovery, that may ultimately rival other deposits historically mined at Tennant Creek, including the Peko deposit, just 20km west of Bluebird, which historically produced 147,000 tonnes of copper grading 4% and 414,000 ounces of gold grading 10 g/t."

Tennant Minerals Limited (ASX: TMS) ("Tennant", or the "Company") is pleased to announce the results of the two step-out holes completed at the Bluebird Prospect ("Bluebird"), located on the 100% owned Barkly Project, 45km east of Tennant Creek township in the Northern Territory (see location, Figure 5).

The two step-out holes are the last of five diamond drillholes in the latest 1,048m drilling program at the Barkly Project1, which aimed to test for extensions of the Bluebird copper-gold discovery - including below previous holes that had stopped in high-grade copper and gold mineralisation.

All five drillholes in the latest program intersected intense hematite alteration with visible copper mineralisation including malachite and/or chalcocite (copper sulphide), as well as native copper in the two deeper step-out holes BBDD0010 and 00110.

Diamond drillhole BBDD0010 tested the mineralised zone ~30m down plunge from the previous intersection in

BBDD0009 (50.0m @ 2.70% Cu, 0.52 g/t Au from 158m incl. 24.0m @ 5.01% Cu, 1.01 g/t Au0), intersecting more than 35m of quartz veining, hematite alteration and copper mineralisation.

BBDD0010 produced the following thick and high-grade copper with gold intersections:

1. 35.5m @ 2.58% Cu and 0.27 g/t Au(0.4% Cu cut-off) from 194.0m,
2. • including 18.0m @ 4.74% Cu and 0.50 g/t Au(1.0% Cu cut-off) from 197.0m,

-	including	5.0m	@ 6.53% Cu and 0.67 g/t Au(3.0% Cu cut-off) from 197.0m, and,
-	including	5.6m	@ 8.06% Cu and 0.84 g/t Au(2.0% Cu cut-off) from 205.0m.

The thick and high-grade copper with gold intersection in BBDD0010 is down dip and to the west of previous hole, BBRC019, which intersected 15m @ 3.46% Cu, 0.61g/t Au from 172m before being abandoned due to in- hole caving in 1m @ 4.80% Cu, 3.95g/t Au (see cross section 448,360mE, Figure 1).

BBDD0010 is interpreted to have tested underneath the thickest part of the shallow-plungingcopper-gold shoot and remains open both up and down dip as well as to the west.

Diamond drillhole BBDD0011 intersected over 27m of hematite alteration with malachite, native-copper and chalcocite mineralisation a further 30m down plunge to the west of BBDD0010 (see longitudinal projection Figure 2) and is the only drillhole that has tested the mineralisation on this section 448,340mE (see Figure 3).

The results from BBDD0011 included the following significant copper with gold intersections:

1. 29.3m @ 1.76% Cu and 0.21 g/t Au(0.4% Cu cut-off) from 195.7m,
2. • including 17.2m @ 2.67% Cu and 0.22 g/t Au(1.0% Cu cut-off) from 195.7m,

- including 7.3m @ 5.59% Cu and 0.36 g/t Au, 0.37% Bi(2.0% Cu cut-off) from 195.7m.

The intersection in BBDD0011 is interpreted to be below the central, thickest, part of the plunging copper-gold zone and further drilling is set to commence to test up-dip through the centre of the target (Figures 2 and 3).

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Figure 1: Bluebird cross-section 448,360mE with the 35.5m intersection of high-gradecopper in BBDD0010

The mineralisation intersected at Bluebird is typical of the high-gradecopper-goldore-bodies in the Tennant Creek Mineral Field of the Iron-Oxide-Copper-Gold (IOCG) type.

The high-grade copper mineralisation is associated with intense hematite (iron) alteration and brecciation with quartz veining inside a halo of chlorite alteration and variable hematite development. The upper parts of the deposits typically include secondary malachite (copper-carbonate) minerals which transition through a native copper zone, to primary sulphide mineralisation at depth e.g. chalcocite, bornite, chalcopyrite or tennantite.

The drilling to date has only just penetrated the transition to primary sulphide zone at Bluebird.

Orebodies such as the nearby Peko copper-gold deposit (see Figure 5), that historically produced 147,000 tonnes of copper at 4% Cu and 414Koz gold of 10 g/t Au7, occur as multiple shoots within a plunging alteration zone of similar dimensions to Bluebird.

The shoot currently being drilled at Bluebird may represent only the upper part of a much larger deposit and this next stage of drilling will test for extensions of the high-grade copper with gold mineralisation to the west and at depth.

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FOLLOW-UP DRILLING PROGRAM

A priority follow-up diamond drilling program is set to commence at Bluebird within weeks, to test:

1. Up and down dip extensions of the copper-gold mineralisation on the two step-out sections 448,360mE (below and possibly above BBDD0010 - see Figures 1 and 2) and 448340mE (above BBDD0011 - see Figure 3), including targeting the thickest part of the plunging copper-gold shoot.
2. Step-out40m to the west on section 448,300mE, targeting the down-plunge extensions of Bluebird (see Figure 2) to determine the immediate scope of this outstanding copper-gold discovery.

Drilling contractor, Titeline Drilling Pty Ltd, will be mobilised in early April to conduct this drilling program, in order to build on the exceptional results received to date.

Figure 2: Bluebird longitudinal projection with BBDD0010 & BBDD0011 intersections and planned hole pierce points

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Figure 3: Bluebird cross-section 448,340mE with the BBDD0011 intersections and proposed drilling with target

ADDITIONAL HIGHLY-PROSPECTIVE TARGETS ALONG THE 5KM BLUEBIRD CORRIDOR

In addition to Bluebird, there is excellent potential to discover multiple high-gradecopper-gold shoots at the

Barkly Project within the 5km strike length gravity-ridge corridor with coincident magnetic highs.

Previous interpretation of magnetic imagery identified over 13 priority targets, including the Bluebird copper-

gold deposit and the historical Perseverance gold mine (Figure 4).

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