Tennant Minerals : Spectacular 50m at 2.70% copper intersection at Bluebird

ASX ANNOUNCEMENT
08 March 2022	ASX : TMS

onlySpectacular 50m at 2.70% copper intersection at Bluebird

Close to true-width intersection includes 24m at over 5% Cu, 1 g/t Au with results to come from down plunge holes with native copper

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Thick, high-grade, copper with gold intersections in diamond drilling at the 100% owned Bluebird copper-gold prospect in the richly-endowed Tennant Creek Mineral Field, including:

1. 50.0m @ 2.70% Cu and 0.52 g/t Aufrom 158m (down hole) in BBDD0009,
2. • including 24.0m @ 5.01% Cu and 1.01 g/t Aufrom 159m,
   • including 5.0m @ 7.28% Cu and 1.29 g/t Au, 291 g/t silver (Ag)from 165m, and,
   • including 4.3m @ 14.7% Cu and 3.10 g/t Aufrom 176.6m.

In addition, drilling confirmed and extended high-gradecopper-gold (bismuth) mineralisation previously intersected in the upper part of the Bluebird mineralised zone, including:

1. 16.0m @ 1.24% Cu and 1.50 g/t Au, 0.19% Bi from 157m in BBDD0008,
2. • including 8.0m @ 2.07% Cu and 1.33 g/t Au, 0.27% bismuth (Bi) from 164m,
   • including 3.0m @ 2.98% Cu and 3.02 g/t Au, 0.45% Bi from 167m down hole.

The thick and high-gradeCu-Au intersections in BBDD0009 and BBDD0008 are close to true- width and open down plunge, where assay results are imminent from the last two holes of current drilling program - BBDD010 and BBDD011 - which also intersected thick zones of up to 33m of intense hematite alteration with visible copper mineralisation (see Appendix 1).

• Priority follow-up diamond drilling is set to commence in late March at Bluebird, to scope the potential for a high-gradecopper-gold resource which may ultimately rival other the high- grade deposits at Tennant Creek such as the Peko deposit, 20km west of Bluebird, which produced 147,000 tonnes of copper grading 4% Cu and 414,000oz of gold grading 10 g/t Au7.

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

Tennant Minerals Chairman, Mr Matthew Driscoll, commented:

"BBDD0009 is the first hole drilled to test the Bluebird copper-gold zone below previous drilling, and to return a 50 metre intersection of high-grade copper with gold, that approximates true-width, is a spectacular result."

only"Adding to the excitement is that like BBDD0009, the remaining two holes of the current diamond drilling program also intersected thick widths of visible copper mineralisation, including native copper."

"The results suggest we could be on top of a very exciting copper-gold discovery improving with depth, and we will be accelerating our drilling and exploration programs as a matter of priority to test that potential."

"We are further encouraged by the fact that historically, the Tennant Creek Mineral Field is richly endowed with high-grade copper and gold deposits, 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." 7

useTennant Minerals Limited (ASX: TMS) ("Tennant", or the "Company") is very pleased to announce the results from the first three, of five, diamond drillholes completed at the Bluebird Prospect ("Bluebird"), located on the 100% owned Barkly Project, 45km east of Tennant Creek township in the Northern Territory (location, Figure 4).

The Company recently completed a five diamond drillhole program for 1,048m at the Barkly Project1, that tested for extensions of the Bluebird copper-gold mineralisation - including below previous holes that had stopped in high-grade copper and gold.

personalAll five drillholes intersected intense hematite alteration with visible copper mineralisation including malachite nd/or chalcocite (copper sulphide), as well as native copper in two deeper step-out holes BBDD0010 and 00111.

Diamond drillhole BBDD009 tested the mineralised zone on section 44,380mE, aiming to test the entire thickness of the mineralised zone. This hole intersected a 50m zone from 165.6m of intense haematite-silicabreccia with minor to abundant malachite (copper carbonate) and/or chalcocite (copper sulphide) in the main zone, continuing into a newly discovered footwall zone to 216m2 (see cross section 448,380mE, Figure 1).

This is the first time the footwall of the main zone has been tested on this section, a previous hole, BBRC019, having been abandoned in 4.8% Cu, 3.9 g/t Au1 at end of hole after intersecting "only" 15m of mineralisation.

The results from BBDD009 confirm that the entire 50m mineralised zone carries significant copper and gold mineralisation, producing the outstanding, close to true width, copper-gold, and silver intersections below:

1. 50.0m @ 2.70% Cu and 0.52 g/t Au(0.4% Cu cut-off) from 158m (down hole), - including 24.0m @ 5.01% Cu and 1.01 g/t Au(0.8% Cu cut-off) from 159m,

For	-	including	5.0m	@ 7.28% Cu and 1.29 g/t Au, 291 g/t Ag(5.0% Cu cut-off) from 165m, and,
-	including	4.3m	@ 14.7% Cu and 3.10 g/t Au(5.0% Cu cut-off) from 176.6m.

Diamond drillholes BBDD00073 and BBDD00083 tested the mineralisation on previously drilled section, 44,400mE, where previous high-grade intersections from the main copper-gold zone included: BBDD0002: 20m at 8.17 g/t Au, 0.61% Cu from 157m incl. 4m at 37.9 g/t Au, 0.66% Cu 5 (see longitudinal projection, Figure 2).

BBDD0008 intersected 21m of chlorite/haematite alteration in the main zone from 149m, then intersected a second, footwall, zone of hematite with copper mineralisation (malachite) over 17m from 191m.

The results from BBDD008 have confirmed the high-grade copper with gold as well as bismuth mineralisation associated with the main zone at Bluebird, including the following intersections (see cross section, Figure 3):

1. 16.0m @ 1.24% Cu and 1.50 g/t Au, 0.19% Bi (0.2% Cu cut-off) from 157m,
2. • including 8.0m @ 2.07% Cu and 1.33 g/t Au, 0.27% Bi (1.0% Cu cut-off) from 164m,
   • including 3.0m @ 2.98% Cu and 3.02 g/t Au, 0.45% Bi (2.0% Cu cut-off) from 167m.

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Anomalous copper and gold was also intersected in the newly discovered footwall zone in BBDD0008, including 14.8m at 0.16% Cu from 195.2m. This zone is open up-dip where a further drillhole is recommended to test for

the centre of this zone, as intersected by BBDD0009 on the next section to the west, 44,380mE (Figure 1). onlyuse

personalForFigure 1: Bluebird cross-section 448,380mE with the 50m intersection of copper-goldmineralisation in BBDD0009The last two "step-out"holes of the current program, BBDD0010 and BBDD0011, tested the down plunge projection of the mineralisation to the west of BBDD0009 (Figure 2), both intersecting intense hematite alteration with visible copper mineralisation as summarised below and described in Appendix 1 of this release.

• BBDD0010, tested 20m down plunge from BBDD0009, intersecting 32.7m of mineralisation including:

1. 10m from 192.8m of 5-20% quartz veining, up to 30% hematite and 1-3% chalcocite disseminated within veinlets & in qtz veins and up to 1% native copper as coarse up to 4mm blebs and 1mm thick veinlets.

• 1. 22.7m from 203.4m red hematite alteration with blebby to patchy scattered malachite, in part associated with cavities with infilling black crystalline specular hematite.
• BBDD0011, a step out of over 30m down plunge of BBDD0010, intersected 33m of mineralisation, including:

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1. 17m from 189.4m trace very fine chalcocite in weak hematite alteration grading to dark brown to black earthy to corroded massive ironstone - hematite with malachite, chalcocite and up to 2% native copper as blebs and broken veinlets.

1. 16m from 216.9m with veins and blebs of malachite as vugh infill 0.1 to 5%. Specular hematite alteration as small patches and vein infill with trace disseminated sulphides (chalcocite).

onlyCautionary note: visual estimates of mineralisation content/intensity should not be considered a proxy or substitute for laboratory analyses, which are required to determine the widths and grade of the mineralisation.

The results of BBDD0010 and BBDD0011 are expected to be received within a week of this release. However, it is already evident that the intensity of copper mineralisation is increasing down plunge and to the west.

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Figure 2: Bluebird longitudinal projection with key intersections and the BBDD0010 and BBDD0011 pierce points

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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 mineralisation is associated with intense hematite alteration and brecciation with quartz veining inside a halo of chlorite alteration and variable onlyhematite development. The upper parts of the shoots include secondary malachite (copper-carbonate) minerals as well as native copper, which transitions 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 deeper drilling is planned to test for extensions to the west and at depth.

useFurther drilling is planned to test up and down dip as well as step-out down the projected plunge of the Bluebird copper-gold deposit, to determine the scope of this high-grade zone in terms of tonnage and grade. The pecialist diamond drilling contractors that successfully completed this program, Titeline Drilling Pty Ltd (Photo 1), are scheduled to return after the Northern Territory wet season, targeting late March - early April to re- commence. The scope of this further drilling program will be determined following receipt of all results.

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Figure 3: Bluebird cross-section 448,400mE with the BBDD0008 and BBDD0007 copper-gold intersections

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