South Gawler Ranges Project
- The South Gawler Ranges Project (SGRP) is located on the southern margin of the Gawler Ranges in the northern Eyre Peninsula, South Australia.
- Approximately:
- 100 km west of Port Augusta
- 185 km southwest of OZ Minerals’ Carrapeteena Copper-Gold Mine (which hosts 950 Mt @ 0.75% Cu and 0.25 g/t Au).
Tenement Information
- Comprises 11 Exploration Licences with a total area of 4,524 km².
- All licences are held by Menninnie Metals Pty Ltd (MMPL), a wholly owned subsidiary of Terramin.
Exploration Agreement with JOGMEC
- March 2022: Exploration agreement signed with Japan Organization for Metals and Energy Security (JOGMEC).
- Earn-in Option Terms: JOGMEC can earn an option to purchase a 70% interest by spending $7.5 million over 6 years.
- Purchase Option:
- After earning 70%, JOGMEC can acquire an additional 6% interest for $3.0 million.
- This would grant JOGMEC a total of 76% interest, and include a 0.5% Net Smelter Return (NSR) royalty to Terramin.
- Terramin would retain up to 24% interest in the project.
- To date, JOGMEC have spent $3.5 million and have earned an option to purchase 50.1% interest.
Exploration Potential
- Underexplored and highly prospective multi-commodity asset.
- Potential for multiple deposit types, including:
- Iron Oxide Copper Gold (IOCG) mineralisation.
- Epithermal silver-lead-zinc (Ag-Pb-Zn) deposits.
- Tin-tungsten and copper-gold skarns.
- Potential porphyry systems.
Key Deposits: Menninnie Dam & Viper
- Hosts a JORC 2004-compliant Inferred Resource:
- 7.7 Mt at 5.7% Zn+Pb and 27 g/t Ag.
- Reported at a 2.5% Zn+Pb cut-off.
- Mineralisation remains open at depth and along strike.
Exploration Indicators
- Outcropping hematite-rich and hydrothermal breccias similar to those at Olympic Dam IOCG deposit.
Figure 1. South Gawler Ranges Project (SGRP) location and tenements.
Recent Developments
Exploration drilling recommenced in February 20261, targeting an IOCG-style deposit at approximately 400 metres depth at the Warner South target. The approximately 1,000m diamond drill hole was defined using TEM surveys (October 2025, January 2026) and updated geophysical modelling. Drilling is expected to complete in April 2026 and forms part of JOGMEC’s staged A$7.5 million earn-in to the project.
JOGMEC has earned a 50.1% interest in the South Gawler Ranges Project through cumulative expenditure exceeding A$3.5 million. Terramin is project manager and holds the remaining 49.9% interest.
1 Refer to ASX Announcement dated 24 February 2026
