South Gawler Ranges Project

Terramin’s South Gawler Ranges Project (SGRP) is located along the southern margin of the Gawler Ranges, northern Eyre Peninsula, South Australia (Figure 1). SGRP is located c.100km west of Port Augusta and 185kms southwest of OZ Minerals Limited’s Carrapeteena Copper-Gold Mine that hosts 950Mt at 0.75% Copper and 0.25g/t gold.

SGRP comprises a group of eleven Exploration Licences totalling 4,524km2, all held by Menninnie Metals Pty Ltd (MMPL), a wholly owned subsidiary of Terramin.

In March 2022, an exploration agreement in respect of the SGRP was signed with Japan Organization for Metals and Energy Security (JOGMEC). The agreement is staged in expenditure commitments with JOGMEC having the right to earn 70% by expending A$7.5M over a 6-year period (JOGMEC Earn-in Option).

On completion of the JOGMEC Earn-in Option, JOGMEC will be entitled to purchase an additional 6% interest in the SGRP for A$3.0M and granting of a 0.5% NSR (Purchase Option). Terramin to retain up to a 24% interest in SGRP following completion of the JOGMEC Earn-in and Purchase Option.

The SGRP is an underexplored, highly prospective multi-commodity asset with potential to host significant Iron Oxide Copper Gold (IOCG) mineralisation alongside epithermal Ag-Pb-Zn deposits, tin-tungsten and copper gold skarns along with potential porphyry systems. The SGRP includes the Menninnie Dam and Viper Deposits which hosts a JORC 2004 compliant inferred resources1 totaling 7.7Mt at 5.7% Zn+Pb and 27g/t Ag at a 2.5% Zn+Pb cut-off remains open at depth and along strike. Hematite-rich and hydrothermal breccias comparable to those in the Olympic Dam IOCG deposit crop out at several localities in the SGRP and are yet to be drill tested.

1. ASX announcement 1st March 2011.