To find the dependence of the distance of the closest approach of an $\alpha$-particle on its mass 'm', we must understand the physics behind the collision between an $\alpha$-particle and a heavy nucleus.
Thus, the dependence of the distance of closest approach from the nucleus on the mass 'm' of the $\alpha$-particle is $\frac{1}{m}$. Therefore, the correct option is: $\frac{1}{m}$.