Pending Assays and Permitting Pose Next Hurdles for Terrain’s Smokebush Project

Strong Drilling Results Bolster Smokebush Prospects

Terrain Minerals Limited (ASX – TMX) has unveiled compelling results from its recent 4,995-metre, 22-hole reverse circulation drilling campaign at the Lightning prospect, part of the company’s wholly owned Smokebush Project in Western Australia’s prolific Murchison region. With gold mineralisation intersected in 17 of 21 holes, the program achieved an 80% success rate, delivering some of the highest-grade and thickest gold intercepts recorded to date at Smokebush.

Standout results include a 13-metre intercept grading 8.13 grams per tonne (g/t) gold from 122 metres depth, which notably contains a 2-metre section at an exceptional 48.22 g/t gold. Other significant intercepts include 17 metres at 3.43 g/t and 22 metres at 2.71 g/t, underscoring the robustness and continuity of the mineralised system.

Emerging Geological Framework and Exploration Model

The drilling has refined Terrain’s geological understanding, revealing a shear-hosted gold system controlled by a north-trending shear zone acting as the primary fluid pathway. East-west magnetic lithological units appear to trap thicker, higher-grade mineralisation, with multiple mineralised domains identified within both the Monza and Lightning trends. Steeply dipping quartz veins (~70–80°) further demonstrate strong structural control over gold deposition.

Importantly, the drilling results validate the company’s use of induced polarisation (IP) geophysics as a cost-effective targeting tool. For example, hole SBRC074 intersected gold mineralisation precisely within a zone predicted by IP data, enhancing confidence in ongoing and future exploration targeting.

Silver and Base Metals Potential Await Confirmation

While gold assay results headline the announcement, silver and base metal assays remain pending. Previous drilling at Lightning has already indicated elevated silver grades, such as an 11-metre intercept at 6.03 g/t gold accompanied by 43.5 g/t silver. The polymetallic nature of the system, with positive correlations between gold, lead, zinc, silver, arsenic, and antimony, suggests potential for broader resource development beyond gold alone.

Strategic Location and Next Steps

Situated within the Yalgoo-Singleton Greenstone Belt, the Smokebush Project benefits from proximity to established operations including Capricorn Metals’ Mt Gibson Gold Project, 29Metals’ Golden Grove base metals mine, and Vault Minerals’ Rothsay Gold Mine. This strategic positioning offers access to existing infrastructure and processing facilities, potentially accelerating future development.

Terrain has lodged a Mining Lease application over the Lightning area and aims to define a maiden Mineral Resource Estimate by mid-2026. Upcoming workstreams include receipt and interpretation of pending assays, expanded IP geophysical surveys at the nearby Wildflower prospect, follow-up drilling to test depth extensions and strike continuity, and preliminary metallurgical test work planned for 2026.

Executive Confidence and Outlook

Executive Director Justin Virgin expressed strong confidence in the results, highlighting the consistency and grade of mineralisation as validation of Terrain’s exploration strategy and geophysical targeting approach. The company’s integrated drilling and geophysics program is seen as a clear pathway to resource definition and value creation for shareholders over the next 12 to 18 months.