Terrain Minerals (ASX:TMX | FSE:T4Y) confirms strong gold system with lightning drill results

Terrain Minerals Limited (ASX:TMX | FSE:T4Y) has released some of its strongest drilling results from the Lightning prospect, part of the 100%-owned Smokebush Project in Western Australia’s Murchison region.

To provide further clarity for investors, Executive Director Justin Virgin answers key questions about the results, the company’s strategy, and the outlook for Smokebush.

What is the significance of the recent drill results at the Lightning prospect?

The Lightning prospect has returned results that highlight both grade and thickness across multiple intercepts.

Out of 21 holes drilled, 17 intersected gold, representing an 80 percent success rate. Key intercepts include 13 metres at 8.13 grams per tonne gold from 122 metres, including 2 metres at 48.22 grams per tonne gold, and 22 metres at 2.71 grams per tonne gold from 105 metres.

Other highlights such as 17 metres at 3.43 grams per tonne and 1 metre at 18.04 grams per tonne reinforce the strength of the system.

“This program has delivered some of the strongest results Terrain has achieved to date. The consistency of mineralisation, with multiple thick and high-grade intercepts across Lightning, confirms the strength of the system and validates our exploration strategy.”

How does this program advance the company’s strategy toward a Mineral Resource Estimate?

Terrain is targeting a maiden Mineral Resource Estimate at Smokebush in 2026, and the recent drilling provides the framework for that milestone.

The program confirmed multiple mineralised domains, with at least three identified within the Monza trend and two within Lightning, underscoring the scale of the system.

A north-trending shear zone has been identified as a key mineralising pathway, while steeply dipping quartz veins have been confirmed as important hosts of gold.

Hole SBRC074 intersected mineralisation in the exact zone predicted by induced polarisation geophysics, proving the effectiveness of this targeting method.

“Importantly, the results confirm that our use of geophysical modelling and structural interpretation is working. We have proven that induced polarisation can successfully vector us towards mineralisation, which significantly reduces risk and increases confidence as we continue to explore.”

What role do silver and base metal assays play in the overall potential of Lightning?

Although gold remains the focus, silver and base metal assays pending from this program are expected to provide important insights into the broader potential of the project.

Previous drilling demonstrated elevated silver, with hole SBRC063 returning 11 metres at 6.03 grams per tonne gold and 43.5 grams per tonne silver.

Multi-element analysis has also revealed positive correlations between gold and lead, zinc, silver, and arsenic, with a moderate correlation to antimony.

These associations point to a polymetallic system, and the pending assays will help refine the geological model and confirm whether these relationships are consistent throughout the Lightning prospect.

What are the next steps in exploration and development at Smokebush?

Several workstreams are underway to continue advancing the project. The first step is the receipt and interpretation of the pending silver and multi-element assays.

An induced polarisation survey has also been completed at the Wildflower prospect, and results are being processed to generate new drill targets.

Follow-up reverse circulation drilling is planned to test depth extensions below high-grade intercepts such as those in SBRC080 and SBRC087, as well as step-outs along strike where mineralisation remains open.

A Mining Lease application has already been lodged over the Lightning area, while metallurgical test work scheduled for 2026 will assess recoverability and potential processing options.

“Terrain’s goal remains to define a maiden Mineral Resource Estimate in 2026. These results, combined with the structural framework we now understand, provide a direct pathway to achieving that milestone and to creating shareholder value.”

How does Smokebush compare within the broader Murchison gold region?

Smokebush is strategically located within the Yalgoo-Singleton Greenstone Belt, a 190 kilometre long Archean belt that already hosts several established operations.

Capricorn Metals Mt Gibson gold project lies to the south, 29Metals Golden Grove copper-zinc-gold operation is to the north, and Vault Minerals’ Rothsay mine is just 10 kilometres away.

This location provides access to infrastructure and processing facilities while reinforcing the significance of Terrain’s results within a proven mining corridor.

With multiple mineralised domains confirmed and mineralisation still open along strike and at depth, Smokebush is emerging as a standout discovery in the region.

Looking ahead

The Lightning prospect has confirmed its potential as a high-grade gold system with consistent results and a strong geological model now in place.

With silver and multi-element assays pending, follow-up drilling scheduled, and geophysical surveys generating new targets, Terrain Minerals is steadily advancing toward its maiden Mineral Resource Estimate in 2026.

Positioned within a highly prospective greenstone belt and supported by nearby mining infrastructure, the company is well placed to turn exploration success into long-term shareholder value.

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