Smokebush Project: Terrain Minerals Expands High-Grade Gold-Silver Discovery

Terrain Minerals Set to Expand High-Grade Gold and Silver Discovery at Smokebush Project

Terrain Minerals (ASX: TMX) is gearing up for a significant expansion drilling program at its 100%-owned Lightning and Monza Gold Prospects following recent discovery of shallow high-grade gold and silver mineralisation. The company's drilling campaign, set to commence May 12, 2025, aims to build on impressive recent results and advance toward a mineral resource estimate by mid-2026.

Drilling Campaign Targets High-Grade Gold and Silver Zones

The upcoming program will include approximately 17 holes totalling 3,350 meters of reverse circulation (RC) drilling. This strategic campaign follows exceptional recent results that include:

• 11 metres @ 6.03 g/t gold and 43.5 g/t silver from 75 metres at Lightning
• 3 metres @ 6.12 g/t gold from 26 metres at Lightning
• 5 metres @ 3.77 g/t gold from 180 metres at Monza

"We are very excited to commence site preparation for RC drilling at Lightning & Monza," said Executive Director Justin Virgin. "Terrain's goal is to achieve an initial Mineral Resource estimate at the Lightning & Monza Gold Prospect for release in early to mid-2026."

The drilling program will focus on the 600-meter-long Lightning IP anomaly that runs parallel to the 700-meter Monza structure. Many drill holes are designed to intersect both structures while testing for additional parallel targets.

Dual Opportunity: Expansion Drilling and Capital Raising

Coinciding with the drilling campaign, Terrain has announced a rights issue to raise approximately $1.8 million. Key details include:

• One new share for every 3.7 shares held at $0.003 per share
• 1:1 free attaching unlisted option ($0.005, expiring June 17, 2027)
• Ex-date: May 14, 2025
• Shareholders can apply for additional shortfall shares

This capital raising will help fund ongoing exploration and development activities at the company's promising projects.

Potential VMS-Style Mineralisation Identified

Geological analysis suggests that Lightning and Monza may have formed from different mineralisation events. Multi-element analysis shows:

The company is investigating potential VMS (Volcanogenic Massive Sulfide) characteristics, noting that both the Golden Grove and Mt Gibson operations—known VMS-style mines—are located approximately 50km on either side of the Smokebush Gold project.

Understanding IP Anomalies: The Key to Discovery

The Lightning target was first identified in May 2023 during modelling of induced polarisation (IP) geophysical survey data. IP geophysics has proven effective for detecting disseminated sulfide mineralisation, which appears closely associated with gold at both Lightning and Monza.

Initial testing of the IP anomaly in November 2023 yielded 2 meters @ 6.22 g/t gold from 82 meters, confirming the target's potential. Further modelling suggests the anomaly has a potential strike length of up to 600 meters.

Metallurgical Testing and Mining Lease Application

Terrain is advancing on multiple fronts:

• Gold and silver metallurgical test work to commence in Q2 2025
• Mining Lease application for the Monza Gold Prospect submitted March 26, 2025
• Working toward an initial Mineral Resource estimate for release in early to mid-2026

What is Induced Polarisation (IP) Surveying?

IP surveying is a geophysical method that measures the voltage decay in the ground after an electric current is applied. This technique is particularly effective at identifying disseminated sulfide minerals, which often host gold mineralisation.

In gold exploration, IP anomalies indicate zones where sulfide minerals are present in higher concentrations. At Smokebush, these anomalies have proven to be reliable indicators of gold mineralisation, with drilling confirming high-grade gold where IP chargeability is elevated.

Investment Thesis: Multiple Growth Catalysts

Terrain Minerals presents an attractive investment opportunity with multiple near-term catalysts:

1. Resource Definition Potential: The upcoming drilling program targets two parallel gold structures with impressive grades over significant widths
2. Dual Commodity Exposure: Both gold and silver present in high grades
3. Regional Advantage: Located in the prolific Murchison gold region with proximity to existing mining infrastructure
4. Exploration Upside: Multiple targets including the Wildflower Gold Prospect and Larin's Lane Gallium & REE prospect
5. Clear Path Forward: Defined timeline toward mineral resource estimation by mid-2026

Why Investors Should Watch Terrain Minerals

Terrain Minerals is systematically advancing a promising gold and silver discovery in Western Australia's well-established Murchison region. The upcoming drilling program represents a pivotal moment as the company works to expand the known mineralisation and define a resource.

With gold and silver prices near historical highs, the timing of Terrain's discovery and development activities aligns well with favourable market conditions. The company's multi-commodity approach—with gold, silver, gallium, and rare earth elements in its portfolio—provides diversification while maintaining focus on the high-grade Lightning and Monza prospects.

The combination of high-grade intercepts, substantial strike length, and a clear development pathway positions Terrain as an emerging player in the Australian gold sector worthy of investor attention ahead of its upcoming drilling campaign.

Want to Get In on Terrain's Gold and Silver Discovery Before the Resource Estimate?

Don't miss the opportunity to learn more about Terrain Minerals' high-grade gold and silver discovery at Smokebush. With drilling set to commence in May 2025 and a resource estimate targeted for mid-2026, now is the time to consider this emerging Australian gold and silver play. For comprehensive information about Terrain's projects and investment potential, visit www.terrainminerals.com.au today.