RC Drilling Underway at Lort River Targeting High-Priority Vtem Sulphide Conductors

Drilling Campaign Kicks Off at Lort River

Terrain Minerals Limited (ASX: TMX) has officially begun a reverse circulation (RC) drilling campaign at its 100% owned Lort River Project, situated approximately 50 kilometres northwest of Esperance in Western Australia. This marks a significant step in Terrain's exploration strategy, following the successful completion of a ground-based moving loop electromagnetic (MLEM) survey in December 2024 that identified high-priority bedrock sulphide conductors.

The drilling program focuses on testing three key Vtem bedrock sulphide conductor targets, with initial holes underway at Targets 1 and 2. These targets lie within the same mineralised belt as IGO Limited's (ASX: IGO) Nova-Bollinger nickel-copper mining operations, a world-class deposit renowned for its magmatic sulphide mineralisation.

Strategic Geological Positioning

Terrain Minerals' exploration thesis is anchored in the geological parallels between the Lort River Project and the Nova-Bollinger deposit. Both are situated within the Albany-Fraser Belt, a region increasingly recognised for its potential to host multiple significant magmatic nickel-copper sulphide deposits. The "eye" feature identified in aeromagnetic data at Lort River closely resembles the distinctive intrusion associated with Nova-Bollinger, suggesting a shared mafic or ultramafic intrusive origin.

Geophysical analysis by Southern Geoscience Consultants has reinforced this interpretation, confirming that the bedrock conductors targeted for drilling are located on the western edge of this "eye" feature, mirroring the position of Nova-Bollinger's ore bodies. This alignment bolsters Terrain's confidence in the potential for discovering economically viable sulphide mineralisation.

Exploration Methodology and Stakeholder Engagement

The RC drilling is complemented by downhole electromagnetic surveys on the first hole at each target, enhancing the ability to detect conductive sulphide bodies at depth. Terrain has appointed a new drilling contractor operating under strict confidentiality agreements, with all drill samples promptly relocated offsite to maintain security and integrity.

Importantly, Terrain has secured land access agreements with private landowners, who have elected to receive shares in the company rather than cash payments. This arrangement not only facilitates exploration access but also aligns the interests of local stakeholders with the company's success. Heritage surveys have been conducted to ensure compliance with relevant legislation.

Looking Ahead: Results and Broader Exploration Pipeline

Terrain Minerals plans to provide a comprehensive market update once all assay results from the drilling campaign are received, anticipated in early March 2025. The company has emphasized that no commentary will be provided during or immediately after drilling to maintain focus on data integrity.

Beyond Lort River, Terrain continues to advance its Smokebush Exploration Project, including the Wildflower Gold drilling program with results pending, and the Larin's Lane Gallium and Rare Earth Elements project, which has shown promising mineralisation. These projects underscore Terrain's diversified exploration portfolio across multiple commodities.

Executive Director Justin Virgin highlighted the significance of the current drilling phase, stating, "We strongly believe we are at the forefront in the search for the next Nova-Bollinger-style magmatic nickel-copper deposit within the Albany-Fraser Belt. IGO's investment and success at Nova-Bollinger demonstrate the immense potential of these deposits, even in varying nickel price environments."