Terrain Minerals Unveils High-Grade Gold Hits and Advances Critical Metals Strategy

Strong Drilling Results at Smokebush

Terrain Minerals Limited (ASX: TMX) delivered a compelling update for the March 2025 quarter, highlighting significant progress across its portfolio of exploration projects. The company’s flagship Smokebush Project in Western Australia continues to impress, with high-grade gold and silver intercepts reported from the Lightning and Monza prospects. Notably, drill hole SBRC063 at Lightning returned 11 metres at 6.03 g/t gold and 43.5 g/t silver from 75 metres, underscoring the potential of the newly modelled induced polarisation (IP) geophysical targets.

Monza also yielded encouraging results, including a 5-metre intercept at 3.77 g/t gold from 180 metres down dip, confirming the presence of a second down plunge mineralised unit. These findings validate Terrain’s updated structural magnetic IP model, which is unlocking parallel mineralised structures and expanding the exploration footprint.

Strategic Focus on Gold and Mining Lease Progress

Following the successful drilling campaigns, Terrain has submitted a mining lease application covering the Lightning and Monza areas, signaling a clear intent to advance towards development. The board has articulated a renewed gold-focused strategy, with a 3,350-metre follow-up reverse circulation (RC) drilling program planned to test strike extensions and depth continuity. The company has engaged a drill contractor and secured all necessary approvals, positioning itself for an active exploration phase in the coming months.

Larins Lane: Emerging Gallium and Rare Earths Opportunity

Beyond gold, Terrain is advancing its Larins Lane Gallium and Rare Earth Elements (REE) project, also in Western Australia. The maiden air-core drilling program revealed broad zones of gallium mineralisation over a substantial 9 km by 3 km area, with grades reaching up to 53.74 g/t gallium oxide in clays. The company has engaged in metallurgical studies under the Minerals Research Institute of Western Australia (MRIWA) Project M10528, aiming to optimise gallium extraction using innovative solvent techniques.

SRK Consulting has defined an initial JORC-compliant exploration target for Larins Lane, covering only 5% of the prospective geology, with plans for expanded drilling programs to triple the tested area. This positions Larins Lane as a potential critical metals project of strategic importance, especially given gallium’s role in semiconductor and defence industries amid global supply chain realignments.

Additional Project Advances and Capital Raising

Terrain also secured full granting of the Biloela Copper & Gold Project in Queensland after a protracted process, adding a high-priority asset to its portfolio. Meanwhile, the Lort River Project in Western Australia continues to show promise for rare earth elements, with reconnaissance drilling intersecting high-grade total rare earth oxides (TREO) including neodymium and praseodymium, critical for permanent magnets.

On the corporate front, Terrain completed a $600,000 placement in January 2025 and announced a strategic placement of $735,000 alongside a rights issue targeting approximately $1.8 million. These capital raising initiatives are designed to fund ongoing exploration and metallurgical programs, with the board encouraging shareholder participation to support the company’s growth trajectory.

Market Positioning and Investor Engagement

In a move to broaden its investor base, Terrain secured a secondary listing on the Frankfurt Stock Exchange (FRA: T4Y), enhancing access to European capital markets. The company has also been active in marketing efforts, participating in key industry conferences such as the RIU Conference in Fremantle and upcoming events in Sydney, aiming to raise its profile among institutional and retail investors.

Terrain remains open to commercial discussions regarding asset sales or joint ventures, reflecting a flexible approach to maximising shareholder value across its diverse project pipeline.