Terrain Minerals has completed an expanded 22-hole drilling campaign at its Smokebush Gold Project and is progressing metallurgical studies at Larin’s Lane Gallium/REE project, backed by a recent $1.58 million capital raise.
- Completed 22-hole, 4,995m RC drilling campaign at Smokebush targeting high-grade gold and silver
- Metallurgical testing underway at Larin’s Lane Gallium and Rare Earth Elements project
- Raised $1.58 million via placement and rights issue, maintaining $1.1 million cash balance
- Biloela Copper & Gold Project granted after two-year approval process
- Active marketing efforts in Australia and US, plus secondary listing on Frankfurt Stock Exchange
Expanded Drilling at Smokebush Targets High-Grade Gold
Terrain Minerals Limited (ASX, TMX) has recently completed an expanded reverse circulation (RC) drilling campaign at its 100%-owned Smokebush Gold Project in Western Australia. The campaign, extended twice during its course, comprised 22 holes totaling 4,995 meters, focused primarily on the Lightning and Monza gold prospects. These targets are defined by a newly developed induced polarisation (IP) geophysical model, which has guided the drilling to test multiple parallel structures and extensions of known mineralisation.
The drilling concluded on 14 July 2025, with assay results expected in early August. Previous campaigns at Smokebush have returned promising high-grade intercepts, including 11 meters at 6.03 grams per tonne (g/t) gold and 43.5 g/t silver at Lightning. Terrain aims to leverage these results towards an initial Mineral Resource estimate for Lightning and Monza by early to mid-2026.
Progress on Larin’s Lane Gallium and Rare Earth Elements Project
Alongside gold exploration, Terrain is advancing metallurgical studies at its Larin’s Lane project, which hosts significant gallium and rare earth element (REE) mineralisation within a 27 square kilometre sand and clay regolith zone. This project is notable for its oxide-hosted mineralisation, which may allow for more cost-effective extraction methods.
Samples have been submitted to Curtin University and RSC for comprehensive testing under the Minerals Research Institute of Western Australia (MRIWA) funded project. Results are anticipated by the end of 2025, with interim updates expected. The metallurgical work is a critical step towards developing a saleable concentrate and advancing the project towards potential production.
Corporate and Market Developments
Terrain successfully raised $1.58 million through a combination of placement and rights issue, with strong participation from board members. The funds are earmarked to support ongoing exploration and metallurgical programs, particularly at Smokebush and Larin’s Lane. As of 28 July 2025, the company holds a cash balance of approximately $1.1 million.
In addition to exploration progress, Terrain secured full granting of its Biloela Copper & Gold Project in Queensland after a two-year process, expanding its portfolio of critical mineral assets. The company also strengthened its market presence through active participation in key industry conferences in Australia and the United States, and by securing a secondary listing on the Frankfurt Stock Exchange (FRA, T4Y), broadening its investor base.
Looking Ahead
Terrain’s near-term focus remains on interpreting the pending Smokebush drilling results and advancing metallurgical studies at Larin’s Lane. The company plans further drilling campaigns to expand resource definitions and is exploring opportunities to engage industry partners for potential offtake or joint ventures. With a diversified portfolio spanning gold, gallium, and rare earth elements, Terrain is positioning itself to capitalize on growing demand for critical minerals amid global supply chain shifts.
Bottom Line?
Terrain’s upcoming assay results and metallurgical findings will be pivotal in defining the company’s resource potential and shaping its growth trajectory.
Questions in the middle?
- What will the assay results from the expanded Smokebush drilling reveal about resource size and grade?
- How will metallurgical test outcomes influence the commercial viability of the Larin’s Lane gallium and REE project?
- What strategies will Terrain pursue to place the rights issue shortfall and manage potential share dilution?