Pending Assays at Smokebush Could Define Terrain Minerals’ Next Growth Phase

Exploration Milestone at Smokebush

Terrain Minerals (ASX – TMX) has recently completed a substantial reverse circulation (RC) drilling program at its flagship Smokebush Gold Project in Western Australia. The campaign, comprising 22 holes totalling 4,995 metres, targeted the Lightning and Monza prospects, two parallel gold-bearing structures that have shown promising mineralisation in earlier drilling phases. Assay results from this latest program are anticipated in September 2025, a key catalyst for the company’s near-term outlook.

The Smokebush Project benefits from its location within a historic mining district with established infrastructure, enhancing the potential for economic development. Previous drilling at Lightning and Monza has returned encouraging gold and silver grades, including intercepts such as 11 metres at 6.03 grams per tonne gold and 43.5 grams per tonne silver from 75 metres depth at Lightning, and 5 metres at 3.77 grams per tonne gold from 180 metres at Monza. Terrain’s use of an induced polarisation (IP) geophysical model has refined targeting, revealing multiple structures that could extend mineralisation along strike and at depth.

Expanding Commodity Focus – Gallium and Rare Earths

Beyond gold, Terrain is advancing its Larin's Lane Gallium Project, where a JORC-compliant exploration target was announced in late 2024. Gallium, a critical metal essential for semiconductors, LEDs, and emerging technologies like quantum computing, is attracting increasing strategic interest globally due to supply chain vulnerabilities. Metallurgical studies funded by the Minerals Research Institute of Western Australia and conducted with Curtin University are underway, with results expected by late 2025.

Additionally, the Lort River Project in the Albany Fraser Belt is progressing exploration for rare earth elements (REE), with recent reconnaissance drilling indicating high-grade clay-hosted REE mineralisation. This project aligns with the growing demand for REEs in clean energy and technology sectors, positioning Terrain to potentially tap into these critical materials markets.

Biloela Copper-Gold Project Advances in Queensland

In Queensland, Terrain’s Biloela Project has secured all exploration permits after a two-year process, covering 2,462 square kilometres. The project area hosts several historic copper-gold mines and has been independently reviewed to confirm the presence of volcanogenic massive sulphide (VMS), porphyry copper-gold, and epithermal gold systems. Seven priority drill targets have been identified, setting the stage for initial drilling campaigns aimed at unlocking new discoveries in this highly prospective region.

Capital and Strategic Positioning

To support its aggressive exploration agenda, Terrain Minerals recently completed a placement and rights issue, raising $1.58 million with the capacity to place an additional $970,000. This capital injection is earmarked for advancing drilling programs, metallurgical testing, and permitting activities across its portfolio. The company is also prioritising the advancement of lithium tenements in the Pilbara region, reflecting a strategic pivot towards battery metals critical to the energy transition.

Terrain’s diversified project pipeline, spanning gold, gallium, copper, lithium, and rare earth elements, positions it uniquely within the Australian exploration sector. The company’s focus on Tier 1 jurisdictions with established infrastructure and its application of advanced geological models underscore its commitment to unlocking value in emerging and strategic commodities.