Silver-Gold Correlation at Lightning Raises Questions on Resource Scale and Development Risks

Silver Shines Alongside Gold at Lightning

Terrain Minerals Limited (ASX – TMX) has released encouraging assay results from the first seven holes of a 22-hole drilling campaign at its Lightning Prospect, part of the broader Smokebush Project in Western Australia's prolific Murchison region. The assays reveal significant silver grades accompanying previously reported high-grade gold mineralisation, suggesting a valuable co-product opportunity that could materially enhance the project's economics.

Among the standout results are intercepts such as 21 metres at 15.79 grams per tonne (g/t) silver from 105 metres downhole, including high-grade silver hits of 70.59 g/t and 60.00 g/t over one-metre intervals. These silver grades accompany gold intercepts like 22 metres at 2.87 g/t gold and narrower zones of exceptional grades, including 2 metres at 48.22 g/t gold.

Strategic Location and Geological Context

The Smokebush Project sits within the Yalgoo-Singleton Greenstone Belt, a 190-kilometre Archean belt known for hosting several significant mining operations, including Capricorn Metals’ Mt Gibson and Vault Minerals’ Rothsay Gold Mine. Terrain’s Lightning and Monza prospects lie within this highly prospective terrain, with recent geophysical modelling and drilling confirming the presence of a substantial gold-silver mineralised system.

Geological interpretations suggest the mineralisation is hosted within shear zones of the Mougooderra Formation, consistent with other successful gold deposits in the region. While the precise geological model remains under development, the strong spatial correlation between gold and silver grades is a promising indicator of a robust mineral system.

Advancing Towards Resource Definition

Terrain’s Executive Director, Justin Virgin, highlighted the significance of the silver results in complementing the gold mineralisation. With gold and silver prices remaining robust, the dual-commodity potential at Lightning could improve project viability and attract strategic interest.

The company is actively planning follow-up drilling to test plunge and strike extensions at Lightning and Monza, alongside newly identified east-west trending zones. These efforts aim to underpin a maiden Mineral Resource Estimate targeted for release in 2026. Concurrently, Terrain has lodged a Mining Lease application for the Lightning area and is preparing preliminary metallurgical test work to assess recoverability and processing options.

Looking Ahead

With assay results from the remaining 15 holes expected within six weeks, investors and analysts will be watching closely for confirmation of the broader mineralisation footprint. Additionally, ongoing geophysical surveys at nearby prospects and a comprehensive technical review of adjacent targets within Smokebush underscore Terrain’s commitment to expanding its resource base.

As Terrain Minerals advances its exploration and development programs, the evolving story at Lightning could position the company as a notable player in Western Australia’s gold-silver landscape.