Terrain Minerals De-Risks Lightning Gold Project Ahead of July Maiden Resource with Successful Diamond Drilling

Diamond Drilling Delivers Key Data for Maiden Resource

Terrain Minerals (ASX:TMX) has wrapped up a four-hole diamond drilling campaign at its 100%-owned Lightning Gold Project in Western Australia's Murchison region. The program, comprising 671 metres of combined reverse circulation (RC) pre-collars and diamond tails, was specifically designed to provide the final technical inputs needed for the company’s maiden Mineral Resource Estimate (MRE), targeted for July 2026.

The drilling focused on collecting oriented structural measurements and bulk density data across key lithologies, crucial for refining the geological and resource models. This approach marks a shift from pure exploration to resource definition, substantially reducing geological uncertainty ahead of the MRE.

High-Grade Gold Continuity Confirmed at Depth

Among the standout results was a 3.4-metre intercept grading 4.96 grams per tonne (g/t) gold from 213.6 metres depth in hole SBDD002, which included a higher-grade 1-metre section at 10.93 g/t gold. These intercepts validate the continuity of higher-grade shoots plunging northward within the Lightning structure, supporting the broader geological model that encompasses both the Lightning and Monza structures.

While some intercepts were narrower and lower grade, they align with the expected mineralised envelope, reflecting the program’s technical rather than grade-targeted design. The entire drilling database now totals approximately 16,000 metres across 97 RC and 4 diamond holes, providing a robust foundation for resource estimation.

This technical milestone follows recent drilling campaigns that have progressively expanded the known footprint of the system. The company’s latest assays and geological interpretations, detailed in a prior update, reinforce the project's potential and are integral to the upcoming MRE Terrain Minerals Confirms High-Grade Gold Continuity at Lightning Prospect, Resource Estimate Targeted July 2026.

Strategic Positioning within a Proven Gold Corridor

The Lightning Gold Project benefits from a granted mining lease (M59/796), a significant advantage that facilitates orderly progression through resource definition and potential development pathways. Situated within a prolific gold corridor, the project neighbours multi-million-ounce deposits such as Capricorn Metals’ Mt Gibson and Golden Range projects, as well as Vault Minerals’ Rothsay Gold Mine.

This proximity underlines Lightning’s potential to be part of a larger mineralised system within the Murchison Gold Province. Terrain’s methodical approach, combining structural drilling, comprehensive logging, and rigorous assay protocols, positions the project well for future resource growth beyond the maiden estimate.

Pathway to Resource Growth and Development

With the diamond drilling data now integrated, Terrain plans to complete independent resource modelling and estimation by mid-year, adhering to the JORC Code (2012). Parallel activities include preliminary metallurgical testwork to assess processing amenability and induced polarisation surveys to identify further targets along strike and at depth.

Following the July MRE release, targeted drilling is expected to focus on resource expansion, while mining studies will commence alongside ongoing exploration. This integrated strategy aims to convert exploration success into tangible project value.

Executive Director Justin Virgin emphasised the significance of this phase: “Completion of this program marks a key milestone as we move toward our maiden resource at Lightning. With the final dataset now in hand, we are focused on delivering a robust initial resource in July, which we see as the foundation for ongoing growth across the broader Smokebush system.”