Terrain Minerals Spots Seven High-Priority Gold Targets at Smokebush

Seven High-Priority Targets Emerge from 2026 IP Survey

Terrain Minerals (ASX:TMX) has sharpened its exploration focus at the Smokebush Project in Western Australia, unveiling seven high-priority gold drill targets from its 2026 induced polarisation (IP) survey. The standout is a chargeability anomaly north of the Monza structure, which lies along strike from the recently defined Lightning Mineral Resource Estimate (MRE) announced in July 2026. This anomaly exhibits amplitudes exceeding four times the background level and is modelled as a steeply east-dipping discrete source coincident with a resistivity low, making it the strongest geophysical response detected in the program.

New Structural Insights Expand Exploration Footprint

Beyond the immediate Lightning and Monza structures, the survey has illuminated a previously untested north-south fault approximately 1.5 kilometres west of Lightning. This new structural target, defined over multiple survey lines, has attracted two high-priority and two moderate-to-high priority drill hole designs. The combination of these targets signals Terrain’s intent to replicate and expand upon the maiden 54,000-ounce gold resource at Lightning, underpinning the company’s growth ambitions in the Murchison region.

Strategic Drilling Campaign Set for Early 2027

Terrain is finalising arrangements with drilling contractors to launch a reverse circulation (RC) drilling campaign in the first half of 2027. The campaign aims to test the newly identified IP anomalies alongside extensions to the existing Lightning resource. The company has designed 45 drill holes based on the IP data, with 13 holes (totalling 2,515 metres) ranked as Priority 1 and 2 targets slated for initial testing. The remaining 32 holes are held in reserve pending results. This disciplined approach reflects Terrain’s focus on allocating exploration capital efficiently by prioritising anomalies that coincide with structural interpretations, geochemical data, and known mineralisation.

IP Survey Limitations and Balanced Targeting

While the IP survey has been instrumental in identifying promising targets, Terrain cautions that chargeability anomalies can result from both disseminated sulphides and magnetite, with the dipole-dipole IP method unable to discriminate between these sources. Consequently, anomalies overlapping strong magnetic highs have been downgraded. At the Hurley Prospect, the survey revealed a strongly conductive near-surface layer with minimal chargeable response beneath, suggesting IP may not be a reliable direct detection tool for gold in that regolith setting. This nuanced understanding guides the company's prioritisation, focusing on anomalies with the highest potential for economic mineralisation.

Broader Project Context and Next Steps

The Smokebush Project sits within a prolific gold corridor in the Murchison region, near operations like Vault Minerals’ Rothsay Gold Mine and Capricorn Metals’ Mt Gibson Gold Project. Terrain’s portfolio includes other targets such as Paradise City, Hurley, and Wildflower, where additional moderate-priority IP targets have been identified for future evaluation. The integration of the 2026 IP survey data with structural, geochemical, and drilling datasets by Newexco Exploration Pty Ltd has provided a robust framework for the upcoming exploration phases. The market will be watching how the planned drilling campaign validates these geophysical targets and contributes to resource growth at Lightning and beyond.