Terrain Minerals Ltd (ASX:TMX, OTC:TMXAF) has pinpointed an extensive new rare earth element (REE) target zone at its 100%-owned Lort River Project, in the Albany Fraser belt near Esperance, Western Australia, after reinterpreting existing airborne electromagnetic (AEM) survey data.
Terrain Minerals’ 100% owned Lort River Project located in the Albany Fraser belt and is located 50 kilometres northwest of Esperance.
The survey mapped a large, shallow regolith clay basin more than 12 kilometres long and 5.5 kilometres wide — covering roughly 66 square kilometres — which Terrain says is prospective for clay-hosted REE mineralisation.
“The completion of the regolith mapping via airborne electromagnetics marks a key milestone in advancing the REE potential of our Lort River Project,” said executive director Justin Virgin.
“Early data interpretation has confirmed a broad conductive regolith clay basin that correlates with potential REE enrichment,” he added. “These results, combined with our previous geochemical work, reinforce the Lort River Project as a potentially unique emerging critical minerals discovery opportunity within the Esperance region.”
Histogram colour image of the depth to the basement within the Lort River Project based on inversion modelling of company-acquired airborne electromagnetic data with 25 metre depth contours highlighted (white area due to power lines).
Drilling confirms high-grade REE zones
Terrain’s previous drilling intersected significant REE grades within the interpreted basin, including 8 metres at 4,037 parts per million (ppm) total rare earth oxides (TREO) from 23 metres downhole in hole LTRC03.
Notably, the hole returned standout intervals of 1 metre at 9,842 ppm (0.98%) TREO from 25 metres and 1 metre at 9,022 ppm (0.90%) TREO from 27 metres.
Cross section of drill hole LTRC03 as reported by Terrain Minerals via the ASX Market Announcements Platform on 26 March 2025.
Assays also showed impressive magnetic rare earth content — including 2,362 ppm neodymium (Nd), 647 ppm praseodymium (Pr) and 291 ppm dysprosium (Dy) from 25 metres — underscoring the basin’s potential for high-value magnet feedstock minerals.
Next steps
Terrain plans to begin follow-up air-core drilling and metallurgical sampling in the coming quarter to test the newly defined conductive basin and refine targets for potential resource delineation.
Virgin said the correlation between the new AEM data and prior assay results “gives us confidence in targeting future drilling more effectively”, with work planned through the summer season.
Broader portfolio
The Lort River Project is one of several wholly owned assets in Terrain’s WA and Queensland portfolio. Its flagship Smokebush Gold & Gallium Project near Yalgoo is advancing towards a maiden resource estimate in mid-2026, while work continues on gallium metallurgical studies with support from the WA Government.
Elsewhere, the company is progressing its Carlindie Lithium & Gold Project near Port Hedland and the Biloela Gold and Copper Project in Queensland.
Terrain continues to evaluate further opportunities in gold, copper, industrial minerals, and critical metals both in Australia and overseas.
Terrain Minerals' projects.