Terrain Minerals Ltd (ASX:TMX, OTC:TMXAF) has begun preparations for a 4,500-metre reverse circulation (RC) drilling program at the Lightning prospect, part of its 100%-owned Smokebush Project, about 350 kilometres north of Perth in Western Australia. The program is targeting resource development and new discoveries.
Located in the Murchison Gold Province, one of Australia’s most productive gold regions, Terrain holds 100% ownership of the Lightning prospect, which sits about 15 kilometres from Vault Mining’s operating Rothsay Gold Mine. The project is also positioned roughly 50 kilometres south of 29Metals’ Golden Grove mine and adjacent to Warriedar Resources’ gold projects, putting it within an established and well-serviced mining district.
Location of Terrain Minerals 100% owned Lighting Gold Prospect.
The new RC program is a significant step in advancing Lightning towards a maiden Mineral Resource, targeted for mid-2026. Site preparation has begun ahead of the drill rig’s expected arrival in late November. Drilling will test both extensions of known mineralised zones and a series of new targets, aiming to build on a suite of strong gold and silver hits already returned from the prospect.
Key highlights
1. Major drilling program underway – 21 holes for 4,500 metres
2. Targeting maiden resource in mid-2026
3. Site preparation has begun with drill rig arriving in late November
4. Located in proven gold district – 15 km from operating Rothsay Gold Mine
5. Testing multiple targets – extending known gold zones plus new discovery opportunities
6. Assay results expected mid-February 2026 (first batch)
7. Previous drilling continues to deliver exceptional gold and silver results:
- 22m @ 2.71 g/t gold & 21m @ 15.79 g/t silver
- 17m @ 3.43 g/t gold & 17.88 g/t silver
- 11m @ 6.03 g/t gold & 43.5 g/t silver
- 13m @ 8.13 g/t gold¹
8. Silver and base metal results pending for 15 holes
"We are thrilled with the exceptional gold and silver results from Lightning to date. These results suggest Terrain is on the verge of a major gold discovery in a province proven to host million-ounce deposits," executive director Justin Virgin said.
"This 4,500-metre program sends a clear signal – we are committed to rapidly advancing Lightning towards a maiden resource estimate in 2026. Aiming to complete at least 80%+ of drilling and getting samples into the laboratory before Christmas, we expect strong news flow early in the new year and throughout 2026 and beyond.”
"Importantly, we're not just drilling out one potential deposit. We're testing multiple targets that could deliver additional discoveries with in the Lightning complex, let alone over the Wildflower area, that sits ~3km to the south. We believe we're just scratching the surface of what could be a district-scale gold system."
“New priority IP survey targets at Wildflower will be drilled following the above RC campaign setting Terrain up for a solid set of news flow into 2026 and beyond, (see ASX releases 10 November 2025).
Read more: Terrain Minerals maps three drill-ready gold targets at Smokebush’s Wildflower prospect
Terrain has multiple objectives
Recent drilling at Lightning has already outlined a series of high-grade gold and silver intercepts, including 22 metres at 2.71 g/t gold from 105 metres downhole and 13 metres at 8.13 g/t gold from 122 metres downhole.
These results reinforce Lightning’s potential as an emerging gold and silver discovery within a proven mining province and provide a strong foundation for the upcoming program, which is designed around three key objectives, with an additional contingency component.
Indicative drill traces of the current reverse circulation drilling program superimposed over the open-file Western Australian government aeromagnetic data for the prospect area. Early modelling suggests a north-trending shear zone acts as a gold fluid pathway with east-west high magnetic lithological units are acting as traps for thicker, high-grade mineralisation.
Most of the drilling – about 3,200 metres, or 71% of the program – is focused on extending known gold zones. This work targets deeper and along-strike positions from existing high-grade mineralisation along the Lightning and Monza gold trends. The aim is to build tonnage for a maiden mineral resource estimate by tracking the gold mineralisation both down-plunge and along strike.
A further 975 metres, or 22% of the program, is allocated to testing new discovery targets. This drilling will explore east–west-trending magnetic features that may host additional gold, as these structures appear to concentrate gold-bearing fluids.
The remaining 250 metres, or 7% of the program, is directed toward a potential repeat discovery in a previously undrilled area in the northern part of the project, where the magnetic signature is similar to that seen at Lightning and may represent Lightning-style mineralisation. In addition, 500 metres of contingency drilling has been set aside to allow rapid follow-up of any encouraging results that emerge during the program.
What’s next?
It should be a big month for Terrain as we head into the Christmas period. Here’s what to expect:
