Terrain Minerals Ltd (ASX:TMX, OTC:TMXAF, FRA:T4Y) has restarted reverse-circulation (RC) drilling at its 100%-owned Smokebush Gold & Silver Project, about 350 kilometres north of Perth, following a Christmas and New Year break.
The rig is now operating at the Lightning prospect, where it is conducting a 21-hole, 4,500-metre RC program as part of a broader Smokebush campaign, totalling 34 holes for more than 6,800 metres.
Location of Terrain Minerals 100% owned Smokebush Gold Prospect.
Terrain completed 12 RC holes for 2,459 m before pausing drilling on December 18, 2025.
Results will feed into the company’s maiden JORC, which it aims to achieve before mid-2026.
Lightning: key investment highlights
- A major drilling program is underway: 21 holes for 4,500m (see diagram 3), targeting a maiden resource in mid-2026.
- Twelve holes for 2,459 m were completed before the December pause in drilling.
- Location: In a proven gold district, about 15 km from the operating Rothsay Gold Mine.
- Multiple targets being tested: Work is focused on extending known gold zones and assessing new discovery opportunities (see diagram 3).
- Results release: Terrain’s current plan is to release Lightning results together.
- Tenure: The Lightning tenement has been converted to a Mining Lease (see diagram 2).
Diagram 2: New M59/0796 tenement conversion area seen in yellow.
Diagram 3: Lightning - 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.
Prior drilling highlights: Previous drilling has returned a mix of gold and silver intercepts including:
- 22m @ 2.71 g/t gold and 21m @ 15.79 g/t silver
- 17m @ 3.43 g/t gold plus 17.88 g/t silver
- 11m @ 6.03 g/t gold plus 43.5 g/t silver
- 13m @ 8.13 g/t gold
Silver and base metal results are pending for 15 holes.
Lightning drilling program
The 4,500m program is split into three objectives, plus a contingency allowance:
1. Extending known gold zones (3,200m – 71% of program)
- Drilling deeper and along strike from existing high-grade gold within the Lightning and Monza trends.
- Aimed at building tonnage for a maiden resource estimate.
- Following mineralisation down-plunge and along strike.
2. Testing new discovery targets (975m – 22% of program)
- Assessing east–west trending magnetic features interpreted as potential hosts for additional gold.
- These structures are considered prospective for focusing gold-bearing fluids.
3. Potential repeat discovery target (250m – 7% of program)
- Testing a previously undrilled area with a magnetic signature similar to Lightning.
- Interpreted as a possible repeat of Lightning-style mineralisation.
- Located in the northern part of the project area.
Contingency
An additional 500 metres is allocated for follow-up drilling if results justify additional holes.
Wildflower to be tested next
Once Lightning is complete, the rig is expected to move to Wildflower to drill 13 holes for 2,300 metres, targeting three priority induced polarisation (IP) anomalies that show similarities to Lightning and sit beneath gold-in-soil anomalies.
Results from Wildflower are expected in April 2026.
Wildflower: key investment highlights
- Multiple drill targets identified: Large target zones extending beyond 800 m, with three targets emerging across three separate structures.
- Comparable structural setting to the Lightning discovery: Target geometry aligns with interpreted, proven gold controls. Lightning and Wildflower are positioned similarly around the same granite intrusion.
- Drilling scheduled for January 2026: Planned immediately following the Q4 2025 Lightning advancement drilling campaign. The program is an RC campaign of 13 holes for 2,300m.
- Rapid exploration momentum: Progressing from geophysics to drill testing within weeks.
Quarterly and cash update
Terrain pointed to its quarterly report released on January 5, 2026, reporting a cash balance of $2.041 million, plus a further $450,000 subject to shareholder approval at a general meeting scheduled for January 30, 2026.