Terrain Minerals Ltd (ASX:TMX, OTC:TMXAF, FRA:T4Y) has delivered a fresh round of high-grade gold results from drilling at its Lightning prospect, with new assays confirming continuity of mineralisation along strike and at depth while expanding the scale of the system ahead of a maiden resource targeted for mid-2026.
The results come from a 29-hole reverse circulation (RC) program completed between November 2025 and February 2026 at the 100%-owned Smokebush project in Western Australia’s Murchison region, where drilling is increasingly pointing to a broader and more complex gold system than previously understood.
Terrain Minerals’ 100%-owned Lightning Gold Prospect, part of the Company’s greater Smokebush Project, is located within the highly prospective Murchison Gold Region of Western Australia. Located 350 kilometres north of Perth.
Strong intercepts reinforce scale and grade
The latest drilling returned multiple high-grade intercepts across the Lightning system, including:
- 8 metres at 6.87 g/t gold from 76 metres, including 5 metres at 10.06 g/t
- 7 metres at 7.08 g/t from 217 metres, including 1 metre at 21.80 g/t
- 11 metres at 2.61 g/t from 86 metres, including 1 metre at 12.29 g/t
- 5 metres at 3.26 g/t from 196 metres, including 1 metre at 11.81 g/t
Geological cross section of drill holes SBRC087 and SBRC106 from Terrain Minerals Mineral’ recent drill program targeting the Lightning gold system.
These results sit alongside a broader set of mineralised intersections typically grading between 1 and 8 g/t gold over widths of 1 to 11 metres, reinforcing both the grade profile and consistency of the system.
Geological cross section of drill holes SBRC095 and SBRC105 from Terrain Minerals Mineral’ recent drill program targeting the Lightning gold system.
Executive director Justin Virgin said the program had delivered what the company was aiming to demonstrate — continuity and scale.
“These results are exactly what we expected to see,” he said. “The drilling has confirmed that the high-grade gold mineralisation at Lightning extends along strike and at depth with multiple holes returning wide, high-grade intercepts across the Lightning gold system.”
Location of drill holes from Terrain Minerals’ recent reverse circulation drill program at the Lightning Gold Prospect.
System expands beyond initial model
Beyond the headline grades, the program has materially advanced the geological understanding of Lightning.
Drilling has now defined two parallel shear-hosted structures — the Lightning and Monza trends — with both remaining open along strike and at depth. Importantly, recent assays from the bottom of several holes suggest the emergence of a potential third mineralised structure to the west, adding further exploration upside.
Mineralisation is hosted within steeply dipping shear zones, with higher-grade shoots appearing to plunge north — a structural setting that supports the potential for repeat high-grade zones at depth.
The growing dataset now comprises 97 RC holes and four diamond holes for roughly 16,000 metres of drilling, providing a solid foundation for resource modelling.
Mining lease secured as resource work advances
In parallel with exploration progress, Terrain has secured Mining Lease M59/0796 covering the Lightning system, removing a key development hurdle as the project moves towards its first resource estimate.
The company is targeting a maiden JORC-compliant mineral resource in July 2026, with upcoming diamond drilling assays expected to play a key role in confirming grade continuity and density parameters required for the estimate.
Further work will also include:
- Integration of new assay data into the geological model
- Metallurgical test work to assess processing pathways
- Additional geophysics to identify repeat structures west of the current footprint
- Positioned within a proven gold corridor
Lightning sits within a well-established gold district in the Murchison region, surrounded by existing operations and significant resource bases.
The company noted that grades at Lightning compare favourably with nearby deposits, including Capricorn Metals’ multi-million-ounce inventory and the Rothsay gold mine, highlighting both the regional endowment and potential for resource growth.
Terrain has also been steadily building momentum across the broader Smokebush project, with previous drilling at Lightning and nearby prospects helping to define a growing gold and silver system alongside emerging critical minerals exposure.
Momentum builds towards a defining phase
With high-grade continuity now demonstrated, multiple structures identified and a mining lease in place, the focus is shifting towards converting exploration success into a defined resource.
Upcoming diamond assays and continued drilling will be key to refining the geological model, but the latest results suggest Lightning is evolving from a discrete target into a larger, multi-structure gold system with scale potential.
As the July 2026 resource timeline approaches, Terrain is entering a more consequential phase — where expanding datasets, structural understanding and grade consistency will determine how far the project can progress within this established WA gold belt.