Terrain Minerals Ltd (ASX:TMX, OTC:TMXAF, FRA:T4Y) advanced its flagship Smokebush Gold and Silver Project toward a maiden mineral resource estimate during the June 2026 quarter, supported by high-grade drilling results, completed technical studies and new exploration targets across its Western Australian portfolio.
At the Lightning prospect, Terrain completed 29 reverse circulation holes for 5,309 metres, testing extensions to the known gold system along strike and at depth.
Standout intersections included 8 metres at 6.87 g/t gold from 76 metres, including 5 metres at 10.06 g/t, and 7 metres at 7.08 g/t from 217 metres, including 1 metre at 21.80 g/t.
Other results included 5 metres at 3.26 g/t gold from 196 metres and 11 metres at 2.61 g/t from 86 metres.
The drilling confirmed continuity across the Lightning and Monza structures and indicated the possible emergence of a third mineralised zone, providing further targets for follow-up drilling.
Lightning resource work nears completion
Terrain also completed four diamond holes for 671 metres, comprising 340 metres of RC pre-collars and 331 metres of diamond tails.
The program delivered density measurements and structural data required for the planned maiden “starter” mineral resource estimate at Lightning.
Diamond drilling returned a high-grade intercept of 3.4 metres at 4.96 g/t gold from 213.6 metres, including 1 metre at 10.93 g/t, supporting the continuity of mineralisation at depth.
Metallurgical test work commenced during the quarter, with early geological assessment indicating the gold is unlikely to be refractory and may be suited to a conventional processing route.
Terrain also completed flora and fauna surveys, a differential GPS survey and topographic drone work, while submitting an application for a roughly seven-kilometre haul road connecting the mining lease with the Warriedar Coppermine Road.
The company said mining studies would begin alongside continued exploration following completion of the initial resource estimate.
Wildflower drilling supports emerging gold camp
First-pass drilling at the nearby Wildflower area intersected gold across the Wildflower, T16 and Cota targets.
Terrain drilled 13 RC holes for 2,276 metres, with gold recorded in eight holes.
Key results included 1 metre at 6.05 g/t gold from 171 metres at Wildflower and 1 metre at 4.38 g/t gold with 20.34 g/t silver from 140 metres at Cota.
The strongest intersections were generally encountered below 130 metres, mirroring the depth profile observed at Lightning.
Terrain said the results supported its induced polarisation targeting strategy and strengthened the potential for multiple deposits associated with the Mt Mulgine intrusive system.
The company also expanded an IP survey over the granted Lightning mining lease to test the Hurley, Paradise City and T17 prospects for repetitions of Lightning-style mineralisation.
Rare earth and gold targets broaden portfolio
Subsequent to quarter-end, Terrain reported results from a 35-hole aircore campaign at the Lort River Rare Earth Elements Project near Esperance.
Rare earth mineralisation was identified in 25 holes, led by 8 metres at 3,349 ppm total rare earth oxides from 27 metres, including 6 metres at 4,230 ppm and a peak three-metre composite of 5,568 ppm.
The higher-grade zone contained a strong heavy rare earth component, including dysprosium and terbium, while several holes ended in mineralisation.
Terrain is progressing single-metre assays and evaluating deeper reverse circulation drilling to support future resource definition.
At the Carlindie Project near Port Hedland, a first-pass soil program defined a coherent gold-pathfinder anomaly measuring about 4 kilometres by 3 kilometres.
The anomaly coincides with a concealed greenstone target independently identified through machine-learning-assisted bedrock mapping.
Terrain plans field reconnaissance around a high-intensity bismuth-tungsten feature, followed by a CSIRO UltraFine+ soil program from August 2026.
Placement supports exploration programs
Terrain completed a A$1.5 million placement during the quarter through the issue of about 375 million shares at A$0.004 each.
Funds have been directed toward the Lightning resource and mining studies, further work at Lort River and Carlindie, and general working capital.
The company finished the quarter with A$1.39 million in cash after spending A$868,000 on exploration and evaluation activities.
About Terrain Minerals
Terrain Minerals is an exploration company with projects across Western Australia and Queensland.
Its principal focus is the 100%-owned Smokebush Gold and Silver Project in the Murchison region of Western Australia, where Lightning is the company’s most advanced target and Wildflower provides additional district-scale exploration potential.
Terrain’s wider portfolio includes the Larin’s Lane gallium and rare earth project, the Lort River rare earth project, the Carlindie lithium and gold project and the Biloela gold and copper project in Queensland.