Terrain Minerals Limited (ASX: TMX) (“Terrain” or the “Company”) provides the following update at the Lightning Gold Project, part of its 100% owned Smokebush Gold & Silver Project, 350km north of Perth, Western Australia.
The Lightning Maiden 'Starter' Mineral Resource Estimate (MRE) represents another significant milestone at Lightning Prospect. The Company intends to accelerate exploration activities aimed at upgrading the current MRE to the Indicated Mineral Resource category, while expanding the overall resource inventory through further drilling.
Importantly, this Starter MRE represents an initial foundation rather than the full extent of the Project's mineral endowment at Lightning. The Numerous look-alike gold targets across the broader Project area, will continue to be advanced with the longer-term objective of defining a substantial gold resource inventory.
Key Points:
- Independent Inferred Mineral Resource Estimate (“MRE”) for Lightning delivers 677,000 tonnes at 2.5g/t Au for 54,000oz.
- Resource is contained within an optimised pit shell, with economic assumptions applied for underground mining.
- Mineralisation starts from surface and remains open along strike and at depth.
- Infill & expansion drilling to capture mineralisation currently sitting outside of the MRE.
- Metallurgical stage one results due Q3 2026, with further work scheduled.
- Mineralisation at Lightning is high grade and shows both open pit and underground potential.
Independent geological consultancy Apex Geoscience completed the MRE, which is constrained within an optimised pit shell and economic assumptions for underground. The resource extends from surface and remains open at depth and is under-drilled to the north of the main orebody.
On the release of the MRE Terrain Executive Director, Justin Virgin, said:
"The Maiden 'Starter' Mineral Resource Estimate at Lightning represents another major milestone for Terrain and provides an exciting foundation for the Company's future growth. Importantly, a significant amount of known mineralisation remains outside the current MRE, highlighting the strong potential to expand the resource through further drilling."
"Our next drilling campaign will focus on both infill and extensional drilling to convert and grow the existing resource, while also testing several new priority targets that our technical team has developed across the project. With mineralisation remaining open along strike and at depth, we believe Lightning has considerable upside and is well positioned to deliver further resource growth."
"Terrain will also focus on evaluating the silver potential of the Monza structure, as only 28% of historical drill holes were not tested for multi elements which also tests for silver. This presents an opportunity to assess the potential for additional silver mineralisation within the existing drilled footprint."
The full ASX announcement, including the relevant disclosures, can be found in the link below.
Contact details:
David Tasker
Chapter One Advisors
T: +61 433 112 936
E: [email protected]
