Terrain Minerals Ltd (ASX:TMX, OTC:TMXAF) has kicked off a combined 6,800-metre drilling program across the Lightning and Wildflower prospects at its Smokebush Project in Westeran Australia, with a reverse circulation (RC) rig now turning on the first hole at Lightning.
Once those 21 holes for 4,500 metres are complete, the drill team will move across to Wildflower for a further 13 holes totalling 2,300 metres. First assay results are expected from mid-February 2026.
Major RC drilling campaign underway -- RC drill rig and team at the first hole at Lighting. The total program at both sites consists of 34 holes for 6,800m, with an additional 500m held in reserve. The planned program is subject to change based on field observations.
The program follows a string of technical milestones for Terrain across the Murchison Gold Province, with recent drilling results and a capital raising supporting its pathway toward a potential maiden resource at Lightning in mid-2026.
The latest high-grade intercepts -- including 22 metres at 2.71 g/t gold from 105 metres and 13 metres at 8.13 g/t gold from 122 metres -- have reinforced Lightning's status as an emerging gold-silver discovery.
Location of Terrain Minerals 100% owned Lighting Gold Prospect. The prospect is approximately 350 kilometres north of Perth, Western Australia and is located within the YalgooSingleton Greenstone Belt, being a 190-kilometre-long Archean greenstone belt situated in the southwestern Murchison Domain.
Three-part strategy at Lightning
The Lightning campaign is designed to accelerate resource definition while testing growth targets across the broader system. Terrain's 4,500-metre RC program is split across three objectives:
* Extending known gold zones (3,200 metres): Drilling along strike and at depth from existing high-grade shoots across the Lightning and Monza trends to build tonnage ahead of the maiden resource estimate.
* Testing new discovery targets (975 metres): Following east-west magnetic features interpreted to host structurally focused, gold-bearing fluids.
* Assessing a potential repeat target (250 metres): A previously undrilled magnetic anomaly in the project's north that may represent Lightning-style mineralisation.
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.
A further 500 metres of contingency drilling has been allocated for rapid follow-up of any new hits.
Lightning sits within a well-endowed part of the Murchison, located 15 kilometres from the operating Rothsay Gold Mine and about 50 kilometres south of 29Metals' Golden Grove operation.
The Lightning Gold Prospect is located 15 kilometres from the operating Rothsay Gold Mine and within proximity to Capricorn Metals' 4.5-million-ounce Mt Gibson Gold Deposit.
Wildflower next in line
Once Lightning is complete, RC drilling at Wildflower will test a series of high-priority targets generated by a new induced polarisation (IP) survey. The program has outlined large-scale chargeability anomalies extending over 800 metres, interpreted as potential gold-bearing structures comparable to those hosting mineralisation at Lightning.
Terrain expects drilling to commence in January 2026, marking the company's first systematic test of the new IP targets.
'On the verge of a major discovery'
Executive director Justin Virgin said the company is entering its most active exploration window yet, calling the latest results from Lightning "exceptional".
"These results suggest Terrain is on the verge of a major gold discovery in a province proven to host million-ounce deposits," 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," he added. "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."
Virgin noted that Terrain is not solely focused on resource definition, adding that multiple discovery targets across Lightning and Wildflower "could deliver additional discoveries within the Lightning complex, let alone over the Wildflower area".
"We believe we're just scratching the surface of what could be a district-scale gold system."
Catalysts ahead
Terrain has mapped out a steady news runway:
* Drilling under way now, with most metres to be completed before Christmas.
* Work resumes January 12, 2026, with Wildflower drilling to follow.
* First assays due mid-February 2026, flagged as a key share price catalyst.
* Maiden JORC resource targeted for mid-2026 at Lightning.
Terrain continues to build out a wider pipeline across gold, rare earths, gallium and critical metals in WA and Queensland, supported by recent funding and ongoing portfolio expansion.