Terrain Minerals (ASX:TMX) reports a maiden inferred mineral resource estimate (MRE) of 677,000 tonnes at 2.50 grams per tonne gold (Au) for 54,000oz at its Lightning Gold Project in Western Australia’s Murchison Gold Region.
The resource comprises 157,000 tonnes at 3.50g/t Au for 17,500oz from open pit mining and 520,000 tonnes at 2.20g/t Au for 36,500oz from underground mining.
The estimate also includes 156,500oz of silver as a by-product.
Completed by independent geological consultancy Apex Geoscience, the resource is contained within an optimised pit shell using economic assumptions for both open pit and underground mining.
The report notes the resource extends from surface and remains open at depth.
Executive Director Justin Virgin says the maiden resource provides an ‘exciting’ foundation for the company’s future growth.
“The maiden ‘starter’ MRE at Lightning represents another major milestone for Terrain and provides an exciting foundation for the company’s future growth,” Virgin says.
“A significant amount of known mineralisation remains outside the current MRE, highlighting the strong potential to expand the resource through further drilling.”
The Lightning Project sits within Terrain’s 100% owned Smokebush Gold and Silver Project, located 350km north of Perth in the Murchison region of WA. The project is surrounded by active mining operations, including Capricorn Metals‘ (ASX:CMM) projects and Vault Minerals‘ (ASX:VAU) Rothsay Gold Mine.
The resource is based on 98 drill holes totalling 16,501m, comprising 94 reverse circulation (RC) holes and four diamond drill holes. Most drilling was completed by Terrain between 2020 and 2026, alongside 11 holes completed by previous operator Minjar Gold between 2013 and 2014.
Terrain holds the project under granted mining lease M59/796. The project is subject to a 1% net smelter royalty on the first 100,000oz of gold.
The company plans to commence an RC drilling program in September to define and extend existing resources along strike and at depth. Meanwhile, first pass metallurgical test work results are due in Q3 2026.
Terrain will also evaluate the silver potential of the Monza structure, as 28% of historical drill holes were tested for multi-elements.
Terrain Minerals is an explorer with a portfolio of projects across WA and Queensland.
Write to Paula Fabe at Mining.com.au
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