Terrain Minerals Limited (TMX) has commenced an expansion drilling program at its 100%-owned Lightning and Monza Gold Prospect, part of the Smokebush Project in Western Australia. The program aims to build on recent high-grade gold and silver results, including 11 meters at 6.03 g/t gold and 43.5 g/t silver from 75 meters at Lightning, and 3 meters at 6.12 g/t gold from 26 meters at Lightning, and 5 meters at 3.77 g/t gold from 180 meters at Monza. The ~17-hole, 3,350-meter RC drilling program is designed to test down-dip and along-strike extensions of known mineralization, focusing on a 600m long IP anomaly at Lightning and the 700m long Monza structure. Terrain’s goal is to achieve an initial Mineral Resource estimate at Lightning & Monza for release in early to mid-2026.
In conjunction with exploration, Terrain Minerals has launched a pro-rata non-renounceable rights issue to raise up to approximately $1,800,000. The offer, priced at $0.003 per new share, includes one free-attaching option for every new share subscribed, exercisable at $0.005 and expiring on June 17, 2027. The Rights Issue Offer is open to eligible shareholders recorded as of May 14, 2025, and is scheduled to close on June 17, 2025.
Board members intend to participate in the rights issue, totaling approximately $116,000. Additionally, two directors have committed to underwriting the shortfall up to $115,000, providing assurance over approximately 12.8% of the targeted funds. The company is also advancing metallurgical test work on Lightning gold and silver mineralization and has submitted a Mining Lease application for the Monza Gold Prospect. Historical drilling within the IP survey area has shown promising gold intercepts, further bolstering the prospectivity of the region, and with its proximity to Golden Grove and Mt Gibson operations, Terrain is also analysing for VMS potential. The company is open to commercial discussions regarding potential divestment or joint venture arrangements for its assets.
