Terrain strikes high-grade gold in WA Yalgoo mineral field

Terrain Minerals is turning heads as its latest drilling results shine, with two holes intercepting 13 metres assaying 8.13 grams per tonne (g/t) gold from 122m, including a bonanza 2m at 48.22g/t, and 17m going 3.43g/t from 147m, including 2m at 17.17g/t gold, from its Monza and Lightning targets in the company’s Smokebush project.

Two further intercepts in separate holes comprised 22m going 2.71g/t gold from 105m depth and 1m at 18.04g/t from 128m. 

The Smokebush project is about 350km north of Perth and 65km west of Paynes Find in the Yalgoo-Singleton greenstone belt within Western Australia’s Yalgoo mineral field.

Terrain’s July reverse circulation (RC) drilling campaign saw 22 holes put in for 4995m, nailing gold hits in 17 out of 21 holes - a cracking 80 per cent hit rate that screams potential.

This is especially so with one hole exceeding the magic one-ounce-per-tonne (31.1g/t) gold threshold and other results showcasing thick, consistent mineralisation that could get investors a bit excited. 

The latest results build on results from previous drilling, such as 11m at 6.03g/t gold and 43.5g/t silver from 75m, and 2m at 6.22g/t gold from 82m.

Terrain Minerals executive director Justin Virgin said: “This program has delivered some of the strongest results Terrain has achieved to date. The consistency of mineralisation, with multiple thick and high-grade intercepts across Lightning, confirms the strength of the system and validates our exploration strategy.” 

Virgin added that the results confirm that Terrain’s geophysical modelling and structural interpretation is working and that IP geophysics can successfully pinpoint chargeability anomalies and guide exploration towards mineralisation, significantly reducing risk and expenditure while increasing confidence in ongoing exploration.

Modelling points to a north-south shear zone channelling gold-rich fluids, with east-west magnetic lithological units trapping thicker, high-grade zones in steeply-dipping quartz veins. 

The Monza prospect hosts at least three major vein domains, while Lightning hosts two domains. Both remain open along strike and at depth, with a previously defined 600m-long IP anomaly at the targets hinting at potential scale. 

Terrain is waiting on multi-element assays for silver, lead, zinc, arsenic and antimony that could further sweeten the story, given prior silver hits in February’s RC drilling produced up to 123g/t silver.

That big silver hit was part of the longer intercept of 11m at 6.03g/t gold and 43.5g/t silver which included a high-grade interval of 1m at 11.41g/t gold and 86.9g/t silver from 80m, further highlighting the potential for high-grade mineralisation in the prospect. 

Terrain’s strategy of combining IP surveys with drilling has nailed convincing thick mineralisation, such as the 22m going 2.71g/t gold from 105m depth, boosting confidence for future geophysical surveys at the nearby Wildflower prospect, which is only 10km south of Vault Minerals’ Rothsay gold mine. 

The imminent focus on Wildflower and on refining its 2023 IP data will sharpen Terrain’s drill targets. Results are expected to flow through to later in the year. 

Terrain has lodged a mining lease application and aims to deliver a mineral resource estimate for mid-2026, while it methodically builds a case for a significant deposit.

Fresh off July’s $1.5 million placement, Terrain is well-funded to keep the drill rods turning and to extend its geophysical programs. 

Smokebush is shaping up as a potential major system in a wider region that has become well-known for chunky gold systems. Terrain’s high drilling hit rate and its ounce-plus grades are laying the groundwork for a cracking discovery.

With assays still pending for silver and base metals, Terrain’s Smokebush project is looking increasingly like a gold-encrusted puzzle, and new pieces are gradually falling into place. 

As the company chases a 2026 resource and continues to map high tenor gold veins, Terrain might soon end up drilling into the next big shiny show at Yalgoo.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au