Terrain Minerals Launches Largest IP Survey at Smokebush Gold Project

Terrain Minerals Hunts for the Next Lightning Strike With Its Largest IP Survey Yet

Terrain Minerals (ASX: TMX) has launched one of its largest induced polarisation (IP) surveys to date at the 100% owned Smokebush Gold & Silver Project in Western Australia, targeting previously untested ground that shares the same structural corridor as the company's high-grade Lightning Gold Prospect. The move signals a deliberate push to expand the Smokebush gold system well beyond what has already been drilled, with a string of near-term catalysts set to keep news flowing into the second half of 2026.

What's Happening and Why It Matters

The new 2026 IP survey is being conducted across the western portion of granted Mining Lease M59/796, a block of ground that has never previously been tested with modern induced polarisation techniques. This is a significant gap in the exploration coverage given what the same method has already delivered at this project.

The strategic logic is straightforward. The survey area sits squarely within the same north-south shear corridor and Mt Mulgine Granite-related mineralising system that hosts the Lightning and Monza gold discoveries. It is also positioned geographically between two known centres of gold mineralisation:

• Lightning Gold Prospect — 3 kilometres to the east, where more than 16,000 metres of drilling across 97 reverse circulation and 4 diamond holes has been completed, with high-grade results including 13 metres at 8.13 g/t gold from 122 metres
• Black Dog open cut gold mine — a historic operation approximately 4 kilometres west of Terrain's tenement boundary, interpreted to sit on the same shear corridor

Furthermore, the company is using the survey to revisit the historic Hurley target, which recorded 10 metres at 1.4 g/t gold from 15 metres in earlier shallow RAB drilling within a 250 metre x 250 metre gold soil anomaly, but has never been followed up with modern geophysics.

"What excites us the most is that this target area has never previously been tested with modern IP despite sitting within the same structural corridor as Lightning. The geology, structure and regional setting all suggest there is strong potential for additional parallel gold-bearing structures across the broader Smokebush system."

— Justin Virgin, Executive Director, Terrain Minerals

IP: The Method That Found Lightning in the First Place

What Is Induced Polarisation (IP)?

Induced polarisation is a non-intrusive geophysical technique used to map subsurface electrical properties from the surface. In practical terms, it detects disseminated sulphide minerals underground — the same sulphides that are closely associated with gold mineralisation at Smokebush. It is particularly effective where gold-bearing structures are concealed beneath surface cover, making it ideal for identifying drill targets that would otherwise be invisible from the surface.

Why Does It Matter for Investors?

IP surveys are a low-cost, high-impact exploration tool. Rather than drilling blindly, the company uses IP to define specific areas where electrical properties suggest mineral potential, then drills into those anomalies. At Smokebush, this approach has a strong and proven track record:

The same independent contractor and processing team — Khumsup Geophysics for acquisition and Newexco Exploration for processing and 3D modelling — that delivered the prior surveys is running the 2026 programme under identical survey parameters, providing direct comparability with the results that led to the Lightning discovery.

How Induced Polarisation Works in Practice

The technique involves sending electrical current into the ground and measuring how different rock types respond. When the current is switched off, certain minerals continue to hold an electrical charge for a period of time. Sulphide minerals, which are commonly associated with gold deposits, exhibit this electrical behaviour more strongly than surrounding rocks.

This "chargeability" response creates anomalies that geophysicists can map and model in three dimensions. At Smokebush, these chargeability anomalies have consistently corresponded with gold mineralisation when subsequently tested by drilling, making it an effective targeting tool for this specific geological setting.

A Larger Gold System Is Taking Shape

One of the more compelling aspects of this announcement is the regional picture it paints. Terrain's working model is that Lightning is not an isolated deposit but one of potentially several parallel gold-bearing structures within a broader mineralising system tied to the Mt Mulgine Granite.

That interpretation is supported by regional context. On adjacent ground — which Terrain does not hold an interest in — Tungsten Mining NL (ASX: TGN) has reported the following, included here for regional geological context only:

• A JORC (2012) Indicated and Inferred Mineral Resource of 1.9 million tonnes at 1.10 g/t gold for 67,500 ounces at the Camp, Black Dog and Bobby McGee prospects
• A further exploration target of 1.5 to 2.0 million tonnes at 0.9 to 1.4 g/t gold for 44,000 to 87,000 ounces at Mulgine Trench, Allentown and Monza

Important note: These resources and exploration targets are on third-party tenure not held by Terrain Minerals and are referenced solely for regional geological context. There is no certainty that exploration on Terrain's ground will define mineralisation of similar tonnage or grade.

What this context does illustrate, however, is that the Mt Mulgine mineralising system is productive at a regional scale. Terrain's 2026 IP programme is designed to test whether additional expressions of that system exist on the company's own 100% owned, fully granted ground.

Understanding the Mt Mulgine Mineralising System

The Mt Mulgine Granite represents a geological feature that has influenced mineral formation across the region. When granite intrusions interact with surrounding rocks, they can create the structural and chemical conditions necessary for gold mineralisation. This process typically occurs along zones of weakness in the earth's crust, known as shear corridors, where fluids carrying dissolved metals can flow and deposit their mineral content.

At Smokebush, the north-south trending shear corridor provides the structural framework, while the proximity to the Mt Mulgine Granite has supplied the heat and chemical conditions necessary for mineral concentration. This combination has proven effective at Lightning and Monza, and the Terrain Minerals Smokebush Gold and Silver Project IP survey results from the 2026 programme will test whether the same conditions exist across the broader lease area.

A Pipeline Stacked With Near-Term Catalysts

Terrain is entering what Executive Director Justin Virgin describes as "a strong period of news flow." The forward schedule is dense and sequenced:

The maiden MRE at Lightning is a particularly significant milestone. It will convert years of drilling — more than 16,000 metres and 101 holes — into a formal JORC (2012) resource estimate for the first time, giving investors a defined resource base to work with. Terrain has flagged this as a "starter" estimate, suggesting further resource growth is anticipated beyond the initial release.

The Investment Case: Systematic Expansion of an Emerging Gold System

Terrain Minerals' approach at Smokebush reflects a systematic, geophysics-first exploration model that has proven effective at this specific project. The key elements of the investment case as they stand today are as follows:

1. Proven Exploration Methodology

IP has successfully identified drill targets at Lightning and Wildflower. Applying the same method to untested ground in the same structural corridor represents a disciplined, low-cost way to expand the target inventory.

2. 100% Ownership on a Granted Mining Lease

Mining Lease M59/796 is fully granted and runs to 2046, removing tenure risk and providing the company with the full economic interest in any discoveries made.

3. Multiple Prospects Within a Single Structural System

Lightning, Monza, Wildflower, and Hurley all sit within or adjacent to the same geological corridor. The new IP programme has the potential to add further targets to this pipeline.

4. Imminent Resource Definition

The maiden Lightning MRE scheduled for July 2026 represents a significant de-risking event that will provide a formal quantification of the mineralisation discovered to date.

5. Established Regional Context

The project sits in a geologically active and historically productive part of the Yalgoo Mineral Field, neighbouring operations and projects associated with Capricorn Metals, 29Metals, and Vault Mining.

6. Active Newsflow

The combination of pending Wildflower assays, the approaching MRE, and IP target reporting means investors can expect a steady cadence of material announcements through mid-2026.

Understanding Key Technical Terms

What Is a Chargeability Anomaly?

A chargeability anomaly is a zone identified by IP where the ground retains an electrical charge longer than surrounding rock, often indicating the presence of sulphide minerals and potential gold mineralisation.

What Is a Mineral Resource Estimate?

A Mineral Resource Estimate (MRE) is a formal quantification of mineralisation within a defined area, classified under the JORC Code (2012) into Inferred, Indicated, or Measured categories depending on data confidence.

What Is RC Drilling?

RC drilling (Reverse Circulation) is a common drilling method where air is used to return rock chips to the surface for sampling and assay, typically faster and more cost-effective than diamond drilling.

What Is a Shear Corridor?

A shear corridor is a zone of structural deformation in the earth's crust, commonly associated with fluid flow and gold mineralisation in greenstone belt settings.

Why This Survey Matters for Investors

The Terrain Minerals Smokebush Gold and Silver Project IP survey results scheduled for July 2026 represent more than just another exploration update. They will provide the first systematic evaluation of the largest untested block of ground within the granted Mining Lease M59/796, using a proven methodology that has already delivered discoveries at the same project.

The geological setting is compelling. The survey area sits between two known gold systems and shares the same structural architecture as the Lightning discovery. Previous shallow drilling at Hurley confirmed gold mineralisation, but without modern geophysical targeting, this area has remained underdeveloped.

What makes this particularly relevant to investors is the timing. The IP survey results will arrive alongside the maiden Lightning MRE in July 2026, potentially providing both a formal resource quantification at Lightning and a new pipeline of drill-ready targets to follow. In addition, this combination could significantly expand the known gold inventory at Smokebush while demonstrating the systematic growth potential of the broader project.

Looking Ahead: A Systematic Approach to Discovery

Terrain Minerals has methodically built a pipeline of exploration targets at Smokebush using a consistent, low-cost geophysics-led approach. The IP technique has worked twice before at this project. Now the same approach is being applied to the largest untested block of ground remaining within the granted lease — ground that sits between two known mineralised systems and shares the same geological architecture as Lightning.

With Wildflower assays due imminently, a maiden MRE approaching in July, and the Terrain Minerals Smokebush Gold and Silver Project IP survey results to follow shortly after, the company is heading into one of its most active news cycles to date.

Key Investment Consideration: Terrain Minerals has positioned itself as a systematic discoverer within the emerging Smokebush gold system, with a proven exploration method, 100% ownership of a long-tenure granted mining lease, and a series of near-term catalysts including pending assays, a maiden Mineral Resource Estimate, and new IP targets — all scheduled to materialise before the end of July 2026.

The systematic approach to exploration, proven methodology, and strategic timing of upcoming catalysts combine to create what could be a significant period of value realisation for shareholders. The Terrain Minerals Smokebush Gold and Silver Project IP survey results will provide crucial data to test whether the Lightning discovery represents an isolated occurrence or part of a much larger gold system with multiple parallel structures awaiting discovery.

Want to Be First When the Next Major ASX Gold Discovery Hits?

Discovery Alert's proprietary Discovery IQ model delivers real-time alerts the moment significant mineral discoveries are announced on the ASX, instantly turning complex exploration data into actionable investment insights — exactly the kind of edge that matters when projects like Smokebush are approaching a dense catalyst pipeline. Explore how historic discoveries have generated substantial returns on Discovery Alert's dedicated discoveries page, and begin your 14-day free trial today to position yourself ahead of the market.