Terrain Minerals (ASX:TMX) Commences High-Grade Gold & Silver Drilling
Operational Update
Terrain Minerals has commenced drilling at its 100%-owned Lightning and Monza Gold Prospects within the Smokebush Project. The drill program includes approximately 17 holes totaling 3,350 meters of RC drilling. Early results highlight high-grade intersections, including 11 metres at 6.03 g/t gold and 43.5 g/t silver from 75 metres at Lightning, and 3 metres at 6.12 g/t gold from 26 metres at Lightning.
Financial Update
The company is undertaking a pro-rata non-renounceable rights issue, offering one new share for every 3.7 shares held at an issue price of $0.003 each. This aims to raise approximately $1.8 million, with each new share accompanied by an option exercisable at $0.005 until June 2027. Board members are participating significantly, with commitments totaling approximately $231,000 to support the rights issue.
Future Outlook
Terrain Minerals aims to complete an initial Mineral Resource estimate for the Lightning & Monza Gold Prospects by early to mid-2026. The company is also advancing metallurgical test work and has submitted a mining lease application for the Monza Gold Prospect, reinforcing its commitment to exploring and developing these high-potential sites.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.
