Terrain Minerals Limited - Commencement of EM Survey at Lort River - Testing Four Bedrock Sulphide Conductors (Nickel/Copper)

About this update from Terrain Minerals Ltd

Terrain Minerals Limited (ASX: TMX) ('Terrain' or the 'Company') is pleased to announce that the ground based moving loop electromagnetic (MLEM or EM) survey has commenced over the Company's 100% owned Lort River Project , located 50km NW of Esperance, Western Australia . The Survey has been designed to test four (4) high-priority bedrock sulphide conductors within the same mineralised belt as IGO's (ASX: IGO) Nova-Bollinger nickel-copper mining operations Highlights: Four High-Priority Bedrock Sulphide Conductors identified by Terrain: Airborne electromagnetic (AEM) survey reveals four potential mineral-rich zones within Terrain Minerals Lort River Project (refer to ASX release 13/08/2024). The ground-based EM survey is designed to potentially identify the source as well as fine-tune the sulphide conductor's location and orientation of drill targeting. Drill Program Planned for Early 2025: Terrain is currently targeting to commence drilling of EM targets during January 2025 . Why are Lort River high priority (Nickel/Copper) drill targets: Potential Sulphide mineralisation: conductors indicate the presence of valuable sulphide minerals, akin to those found in IGO's Nova-Bollinger operations. Strategic Positioning: Two of the conductors are located on the western edge of the 'eye' feature, similar to Nova-Bollinger's ore body locations (refer to diagram 1 and 2). Geological Confirmation: Geophysical analysis suggests the 'eye' feature at Lort River may share a similar mafic intrusion origin as the Nova-Bollinger deposits, both sit within the same mineralised Albany Fraser belt Data Acquisition Terrain has once again secured the services of Southern Geoscience Consultants (SGS) who have been engaged to acquire and process the data. The process of acquisition will utilise a quad bike (ATV) for the laying out of transmitter loop cables and a UTV or utility vehicle to carry the transmitter and power source. The ground crew will use an in-loop configuration will be used with transmitter loop dimensions of 200m x 200m. Station spacing will be 100m, resulting in a 50% transmitter loop overlap. This is a relatively fast process as all targets predominately sit under fully cleared freehold farmland. Current estimate is 1.5 to 2 days at each target . Terrain Minerals' Executive Director, Mr. Justin Virgin , commented: 'The hunt for the next Nova-style magmatic nickel-copper deposit in the Albany-Fraser Belt1 is intensifying, and we believe we are at the forefront of this search. IGO's success with Nova has shown that these highly valuable ore bodies are not isolated occurrences but part of a broader, richly mineralised region1. The fact that IGO invested $1.8 billion in Nova when nickel prices were significantly lower highlights the immense potential of these deposits. IGO's 4Q24 results presentation also demonstrated that the Nova ore bodies are profitable even at today's nickel price. Our recent airborne geophysical survey has revealed compelling evidence that the southern half of the Albany Fraser Belt could be just as promising as the northern region where Nova was discovered. The presence of late time bedrock conductors within a Nova look-alike 'eye' feature at our Lort River Project strongly supports our belief that we're in the right location to make a potential new discovery.' Further background information around Terrain's Vtem survey flown in May 2024 Leading geophysical consulting firm Southern Geoscience Consultants (SGC) processed and modelled the 'VTEM max' survey data. SGC has confirmed that the 'eye' feature at Lort River is likely a mafic intrusion potentially emplaced during the Albany Fraser Orogen, being a similar geological setting to that found at Nova Bollinger. This supports IGO's publicly stated position that the magmatic processes that are required to form Nova-style massive nickel-copper sulphide deposits have occurred along the entire length of the Albany- Fraser Belt . Importantly, two (2) of these bedrock conductors (targets LRT0-01 and LRT-02) appear to sit on the western edge of the 'eye' feature at Lort River being a similar position to the late-time electromagnetic conductors associated with Nova-Bollinger nickel-copper ore bodies. Terrain is highly encouraged by the results returned from its recently completed airborne electromagnetic and magnetic survey, which reinforces the thesis that Terrain's Lort River Project potentially hosts Nova-style magmatic nickel-copper mineralisation. The current ground EM and then drilling will be essential as, whilst AEM results are very encouraging as conductors are prospective for massive nickel-copper sulphide mineralisation, they may also be related to other conductive minerals. Summary of the four late-time conductors identified over Lort River tenement E 63/2447: All four conductor have been independently verified by geophysicists at SGC2 as warranting follow-up exploration for nickel-copper mineralisation, and a ground-based moving loop electromagnetic survey (MLEM) which is now in progress. The conductors are considered prospective for economic massive nickel-copper sulphide mineralisation but could also be related to barren sulphides or other highly conductive minerals such as graphite's. Competent Person's Statement The information in this report that relates to Exploration Results for the Lort River Nickel-Copper Project are based on information compiled by Karen Gilgallon , who is a Member of the Australian Institute of Geoscientists . Ms Gilgallon has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Ms Gilgallon consents to the inclusion in the report of the matters based on their information in the form and context in which it appears Contact: Tel: +61 8 9381 5558 Email: [email protected] (C) 2024 Electronic News Publishing, source ENP Newswire

View stock analysis, news, and events for Terrain Minerals Ltd