Terrain Minerals Limited - High-Priority Nickel-Copper Targets Identified in Lort River Project's 'Eye' Feature

About this update from Terrain Minerals Ltd

Terrain Minerals Limited (ASX: TMX) ('Terrain' or the 'Company') is pleased to announce that an airborne electromagnetic survey (AEM) recently completed over the Company's Lort River Project has successfully identified five (5) high-priority bedrock conductors within the same mineralised belt as IGO's (ASX: IGO) NovaBollinger nickel-copper mining operations. Highlights: Discovery of Five High-Priority Bedrock Conductors: Airborne electromagnetic (AEM) survey reveals five potential mineral-rich zones within Terrain Minerals Lort River Project . 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. Geological Confirmation: Geophysical analysis suggests the 'eye' feature at Lort River may share a similar mafic intrusion origin as the Nova-Bollinger deposits. Next Steps: Terrain is planning a ground-based electromagnetic (EM) survey to further investigate these promising targets, with drilling anticipated in Q4 2024. Leading geophysical consulting firm Southern Geoscience Consultants (SGC) was appointed to process and model 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 reinforce the thesis that Terrain Minerals Lort River Project potentially hosts Nova-style magmatic nickel-copper mineralisation. As such, the Company has now commenced discussions with ground geophysical contractors and landowners in relation to undertaking a ground-based electromagnetic (EM) and completing soil geochemical survey over these conductors during the second half of this calendar year. Ground EM and 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. Following the completion of these ground-based survey, the Company intends to drill test the conductors, which subject to landowner approval, is scheduled to occur during the fourth quarter of 2024 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 AlbanyFraser Belt could be just as promising as the northern region where Nova was discovered. The presence of latetime 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.' Contact: Justin Virgin Executive Director Tel: +61 8 9381 5558 Email: [email protected] ABOUT TERRAIN MINERALS LIMITED : Terrain Minerals Limited (ASX: TMX) is a mineral exploration company with an asset portfolio that includes: Trade Opportunities: Terrain is open to commercial discussions in relation to the full or partial sale, and/or joint venture of the Company's non-core assets Compliance Statement Terrain Minerals notes that within the announcement, all the information is referenced directly to the relevant original ASX market releases of that technical data. Terrain Minerals would like to confirm to readers that it is not aware of any new information or data that materially affects the information included in the relevant market announcement and, in the case of the estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. (C) 2024 Electronic News Publishing, source ENP Newswire

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