Terrain Minerals Limited - Larin's Lane Phase One JORC Exploration Target Outlines Potential

About this update from Terrain Minerals Ltd

Terrain Minerals Limited (ASX: TMX) ('Terrain' or the 'Company') is pleased to announce that leading mining consulting firm, SRK Consulting (Australasia) Pty Ltd ('SRK Consulting'), has defined an initial Phase One Exploration Target for the Company's 100% owned Larins Lane Project located in the Mid-West region of Western Australia . The initial Phase One Exploration Target is based solely on the limited air core program completed by the Company in 2023, which appears to cover less than 5% of the prospective geology at Larins Lane.. It should be noted that both the rare earth element (REE) mineralisation and Gallium covered by this Phase One Exploration Target are hosted within the regolith (or oxide) horizon, sitting above the fresh bedrock. As part of their report, SRK Consulting also designed a follow-up air core drilling program aimed at testing an expanded mineralisation footprint at Larins Lane. This proposed drill program, which comprise 53 holes for an estimated total of 3,500 metres of air core drilling, is designed to triple the amount of prospective geology drill tested by the Company. This drill program is currently anticipated to commence in the first quarter of the 2025 calendar year, with results due six weeks after the completion of the program. Following receipt of the assays, an updated Phase Two Exploration Target for the Larins Lane Gallium Project will be determined by SRK Consulting that will reflect any expected increase in the mineralised footprint at the Larins Lane Gallium Project . As a participant in the Minerals Research Institute of Western Australia (MRIWA) research project M10528, selected samples from the upcoming drilling at Larins Lane will also be the subject of a series of extraction processes via Curtin University . The objective of this government-sponsored research project is to optimise the recovery of regolith-hosted critical minerals (including Gallium) with a focus on organic, near pH neutral, solvents. Results from this research project will be provided to Terrain over the course of the next 12 months and will play a significant role in underpinning any future Mineral Resource calculation (and Scoping Study) for the Larins Lane Gallium Project . The Company, in consultation with SRK Consulting , is also presently designing a Phase Three (and final) air core drilling program for the Larins Lane Project . The purpose of the Phase Three program is to test the remaining 80% of the prospective geology at Larins Lane not covered by the Phase One and Phase Two drilling campaigns. Further details of this drill program will be released as part of the Phase Two Exploration Target announcement presently anticipated for release in mid-2025. The Phase One Exploration Target reflects both the regolith-hosted REE mineralisation in addition to gallium (with REE being the basis for the Phase One Exploration Target determined by SRK Consulting as outlined within this release). However, the Company anticipates that any future (updated) Exploration Targets for the Larins Lane Project will subsequently prioritise Gallium mineralisation. This proposed adjustment in focus reflects the industry's apparent increasing interest in this gallium and is anticipated to be supported by the expected favourable results from the Company's ongoing Gallium-focussed metallurgical test work (which are anticipated to show that there is more than a reasonable prospective of eventual economic extraction of gallium from Terrain's Larins Lane Gallium Project ). Commenting on the determination of an initial, Phase One Exploration Target for Larins Lane by SRK Consulting , Terrain's Executive Director, Justin Virgin , said: Justin's Key Highlights: Initial Exploration Target Defined: SRK Consulting has defined a Phase One Exploration Target at Terrain Minerals' 100%-owned Larins Lane Project , covering only 5% of prospective geology. Rare Earths and Gallium Potential: Targeted REE and gallium mineralisation are located within the regolith (oxide horizon) above fresh bedrock. Planned Expansion of Drilling: SRK Consulting designed a follow-up air core drilling program (53 holes, 3,500 meters). Drilling is expected to commence in Q1 2025, with results six weeks post completion. Collaboration with Curtin University : As part of the MRIWA research project, samples will undergo extraction tests focusing on critical minerals like gallium, using environmentally friendly, near pH neutral solvents. Findings will support future resource calculations and scoping studies. Future Exploration Phases: A Phase Three drilling program is under design to cover the remaining 80% of Larins Lane's geology. Details will be released with the Phase Two Exploration Target expected mid-2025. With a focused on delineating the higher-grade zones. Selected higher grade holes include: (Refer to ASX announcement 27 May 2024 ) Applying: Gallium Oxide (Ga203) cut-off 40.32 g/t (ppm) 16m @ 53.74 g/t Ga203 from 64m - (23SBAC035) 20m @ 48.33 g/t Ga203 from 4m - (23SBAC045) 30m @ 40.32 g/t Ga203 from 24m - (23SBAC071) 24m @ 46.34 g/t Ga203 from 32m - (23SBAC077) 8m @ 52.62 g/t Ga203 from 20m - (23SBAC080) Shift in Focus to Gallium: Future targets are expected to prioritise gallium, responding to industry demand and encouraging initial metallurgical results on its economic extraction potential. 'We're excited to announce this initial Exploration Target for the Larins Lane Project , marking a pivotal step in unlocking the project's vast potential. The Phase One findings have shown us just a glimpse of what Larins Lane holds, and our planned drilling campaigns aim to substantially increase our understanding of the mineralisation. With less than 5% of the prospective geology covered by this Phase One Exploration Target, the Company expects that this preliminary Exploration Target will grow substantially during the next two phases of drilling.' To quote SRK Consulting : SRK has not seen any data to indicate that the drill target areas chosen by Terrain have better prospectivity than the undrilled areas between these drill clusters, and it is reasonable to expect that mineralisation could be discovered along the undrilled areas elsewhere along the granite contact'. But there are no guarantees that future exploration will be successful. 'With 95% of the prospective area still to be properly drill tested, this represents an enormous opportunity for the Company and its shareholders alike'. 'The Company is pleased with the progress of its on-going discussions with potential international partners in relation of the gallium mineralisation at Larins Lane and the release of this, and subsequent Exploration Targets, play a vital role in advancing these discussions. Terrain looks forward to updating shareholders on these gallium partnership discussions once they develop sufficiently to meet disclosure requirements'. Terrain's exploration program has targeted the regolith clays/oxide that have formed on granites and greenstones of the Walganna Suite. Rocks of the Walganna Suite are distributed extensively throughout the Youanmi Terrane. Within the project area, the Seeligson Monzogranite and an unnamed sequence of monzogranite and syenogranites, that are both part of the Walganna Suite, are identified. These formations are associated with the Yilgarn Craton granite magmatism (3010-2600 Ma) and are located south of the Yalgoo Dome (GSWA Report 186). The project area is mainly characterised by depositional units consisting of sediments derived from residual or erosional landforms. It includes colluvial, sheetwash, alluvial, lacustrine, sandplain, eolian and marine deposits of variable thickness. SRK Consulting used data sourced from the GSWA database and the Western Australian regional magnetic data (TMI data) to prepare a bedrock interpretation of the region covered by Terrain's exploration licence E59/2482. The dominant lithologies in the area are the monzogranites and syenogranites of the Walganna Suite. The tenement straddles a northwesterly trending contact between the Seeligson Monzogranite and the unnamed syenogranite. The contact is also marked by the presence of an amphibolite belt derived from mafic volcanic and intrusive rocks that are locally schistose. 5 6 Presented below is a summary of the interpreted bedrock lithostratigraphic units (Diagram 4): Mafic dykes: likely fine-grained to medium-grained dolerites interpreted from magnetic data (TMI) as sociated with Warakurna Supersuite (c. 1085-1030 Ma Giles Event). Seeligson Monzogranite (Walganna Suite): equigranular, coarse-grained, undeformed monzogranite with 4-12 millimetre (mm) grain size; locally with 3 centimetre (cm) long K-feldspar megacrysts; met amorphosed (3010-2600 Ma). Walganna Suite: monzogranite to syenogranite; undeformed; common magmatic foliation. Youanmi Terrane greenstones: amphibolite derived from mafic volcanic and intrusive rocks; locally schistose. Based on the bedrock interpretation prepared by SRK Consulting , Terrain's drilling appears to have primarily targeted the amphibolite belt and the contact area between the monzogranite and syenogranite. Competent Person's Statement The information in this exploration target report is based on information compiled by Mr. Rodney Brown who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and Member of the Australian Institute of Geoscientists (AIG). Mr Brown is Principal Consultant (Resource Evaluation) at SRK Consulting (Australia) Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is 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'. Mr. Brown consents to the inclusion in the report of the matters based on his 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

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