Terrain Minerals (ASX: TMX) has identified seven new high-priority IP drill targets across its Smokebush project, about 350 kilometres north of Perth in Western Australia.

The targets were defined through interpretation and inversion modelling of the company’s 2026 dipole-dipole induced polarisation (IP) survey across the project area.

“These results are really exciting and exactly what the exploration team was expecting. We now have continuous IP coverage across our granted Mining Lease and an exciting list of priority targets ready for drilling,” executive director Justin Virgin said.

“What really stands out is the anomaly north of the Monza structure. It’s the strongest response we identified in the program and sits on the same structure that delivered our maiden mineral resource at Lightning. We’ve also identified a genuinely new structure to the west that has never been drilled.”

“Just as importantly, this work tells us where not to spend money. That discipline is critical as we work through the target inventory, focusing our exploration spend on the areas with the strongest potential.”

Terrain has selected seven IP targets as priority drill targets, with reverse circulation (RC) holes planned to test these areas. The company said the new target list will help shape its next drilling campaign as it continues to build out the Lightning area and broader Smokebush mining lease package.

The priority one targets are located within granted Mining Leases M59/0796, as the company looks to grow its existing gold and silver resource inventory across the Lightning project and the broader mining lease area.

In addition, Terrain has identified five priority two targets across the survey area: two at Lightning, one at Paradise City, one at Hurley and one at Wildflower. The company said these targets will be assessed and scheduled for testing in future exploration programs.

Virgin told shareholders the IP survey results continue to highlight the prospectivity of the area and Terrain’s aim of identifying repetitions of the Lightning discovery.

“Following the maiden ‘starter’ Lightning mineral resource estimate (MRE) announced in late July 2026, this new target inventory will form the exploration portion of the next RC drilling campaign,” he said.

“The main purpose of that campaign was to capture mineralisation that currently sits outside the MRE, together with extensions to it. Terrain is finalising drilling contractor arrangements and will advise the market of the drilling timetable closer to the commencement date.”

TMX was steady at 0.3 cents, with a market capitalisation of $11.13 million prior to the opening of markets.

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