Highly Encouraging REE & Gallium Results at Larins Lane Project only ~25% of Samples Assayed to Date

Terrain Minerals Limited (ASX: TMX) (‘Terrain’ or the ‘Company’) advises that the first batch of 537 assays, have been received back from the December 2023 air-core drill campaign undertaken at the Company’s 100% owned Larin’s Lane project, located at the Smokebush project and approximately 350 kilometres north of Perth, Western Australia.

The Larin’s Lane REE + Gallium Project is located within the newly Emerging Midwest clay-hosted rare earth elements (REE) district of Western Australia, which is quickly earning a reputation as Australia’s premier destination for REE mineralisation. The Company notes that Venture Minerals Ltd (ASX: VMS) recently reported the highest-grade clay hosted REE intersection at their Jupiter project, which is located approximately 80 kilometres north of Terrain’s Larin’s Lane prospect (see VMS announcements dated 9 February 2024 and 8 March 2024) which further supports Terrain’s assertion of the enormous clay hosted REE potential of the mid-west region of WA.

Only ~25% of Samples Assayed and 4 of 101 holes Fully Assayed

A total of 27 holes have so far retuned REE above the 1,000ppm TREO lower cut-off
Selected holes include:

• 13m @ 1,069 ppm TREO from 80m - 23SBAC019
• 18m @ 1,004 ppm TREO from 84m - 23SBAC036 - sample zones above not assayed
• 3m @ 2,101 ppm TREO from 28m - 23SBAC067
• 4m @ 2,516 ppm TREO from 72m - 23SBAC078 - sample zones above not assayed

A total of 17 holes have so far retuned Gallium oxide grading above the 38 grams per tonne
Selected holes include:

• 6m @ 45.83 g/t - Ga2O3 from 96m - 23SBAC011 – sample zones above not assayed
• 20m @ 48.33 g/t - Ga2O3 from 4m - 23SBAC045
• 8m @ 46.77 g/t - Ga2O3 from 24m - 23SBAC071

The 537 assays received to date, largely represent samples taken at the regolith - bedrock interface, which corresponds approximately with the bottom 10 to 15 metres of each hole. Out of the 101 holes drilled, 20 holes have been fully sampled (but not for all elements), either because an individual drill hole being less than 16 metres or as part of a selected program to gain an understanding of the area’s broader regolith profile. Only about half of the currently tested samples have been submitted for a full suite of REE’s and Gallium, and so many sections of holes are incomplete with most intersections remaining open and untested, these samples have now been submitted for assay. Subject to their results the remaining ~1,252 samples bagged in 4m composites (~5,008 individual meters) may also be submitted for testing.

Note: A table of the assay results received to date can be seen in Appendix 1, also refer to Tables 4 & 5.

The practise of interface sampling is widely used across the industry as a cost-effective method for detecting mineralisation haloes around potential gold and base metal deposits which was being targeted. Whilst no gold or base metal anomalism has been detected, on closer examination Terrain identified significant elevated clay rare earth element (REE) and gallium (Ga) assays across the Larin’s Lane prospect, which will now be the primary focus of any future exploration across the Smokebush project.

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