Terrain Minerals : 7/10/2020 - Wild-viper Gold Exploration Project Update

ASX RELEASE

7 October 2020

ABN: 45 116 153 514

ASX: TMX

Wild-viper Gold Exploration Project Update

Terrain Minerals Limited (ASX: TMX) is pleased to update the market on field exploration works and first pass maiden drilling results from its Wild-viper Gold Project (WV). The primary aim of the program was to test the regional potential for gold mineralisation along the Bundarra lineament trend within Terrain Minerals tenements. Drilling and rock chip sampling has successfully highlighted this. Project review and planning for the next stage of exploration is now underway.

Drilling Update:

Significant Intercepts (above 0.5 g/t) from First Pass Drilling (refer to diagram 2

• Table 1):
• • 1m @ 2.09 g/t from 59m & 1m @ 0.61 g/t from 65m in hole WVRC018
  • 2m @ 0.89 g/t from 93m & 2m @0.65 g/t from 100m in hole WVRC017

Multiple significant intercepts (Diagram 3) were returned from holes WVRC017 and WVRC018 on the easternmost line which are 2.3km from Great Western ML37/54. The significant intercepts in hole WVRC017 form part of a broader anomalous zone (above 0.1 g/t) of 10m at 0.46 g/t (WVRC017 from 93m).These results are in an area of very limited exploration under shallow transported alluvial cover. Anomalous gold (above 0.1 g/t) was also identified in holes WVRC010 (failed to reach target) and WVRC011 in the westernmost drill line(680m from Great Western - ML 37/54) and 1.6km from gold mineralisation identified in WVRC017 & WVRC018 (Diagram 4).

The RC drilling holes were selected based on visual geological observations. The drill lines were widely spaced approximately 480-500m apart, with the individual drill holes having 36-40m gaps between the top and the bottom holes (not drilled top to tail). A total of 18 holes for 1,302 meters have been drilled consisting of; 6 Aircore holes for 137 meters and 12 RC holes for 1,165 meters. The unsubmitted samples are being held in storage and may be selectively assayed once a full assessment has been carried out of the drilling program.

Best Rock Chip Results (refer to Diagram 1 & Table 2):

• 17.1g/t from mineralised vein in shaft
• 7.95g/t from mineralised vein in shaft
• 4.38g/t from mineralised vein in shaft

Rock chips were taken within historic workings and confirm mineralisation within the western area of the tenement, where the surface is predominantly shallow alluvial transported material. Rock chip results continue to highlight the broad extent of gold mineralisation in this area.

| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |

|Registered Office: S2, 28 Outram Street, West Perth, WA, 6005|

|Mail: PO BOX 79, West Perth, WA, 6872|Ph: [phone]|www.terrainminerals.com.au|

Terrain will now look at the next phase of exploration in this area, which is likely to follow up the new zones of mineralisation with drilling and a systematic air core program over the western areas.

Tenement Renewal: Wild-viper E37/1214 had reached its first five-year anniversary date and due to the ongoing and systematically exploration activities conducted over the area, the tenement has recently been renewed for further 5 years.

Smokebush Drilling Update: Drill samples were selectively sampled in the field by the onsite geologist. Partial results have been received back and the data has been merged with the historic drilling data set over Monza. It was decided that all outstanding samples need to be processed. These samples where submitted on the 28th of September 2020 with laboratories currently experiencing high demand and sample turnover has been slower than normal. Terrain's geologist is now back from four weeks of annual leave and is currently reviewing the combined data.

Diagram 1: Location of recent high-grade rock chip samples.

| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |

|Registered Office: S2, 28 Outram Street, West Perth, WA, 6005|

|Mail: PO BOX 79, West Perth, WA, 6872|Ph: [phone]|www.terrainminerals.com.au|

Diagram 2: Location of Drill collars from 2020 RC Drilling.

| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |

|Registered Office: S2, 28 Outram Street, West Perth, WA, 6005|

|Mail: PO BOX 79, West Perth, WA, 6872|Ph: [phone]|www.terrainminerals.com.au|

Diagram 3: Section A - RC drilling at Wild-viper. Red areas with no other colour next to it that as indicated in the key/table highlight the areas yet to be analysed. These untested zones are now being considered as the exploration review begins. Onsite geologist used visual techniques and selectively sorted the first batch of samples that where sent off for processing.

| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |

|Registered Office: S2, 28 Outram Street, West Perth, WA, 6005|

|Mail: PO BOX 79, West Perth, WA, 6872|Ph: [phone]|www.terrainminerals.com.au|