Two people have been charged after police seized a stolen firearm, and quantities of ice, and cash during a targeted search at Summerhill.

Members of the Northern Drugs and Firearms Unit executed a search warrant at a private residence on Thursday, where they located and seized a double barrel shotgun, believed to have been stolen during a burglary in December.

Police also seized nearly $35,000 in cash, 28 grams of the highly addictive drug ice, ammunition and further stolen property.

A 26-year-old Summerhill woman was arrested and charged with trafficking in controlled substance, dealing with property suspected of being proceeds of crime, possession of stolen firearms, further drug, firearm and property offences.

She was bailed to appear in the Launceston Magistrates Court on April 17.

A 30-year-old Summerhill woman was also arrested and charged with firearm and minor drug-related offences.

She was bailed to appear in the Launceston Magistrates Court on April 3.