Terrain generates new gold targets near Leonora
ASX listed small cap explorer Terrain Minerals has generated a number of serious looking gold exploration targets on its 100%-owned Wild-viper exploration licence that completely surrounds the company’s Great Western gold project, 76km north of Leonora in the northern Goldfields region of W.A.
Terrain management said that a new regional structural interpretation had defined a number of new targets that will shortly become the subject of reconnaissance geological mapping and soil sampling programs.
The priority target is located about 1.5km northeast of the existing resource at Great Western and appears to be located on a structural feature within a granodiorite rock sequence.
Pending exploration success, Terrain will then complete a limited RC drill program over the most prospective targets.
The aim is to add potential gold ounces from the current programs to supplement the existing resource inventory at the project.
The Great Western gold project is situated on a granted mining lease and has a JORC-compliant mineral resource of 709,000 tonnes grading 2.72 grams per tonne gold for just under 63,000 ounces.
The company is currently conducting metallurgical test work programs for gold recoveries on the oxide, transitional and fresh ores from Great Western, aimed at lifting the defined resources to ore reserves.
The company also reported this week that drilling results from its recent RC drill program at the Red Mulga project are imminent.
Red Mulga is located 170km north-northeast of Geraldton in the Murchison region of W.A. and is a greenfields exploration play, with potential for cobalt, nickel, chromium, nickel, copper and/or gold mineralisation based on mapping and sampling completed to date.
With a relatively high grade and shallow resource, Terrain has a number of options with respect to its Great Western gold project. One possible option could see the company divest the project by either direct sale or via JV options and with Saracen’s Thunderbox, Red 5’s Darlot and St Barbara’s Gwalia operations all within about 100km, there should be no lack of interest in the asset.
Shareholders will also be anxiously awaiting the results of the Red Mulga drilling program that is happening in a very prospective looking area that has been completely overlooked by explorers of the past.