Terrain Minerals look to be on a winner with the Monet gold prospect within the Menzies based Rembrant project in WA just weeks after taking an option over it.
In a recent drilling campaign, Terrain returned a number of bonanza results including 1m @ 80.4 g/t from 43m, 1m @ 20 g/t from just 16m and 1m @ 18.85 g/t from the 11m mark.
Other results included 1m @ 10.3 g/t , 1m @ 6.5 g/t and 2m @ 9.23 g/t which included a 1m interval grading nearly 18 grams to the tonne from just 25 meters deep.
In fact of the 35 holes drilled during the campaign, more than half hit significant mineralization with the best result showing almost 3 ounces to the tonne.
The project is notable for its near surface mineralization that potentially lends itself to open pit mining and its extraordinary good location just 100km north of the major mining centre of Kalgoorlie and just 5km off the main road to Menzies.
To secure the Rembrant project from its private owners Terrain pieced together an innovative deal.
Under the terms of the deal Terrain must spend just $25 000 on exploration to secure a 3 month option to acquire 100% of project owner Rembrandt Mining Pty Ltd for nil upfront consideration.
Rembrandt will be free carried to receive 25% of the profit from the project up to 15 000 ounces and they will receive just 15% of the profit from the project for ounces produced over 15 000, also on a free carried basis.
A total of five aircore drill holes for 214m and thirty reverse circulation holes for 1,104m were completed across the Monet Prospect in the latest campaign and the company says it is now evaluating the results with a view to formulating a new work program.
Terrain also managed to bank some cash this week after Bligh Resources exercised an outstanding $200 000 convertible note with the company which related back to the sale of previous Terrain tennements.