Terrain raises capital to drill exciting new prospect
Perth based Terrain Minerals haven’t let the grass grow under their feet since optioning up the Rembrandt Gold Project near Menzies in W.A only a couple of weeks ago.
They have just raised $300 000 at .005c to fund a drilling campaign and the drill rig is already on site.
The Monet target within the Rembrandt project boasts some very interesting historic near surface drill results including 2m @ 22.79grams per tonne gold from 33m, 2m @ 21.1g/t from 34m, 2m @ 7.3g/t from 43m and 2m @ 11.2g/t Au from the 24m mark.
Importantly the Monet prospect has never been drilled past the 40m mark and Terrain are planning to test that threshold with the latest round of drilling.
Executive Director, Justin Virgin commented:
“The drilling being undertaken at Monet Prospect has the potential to delineate high grade near surface gold mineralisation. If the drilling is successful Terrain has the option to acquire 100% of the Rembrandt Project for no further upfront consideration.”
Terrain recently struck an interesting deal with the private owner of the Rembrandt Gold Project that would see Terrain take on 100% of the project for just $25 000 worth of exploration expenditure.
The previous owner will be free carried by Terrain however into any mining operation and will receive 25% of the profit up to 15 000 ounces and just 15% of the profit over 15 000 ounces.