Terrain turns up high grade gold results at Menzies
Perth based Terrain Minerals continue to prove up interesting high grade gold results at their Monet prospect within the Rembrandt project just out of Menzies in WA.
Results include 2m @ 12.91 g/t gold from just 10m below surface including a 1m intersection grading 24.3 grams per tonne gold.
Other results include 1m @ 16.34 g/t gold from 19m, 1m @ 4.06 g/t gold from 7m, 1m @ 5.34 g/t and 1m @ 9.93 g/t gold from just below surface.
The company says the latest set of results indicate that the ore body has some continuity and that the shallow nature of the hits adds some confidence to the potential commercialization of the prospect .
The down dip and along strike potential of the prospect will now be tested in a further drilling campaign.
In a deal announced earlier this year, Terrain needed to spend just $25 000 exploring the Rembrandt project in order to acquire it from private company Rembrandt Mining Pty Ltd, a condition that has now been satisfied.
Under the terms of the deal, Rembrandt Mining will be given a free carried profit share of 25% for the first 15 000 ounces of gold mined and 15% thereafter.
If minerals other than gold are discovered then a 1% net smelter royalty will apply however no royalty will apply for gold.
Previous drilling results at Rembrandt were also interesting with the highlights being 1m @ 80.4 g/t from 43m, 1m @ 20 g/t from just 16m and 1m @ 18.85 g/t from around the 12m mark.
If the company is able to get a small open pit into production they are blessed with a number of existing mills within 100km either way of the project which gives them some solid toll treating options.