Perth, Aug 29, 2008 AEST (ABN Newswire) - Terrain Minerals Limited (ASX:TMX) Announce Bundarra Resource Increased by 60% To 321,000 oz Of Gold. Highlights of the announcement are:
- New resource estimate of 4.96mt @ 2.0 g/t gold (321,000 oz)
- Resource grade cut off 1g/t gold
- New resources have been outlined at the Wonder North, Bluebush, Great Western and Black Cat deposits.
- All the resources remain open down dip and down plunge.
- Terrain on track to define interim target of 400 - 600,000 oz of gold.
Following the completion of a 16,000m RC and Diamond drilling program in May 2008 geological consultants CSA Global Pty Ltd have undertaken resource estimates on a cluster of deposits within the Bundarra project area. These deposits include: Wonder North, Bluebush, Great Western and Black Cat. Additional resources have previously been defined at the Celtic deposit. At a grade cut off of 1g/t gold the resources total 4.96mt @ 2.0g/t gold (321,000 oz) (see below).
All the deposits remain open down dip and down plunge. In addition there are a number of other prospects: Garden Well, Katalina, Craig and Wilsons Win, with drill intercepts up to 37.8 g/t gold. All these prospects require further drilling.
With deposit extensions and a number of other attractive targets still to be tested, the directors are confident that the new resource estimate demonstrates significant progress towards the interim target of 400 - 600,000 oz of gold#.
Planning for follow up drilling programs are well advanced.
# The target is conceptual in nature, and there has been insufficient exploration to define a Mineral Resource and that it is uncertain that further exploration will result in a Mineral Resource.
Further information regarding Terrain's projects and exploration programs can be found on the Company's website, www.terrainminerals.com.au.
Figure 2: Bundarra Resources (at 1 g/t gold cut off)
---------------------------------------------------------Deposit Resources Measured Indicated Inferred TotalsWonderNorth Tonnes 354,000 872,000 1,314,000 2,540,000 Grade g/t 2.3 2.4 1.9 2.1 Ounces 26,000 66,500 80,200 172,600---------------------------------------------------------Bluebush Tonnes 726,000 726,000 Grade 1.7 1.7 Ounces 38,900 38,900---------------------------------------------------------BlackCat Tonnes 134,000 134,000 Grade 2.5 2.5 Ounces 10,600 10,600---------------------------------------------------------GreatWestern Tonnes 58,000 284,000 131,000 473,000 Grade 3.0 2.8 2.3 2.7 Ounces 5,600 25,800 9,500 40,900---------------------------------------------------------Totals Tonnes 412,000 1,156,000 2,305,000 3,873,00 Grade 2.4 2.5 1.9 2.1 Ounces 31,600 92,300 139,200 263,100---------------------------------------------------------Celtic* Tonnes 683,900 199,400 204,400 1,087,700 Grade 1.8 1.5 1.5 1.7 Ounces 39,300 9,300 9,500 58,100---------------------------------------------------------TOTALS Tonnes 1,095,900 1,355,400 2,509,400 4,960,700 Grade 2.0 2.4 1.9 2.0 Ounces 70,900 101,600 148,700 321,200---------------------------------------------------------
* - Celtic Resource previously published in Terrain Prospectus dated March 2006
Contact
Keith Wells
Managing Director
Terrain Minerals Ltd
Telephone: +61-8-9481-2455
terrain@terrainminerals.com.au
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