Perth, Oct 22, 2008 AEST (ABN Newswire) - Terrain Minerals Limited (ASX:TMX) announce that following the placement and rights issue at the beginning of the 2007-08 financial year, Terrain committed to a resource definition drilling program at Bundarra. Between September 2007 and May 2008 the Company completed 16,000m of RC and Diamond Drilling, targeting a number of deposits within the project area.
In August 2008 Terrain announced a 60% increase in the JORC compliant resources to 4.96mt @ 2.0g/t gold (321,000 oz) (See TMX Release dated 29.08.08). The Company regards the new resource estimate as a significant step towards defining an interim target of 400,000 - 600,000 oz (#) of Gold at Bundarra. Geological mapping and sampling programs are currently in progress to complete the identification of all areas within the tenement block which will justify more intensive exploration.
In addition to the programs at Bundarra the Company's exploration team have been working on the Aztec Dome nickel prospect, located 12 kms east of Kambalda. An analysis of historical data together with a detailed gravity survey has outlined the potential for a repeat of the Kambalda Dome and its associated nickel deposits. Further geophysical programs are currently underway to define drilling targets to be tested in 2009.
The main exploration programs undertaken in 2007-08 have been very successful. The Company has a number of exciting drill targets to be tested and we look forward to building on the exploration success in 2008-09.
Bundarra Project: Geology and Prospects
Field programs have resolved the geological controls on the gold deposits, which will enable the most prospective areas to be targeted. All the gold deposits are located on a series of northwest trending shears and there remains >25kms of the prospective shears to be tested. Testing of the unexplored sections of the shears commenced in 2007 and immediately identified new deposits at Bluebush and Bluebush East.
New resources estimates were announced in August 2008:
Bundarra: JORC Compliant Resources(1g/t gold cut off)--------------------------------------------------Wonder North 2.54mt @ 2.1g/t gold (172,600 oz)Bluebush 0.73mt @ 1.7g/t gold (38,900 oz)Black Cat 0.13mt @ 2.5g/t gold (10,600 oz)Great Western 0.47mt @ 2.7g/t gold (40,900 oz)Celtic 1.09mt @ 1.7g/t gold (58,100 oz)---------------------------------------------------Total: 4.96mt @ 2.0g/t gold (321,200 oz)---------------------------------------------------(Details of JORC Resource in ASX Release dated 29.08.08
Wonder North
Wonder North, the largest known deposit, has a strike length of 600m and a true width up to 40m.
The deposit has only been drilled to a vertical depth of ~200m; the last two drill holes intersected:
- 14.9m @ 4.7g/t gold
- 67.0m @ 2.2g/t gold (including 21m @ 3.1g/t gold).
Within the outcropping ore shoot there are smaller zones of higher grade (+4g/t gold) e.g.
- 16.0m @ 6.9g/t gold
- 8.2m @ 6.7g/t gold
- 4.0m @ 11.1g/t gold
There is good potential to define both an open pittable deposit and a deposit suitable for underground mining.
The Wonder North mineralised zone like all the other drill tested prospects, remains open down dip and down plunge. Work planned for 2009 will include testing extensions of the known resources, drill testing of other identified prospects and continuing with the first pass testing of the prospective shear zones.
AZTEC DOME PROJECT UPDATE
Aztec Dome is located 12 kms northeast of the Kambalda Dome, with its associated nickel deposits and 9 kms southwest of the Carnilya Hill nickel deposit. The Aztec Dome is a similar size to the Kambalda Dome and cut by a major northwest - southeast trending shear zone.
A review of historical data indicated that the Aztec Dome has the potential to be a repeat of the Kambalda Dome. There has been little or no nickel exploration over the Aztec Dome, because the potentially mineralised horizon does not outcrop.
The rock unit outlined extends 6kms northwest to southeast by 3-4kms wide. The only deep drill hole in the area, located on the eastern side of the dome, intersected ultramafic rocks exactly where the 3D computer interpretation predicted the surface would be located.
The drill hole also intersected wide (up to 40m) zones of disseminated sulphides with nickel values up to 0.35%. The sulphide mineralisation is believed to be due to remobilisation from sulphide deposits deeper down, following the emplacement of a syenite granite intrusion.
The size, shape, rock types and known mineralisation all appear similar to the Kambalda Dome.
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
A further geophysical survey, EM which directly detects massive sulphide nickel deposits will be undertaken in November 2008. Anomalies generated by this survey will be drill tested in 2009.
#ENDS#
Contact
Keith Wells
Managing Director
Terrain Minerals Ltd
Telephone: +61-8-9481-2455
terrain@terrainminerals.com.au
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