ASX Release 31 July 2015
Hoist EM Conductors & Structural Targets
Identified at Gimlet
HIGHLIGHTS
• Geophysical review of Gimlet Project completed
• Fifteen targets identified, including six high priority EM conductors
• Review of historical auger and soil geochemistry underway
Terrain Minerals Ltd (ASX:TMX)("Terrain" or "the Company") is pleased to announce that a recent review of available geophysical and structural data at its Gimlet Project, within the south-west portion of the Fraser Range Province, has resulted in the identification of fifteen discreet exploration targets of which six have been deemed to be of high priority and worthy of further investigation.
Figure 1: Targets and regional magnetics
| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |
|Registered Office: S1, Ground Floor, 10 Ord Street, West Perth, WA, 6005|
|Mail: PO BOX 79, West Perth, WA, 6872|Ph: +61 8 9381 5558|www.terrainminerals.com.au|
The targets were derived from a review of transient electromagnetic (TEM) and aeromagnetic data combined with a new structural interpretation of the tenement. Review of aeromagnetic data in light of the structural interpretation, resulted in the identification of an additional nine targets of second and third order priority. Terrain's predecessors had evaluated the available geophysical coverages separately and for predominantly uranium and gold potential. It is through the evaluation of the multiple surveys and the differing targeting model that Terrain was able to identify these targets warranting further investigation.
Description of High Priority Targets:
The six targets have been assigned an exploration priority based upon an empirical estimate of the depth of burial of the EM conductor and a subjective assessment of its structural setting.
• HEM1 is a series of up to 3 EM conductor anomalies which appear to coalesce at depth. The conductors sit on the northern side of a large scale NW-SE trending fault structure which transects the project area and intersects the Jerdacuttup fault at a high angle some 6 km north of the lease boundary.
• HEM2 is an EM conductor anomaly located at the centre of a large ring structure. The conductor anomaly sits at the intersection of a NNE-SSW trending fault with a NW-SE trending fault which marks the southern boundary of an interpreted NW-SE trending zone of extensional sheer. The northern boundary of the interpreted zone of sheer is marked by a NW-SE trending fault upon which the HEM1 EM anomalies appear to juxtapose.
• HEM3 is an EM conductor anomaly on the eastern side of the HEM1 series conductors and sits on the eastern side of an intersection between a curvilinear fault that swings from SSW- NNE trending to NNW-SSE as it transects the large ring structure hosting the HEM2 conductor at its centre.
• HEM4 is a shallow EM conductor anomaly on the north-western side and adjacent to the margin of the ring structure hosting HEM2. The anomaly sits on the northern side of the more southerly NW-SE fault and is adjacent to the interpreted NW-SE zone of extensional shear on its western side.
• HEM5 is a shallow EM conductor anomaly situated on the western side of the project area and situated between converging N-S and NW-SE trending faults.
• HEM6 is a an EM conductor in the south of the project area located adjacent
to a NNW-SSE trending fault
| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |
|Registered Office: S1, Ground Floor, 10 Ord Street, West Perth, WA, 6005|
|Mail: PO BOX 79, West Perth, WA, 6872|Ph: +61 8 9381 5558|www.terrainminerals.com.au|
Further Work:
Further work programmes to be undertaken include a review of historical geochemical data and generation of a series of staged geochemical soil survey programmes to further evaluate the potential of the EM conductors and the attendant structural features with potential to host Ni -Cu mineralisation.
For further information, contact:
Justin Virgin Executive Director Terrain Minerals Limited
Email: [email protected]
Tel: +61 8 9381 5558
About Terrain Minerals Limited:
Terrain Minerals Limited (ASX:TMX) is a minerals exploration company with a Western
Australian based asset portfolio consisting of:
• Gimlet (Ni-Cu) - 469km2 exploration licence located in the Fraser Range Province. Historical exploration data review and exploration targeting underway;
• Great Western (Au) - near term development opportunity, resource estimation and economic study process currently being conducted;
Through the combination of the two assets, Terrain has the potential of both near term cash flow and significant exploration upside.
Competent Person Statement:
The information in this Announcement that relates to Exploration Results was compiled by Mr Robert
Jewson, who is a member of the Australian Institute of Geoscientists, and a consultant to Terrain Minerals limited. Mr Jewson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves'. Mr Jewson consents to the inclusion in the Report of the matters
based on his information in the form and context in which it appears.
| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |
|Registered Office: S1, Ground Floor, 10 Ord Street, West Perth, WA, 6005|
|Mail: PO BOX 79, West Perth, WA, 6872|Ph: +61 8 9381 5558|www.terrainminerals.com.au|
Disclaimer:
Information included in this release constitutes forward looking statements. Often, but not always,
forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue" and "guidance" or other similar words, and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.
Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate environmental conditions including extreme weather conditions, staffing and litigation
Forward looking statements are based on the company and its management's assumptions made in good faith relating to the financial, market, regulatory and other relevant environments that exist and effect the company's business operations in the future. Readers are cautioned not to place undue reliance on forward looking statements.
Forward looking statements are only current and relevant for the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or advise of any change in events, conditions or circumstances ono which such statement is based.
| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |
|Registered Office: S1, Ground Floor, 10 Ord Street, West Perth, WA, 6005|
|Mail: PO BOX 79, West Perth, WA, 6872|Ph: +61 8 9381 5558|www.terrainminerals.com.au|
JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
• N/A
| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |
|Registered Office: S1, Ground Floor, 10 Ord Street, West Perth, WA, 6005|
|Mail: PO BOX 79, West Perth, WA, 6872|Ph: +61 8 9381 5558|www.terrainminerals.com.au|
• For all sample types, the nature, quality and appropriateness of the sample preparation technique.
• N/A
• Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.
• N/A
Quality of assay data and laboratory tests
Verification of sampling and assaying
Location of data points
Data spacing and
distribution
Orientation of data in relation to geological structure
• Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the material being sampled.
• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
• For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
• Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
• The verification of significant intersections by either independent or alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
• Discuss any adjustment to assay data.
• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic control.
• Data spacing for reporting of Exploration Results.
• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
• Whether sample compositing has been applied.
• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
• N/A
• N/A
• EM Measurements taken using HoistEM system
• HoistEM system calibrated prior to the commencement of the survey at testing sites in the Goldfields
• All digital data obtained was inspected on a daily basis to ensure that no errors were present and to identify any missing data sections
• A preliminary flight path map was plotted and checked against survey specifications
• Data presented is reprocessed raw data which underwent QAQC validation of integrity
• Data was recorded GPX Airborne acquisition systems onto PCMICIA flash card
• All digital data was inspected on a daily basis to identify any missing data sections and determine if there was any errors with the capture
• A preliminary flight path was plotted and validated against the survey specifications.
• The data was levelled and processed by Southern Geoscience using industry standard methods for geophysical processing
• Real time GPS navigation system utilising the Novatel WAAS enable OEM4-G2-3151W GPS receiver providing an in-flight accuracy of 3m and up to 1.2,m depending on the satellite coverage available
• Altitude was measured with an accuracy of 1m
• A preliminary flight path was plotted daily and checked against the survey specifications
• Readings were recorded at 8-10m intervals along flight lines 200m apart
• Line spacing of 200m is believed to be sufficient to identify anomalies warranting further investigation
• Ground EM or alternatively 100m line spaced VTEM will be utilised to infill areas requiring additional resolution
• Multiple structural and lithological trend orientations occur within the survey area, thus it was elected to
fly on an east west orientation with north south tie
lines. Detailed infill or ground EM surveys will be optimised in terms of grid orientation with respect to each target
Sample security
• The measures taken to ensure sample security. • All data acquired by GPX Airborne was reported to
Company representatives
Audits or reviews
• The results of any audits or reviews of sampling techniques and data.
• As part of Southern Geoscience's reprocessing, a review was conducted of the prior processed data. All information outputs adhered to industry best practices
| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |
|Registered Office: S1, Ground Floor, 10 Ord Street, West Perth, WA, 6005|
|Mail: PO BOX 79, West Perth, WA, 6872|Ph: +61 8 9381 5558|www.terrainminerals.com.au|
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
|
Mineral tenement and
land tenure status
Exploration done by other parties
Geology
Drill hole Information
Data aggregation methods
|
· Type, reference name/number, • E63/1740 located in the Dundas mineral field. location and ownership including The tenement is 100% held by Terrain agreements or material issues with third Minerals Limited
parties such as joint ventures, • The tenure is secure and in good standing at
partnerships, overriding royalties, native the time of writing
title interests, historical sites, wilderness or
national park and environmental settings.
· The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.
|
Mineral tenement and
land tenure status
Exploration done by other parties
Geology
Drill hole Information
Data aggregation methods
|
· Acknowledgment and appraisal of • Historical exploration has been undertaken for
exploration by other parties. Gold by Anglo Gold Ashanti and for Uranium by Nova Energy
|
Mineral tenement and
land tenure status
Exploration done by other parties
Geology
Drill hole Information
Data aggregation methods
|
· Deposit type, geological setting and • The Gimlet project is located in the southern
style of mineralisation. portion of the Proterozoic Albany Fraser mobile belt.
• Terrain is primarily exploring for magmatic hosted Nickel-Copper Sulphide mineralisation
|
Mineral tenement and
land tenure status
Exploration done by other parties
Geology
Drill hole Information
Data aggregation methods
|
· A summary of all information • N/A
material to the understanding of the
exploration results including a tabulation of the following information for all Material
drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o hole length.
· If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
|
Mineral tenement and
land tenure status
Exploration done by other parties
Geology
Drill hole Information
Data aggregation methods
|
· In reporting Exploration Results,
weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade
results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations should be shown in detail.
· The assumptions used for any reporting of metal equivalent values should be clearly stated.
|
• N/A
|
| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |
|Registered Office: S1, Ground Floor, 10 Ord Street, West Perth, WA, 6005|
|Mail: PO BOX 79, West Perth, WA, 6872|Ph: +61 8 9381 5558|www.terrainminerals.com.au|
Relationship between mineralisation widths
and intercept lengths
Diagrams
Balanced reporting
Other substantive exploration data
Further work
|
· These relationships are particularly • N/A
important in the reporting of Exploration
Results.
· If the geometry of the mineralisation with respect to the drill hole angle is
known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').
|
Relationship between mineralisation widths
and intercept lengths
Diagrams
Balanced reporting
Other substantive exploration data
Further work
|
· Appropriate maps and sections
(with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
|
• N/A
|
Relationship between mineralisation widths
and intercept lengths
Diagrams
Balanced reporting
Other substantive exploration data
Further work
|
· Where comprehensive reporting of • N/A
all Exploration Results is not practicable,
representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
|
Relationship between mineralisation widths
and intercept lengths
Diagrams
Balanced reporting
Other substantive exploration data
Further work
|
· Other exploration data, if • The Company's pervious ASX releases have meaningful and material, should be detailed the previous work undertaken by reported including (but not limited to): Terrain across the project area. Further geological observations; geophysical releases will be made as additional
survey results; geochemical survey results; information is reviewed
bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
|
Relationship between mineralisation widths
and intercept lengths
Diagrams
Balanced reporting
Other substantive exploration data
Further work
|
· The nature and scale of planned • Soil geochemical and auger drilling
further work (e.g. tests for lateral programs are being planned at present and
extensions or depth extensions or large- will be conducted across the prospective
scale step-out drilling). targets. A review of all available historical
· Diagrams clearly highlighting the drilling and geochemical data is currently
areas of possible extensions, including the underway and further releases will be made
main geological interpretations and future to market when the information has been
drilling areas, provided this information is captured and reviewed.
not commercially sensitive. • Relevant maps and plans have been provided illustrating the location and the targeting rationale applied
|
| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |
|Registered Office: S1, Ground Floor, 10 Ord Street, West Perth, WA, 6005|
|Mail: PO BOX 79, West Perth, WA, 6872|Ph: +61 8 9381 5558|www.terrainminerals.com.au|