Microsoft Word - 151022 Quarterly Report September 2015
ASX Announcement
23 October 2015
ABN: 45 116 153 514
ASX: TMX
Quarterly Activities Report: September 2015
HIGHLIGHTS
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Option Agreement Signed to Acquire Rembrandt Gold Project
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Terrain has signed a low-cost option agreement to acquire the Rembrandt Gold Project located in the Eastern Goldfields region of Western Australia
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Historical RAB drilling at Monet Prospect has reported shallow high-grade gold mineralisation as yet untested below 40m
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Three drill ready targets defined
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Exploration underway to complete a drilling program at Monet Prospect
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Great Western
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Successfully complete 12 hole 1,612m RC drilling campaign
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JORC 2012 resource updated
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Mine Scoping Study has commenced
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Gimlet E63/1740 ‐ Southern Fraser Range ‐ Granted
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Corporate Update
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$200,000 Convertible Note
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Converts to cash on 28th November 2015
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Bligh Resources (ASX: BGH) has been notified and accepted that Terrain will not convert to equity and has acknowledged the obligation to pay cash
On behalf of the Board Justin Virgin
Executive Director
Address: 10 Ord Street West Perth WA 6005 Postal: PO Box 79, West Perth, WA 6872
T: +61 8 9381 5558 E: [email protected] W: www.terrainminerals.com.au
REMBRANDT GOLD PROJECT
Option Agreement Signed to Acquire Rembrandt Gold Project
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Terrain has signed an option agreement to acquire the Rembrandt Gold Project located in Eastern Goldfields region of Western Australia
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Historical RAB drilling at Monet Prospect has reported grades of:
o 92MZR003: 2m @ 22.79g/t Au from 33m o 92MZR004: 1m @ 4.69g/t Au from 14m o 99MER0965: 2m @ 21.1g/t Au from 34m o 99MER0964: 2m @ 2.35g/t Au 14m
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High grade mineralisation at Monet Prospect untested below 40m
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Three drill ready targets defined
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Exploration planning underway to complete a drilling program at Monet Prospect
The Project is located 10km south of Menzies and 110km north of Kalgoorlie in central Western Australia. There are 4 tenements which make up the project (P29/2262, P29/2263, E29/867 and E29/863) and they cover approximately 56km².
Terrain has entered into a binding option agreement to potentially acquire the unlisted company Rembrandt Mining Pty Ltd ('Rembrandt'). Rembrandt holds the Rembrandt Gold Project ('the Project'). Terrain has 3 months to complete a minimum of $25,000 in an agreed exploration program across the project prior to electing to proceed with the transaction.
Rembrandt - Monet Prospect Three Historic Cross Sections over a 100m strike
Figure: 1‐Drill Section 6,698,150mN
Figure: 2 Drill Section 6,698,200mN
Figure: 3 Drill Section 6,698,250mN
Historical RAB drilling across the Monet Prospect has delineated high-grade, near-surface gold mineralisation along a strike length of 150m and tested to a depth of less than 40m. The mineralisation is open at depth.
Monet Prospect is located 150 meters from a good quality unsealed road which connects to the Goldfields Highway 5km away.
Figure 4: Rembrandt Project Location Plan
The Rembrandt Project has been held privately for the past seven and a half years and hence has seen minimal modern exploration. Extensive soil and auger geochemical sampling has been conducted across the Project. The results of the geochemical sampling programs are currently being compiled and further releases will be provided to the market with respect to the results of these campaigns. Two other drill ready targets (beside Monet) have been identified within the project area and additional information on these will follow.