Perth, Oct 30, 2008 AEST (ABN Newswire) - Terrain Minerals Limited (ASX:TMX) announce the quarterly report for the period ending 30 September 2008 with the following highlights:
Bundarra Project
- 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).
- All the deposits remain open down dip and down plunge.
- In addition there are a number of other prospects: Garden Well, Katalina, Craig and Wilson's Win, with drill intercepts up to 37.8g/t gold. All these prospects require further drilling.
- With deposit extensions and a number of other attractive targets 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 programs is 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
East Kambalda Project
- A 3D computer interpretation of the detailed magnetic and gravity data has outlined the shape and depth of the rock unit producing the geophysical responses
- The rock unit outlined is folded into a dome, 3 - 4kms wide and striking at least 6kms from northwest to southeast, where it extends further beneath Lake Lefroy. A previous and only deep drill hole in the area, located on the east side of the dome, intersected ultramafic rocks at the position and depth predicted by the geophysical interpretation.
- The deep drill hole also intersected wide (up to 40m) zones of disseminated sulphides with nickel values up to 0.35%.
- A combined IP/EM survey over the Aztec Dome will be completed in October/November 2008.
- Drill testing of anomalies outlined by the IP/EM survey will commence in early 2009.
- A review of exploration results from M26/478 and 485, completed during the quarter, concluded that no further work could be justified and the two tenements have been relinquished.
Redcastle Project
- A review of all the data generated from this project concluded that no target had been identified that would be of interest to the Company. Accordingly Terrain withdrew from the project on 1 October 2008.
Expenditure
- Exploration expenditure in the September quarter amounted to $339,536. Cash reserves at 30 September 2008 were $599,000, plus bonds of $334,000; a total of $933,000. Anticipated exploration expenditure in the December quarter amounts to $238,500.
Further information regarding Terrain's projects and exploration programs can be found on the Company's website, www.terrainminerals.com.au.
Contact
Keith Wells
Managing Director
Terrain Minerals Ltd
Telephone: +61-8-9481-2455
terrain@terrainminerals.com.au
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