A review of historical exploration has identified potential for near surface high-grade gold deposits as well as large low-grade pitable gold deposits.
Furthermore, the review identified both iron ore prospectivity and volcanogenic massive sulphide (VMS) base metal targets.
Historical assays include gold intersections of 14 metres at 12.2 g/t gold from 56 metres and iron ore intersections of 34 metres at 59.4% iron from 0 metres.
Exterra will systematically evaluate all of these prospects to prioritise exploration for the 2017 field season.
John Davis, executive chairman, commented: “Strategies are being developed with respect to which of the prospective commodities receive early exploration funding during the 2017 field season.”
Exterra shares have more than doubled over the past 12 months, currently trading at $0.044.