Terrain Minerals Ltd’s (ASX:TMX) joint venture partners have confirmed that expenditure commitments of $250,000 have been reached and as result, 80% ownership in the Smokebush JV gold tenement in WA is being transferred to Terrain.
The company has also strengthened its ground position in the region with three adjoining tenements recently granted.
After completing reverse circulation drilling at Monza, Terrain conducted a ground-based geophysics program in December 2020 covering Monza, Wildflower and Paradise City areas within the Smokebush tenement.
This geophysical data was processed and received by the company in mid-January 2021.
The new information was merged internally with Terrain’s existing and extensive historic data sets and has been used for better targeting the planned drill program at the Smokebush Gold Project.
Program of Works
The ground-based program also consisted of a very detailed mapping program that extended beyond the key areas.
This has identified several new areas that require further investigation with ground-based geophysics, which is being planned.
A Program of Works (POW) has been submitted and drill tenders have been issued.
Ground magnetic data over the Monza prospect has revealed a break in the stratigraphic magnetic feature, corresponding with the location of the shear zone hosting mineralisation at Monza.
There is also a subdued magnetic feature trending north-south along the Monza corridor.
Terrain geologists have interpreted an 800-metre corridor of potential gold mineralisation along with the northern extension of this structure based on the magnetics and locations of rock chips taken from historic workings last year.
Drilling by Terrain in 2020 has defined 200 metres strike extent of gold mineralisation and in the 2021 drill campaign, the company will look to extend known mineralisation to the north and down dip.
Paradise City prospect
Recently, completed ground magnetic data over the 100%-owned Paradise City prospect reveals a stratigraphic anomaly forming a synformal folded feature with known gold mineralisation between contrasting magnetic stratigraphy around the closure of this feature.
Terrain geologists have interpreted a 600-metre-long surface expression of potentially anomalous gold associated with the Paradise City prospect.
At the 80%-owned Wildflower Prospect, ground magnetic data reveals a broad, indistinct anomaly that roughly coincides with elevated gold in soil geochemistry.