Terrain Minerals Limited (ASX: TMX) is prepared to fast-track drilling at its promising Wild-viper Gold Exploration Project near Leonora in Western Australia.
The first stage of the company’s Wild-viper plans is the generation of potential drill targets with comprehensive soil sampling programme, with ground works to commence within the next 10 days.
The Wild-viper exploration tenement surrounds Terrain’s 100% Great Western JORC 2012 gold project and includes the Historic High- Grade (original) Wilsons Patch mining area, which the 382 shear passes through and is located south of Great Western.
Executive Director, Justin Virgin, said three key target areas have been identified from past studies and field observations conducted during the last two work programmes (drilling and trenching program’s) at Wild-viper.
The soil sample programme will be taken over grid lines of 200m by 50m over each area and subject to the geologist discretion according to local ground conditions.
Mr Virgin said the aim of the programme is to identify possible in-soil gold anomalies, that highlight potential drill targets.
He said that if successful, Terrain intends to fast track the works over these targets, with an aim of conducting a first pass drill campaign later this year.
Terrain is also preparing to undertake a maiden drilling campaign over three targets at its new Smokebush gold project Smokebush this year.
The company is approaching the option date for the sale of its Great Western gold project (M37/54) to ASX listed Red5 Limited (ASX: RED).
In the event that the option is exercised the total value of the sale will be $2,500,000 (plus GST) which includes a $300,000 cash non-refundable option fee, which has been received.
The Option Agreement gives Red5 the right to conduct due diligence drilling into the existing JORC resource, consisting of up to three reverse circulation holes and three diamond core holes during the option period, which have been completed.
The option agreement expires on April 8, 2020.