Terrain Minerals (ASX: TMX) has moved into one of the hottest exploration postcodes in Australia, after securing a farm in agreement with Ashburton Minerals (ASX: ATN) into the existing Mt Andrew joint venture - located with-in the Fraser Metamorphic Complex.
The Fraser Range continues to attract explorers with a boom in new activity following Sirius Resources' (ASX: SIR) discovery of the Nova-Bollinger nickel-copper deposit.
Adding to the prospectivty of the project Terrain will farm-in to, the northern part of the project encompasses a portion of the Proterozoic Fraser Complex which hosts Nova 70 kilometres to the north.
Terrain is to sole fund $170,000 on field work to prepare and drill test at least two and up to four EM conductors to earn 25% - which is half of Ashburton's current 50%.
Terrain will have the right to earn an additional 17.5% by subsequent equal expenditure with Ashburton, which would see Terrain earn up to 42.5% and Ashburton 42.5% for a total of 85% - with the vendor retaining the remaining 15% until decision to mine.
Targets already identified
The targets already identified by Ashburton’s work earlier in the year include two high priority EM targets defined by modelling of VTEMmax data.
The first target is a 500 m x 200 m conductor, 50 m below surface, sub-vertical; with the second target a 350 m x 250 m conductor, 35 m below surface, sub-vertical.
Mt Andrew background
Ashburton, through its wholly owned subsidiary Southern Pioneer Limited, holds a 50% beneficial interest in the project tenements, which comprise two exploration licences, E63/1322 and E63/1375, and has the right to increase its interest to 85% subsequent to further exploration.
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