Minerals exploration company Terrain Minerals has announced that it has begun drilling at its Rembrandt gold project in Western Australia’s Goldfields.
“The drilling being undertaken at Monet Prospect has the potential to delineate high grade near surface gold mineralisation,” said Justin Virgin, Executive Director of Terrain Minerals.
“If the drilling is successful, Terrain has the option to acquire 100% of the Rembrandt Project for no further upfront consideration.”
The announcement comes just three weeks after the company acquired the Rembrandt gold project.
Under the terms of the acquisition agreement, the Perth-based company is obliged to spend $25,000 on exploration to secure a 3-month option to acquire 100% of project owner Rembrandt Mining.
Terrain said that it will rapidly test the potential of Monet Prospect and determine if it represents a near term cash flow opportunity for the company.
The Rembrandt Gold Project consists of two granted exploration licences and two prospecting licenses.
Terrain Minerals is a West Australian based minerals exploration company focused on the Eastern Goldfields of Western Australia.
The company currently holds two projects: the Great Western Project and the Gimlet Project in the Fraser Range nickel province in WA.
In the ASX Announcement issued today, Terrain said that the drilling aims to define the strike extent, continuity and tenor of mineralisation at the Monet Prospect.
Further information is expected soon.