Other Projects The Company, through its 80% owned subsidiary Terrace Gold NL, has an interest in the following projects:
Nangali Gold Project (Terrace Gold - 30%) Huancabamba District, Northern Peru Nangali is a highly prospective epithermal gold vein system with a number of established but undrilled prospects defined by Newmont. The gold targets are high level, low sulphidation epithermal vein system with high grade gold and silver values at the surface assaying up to 98.2 g/tonne gold and 814 g/tonne silver.
The zone of gold mineralisation has a discontinuous strike extent of approximately 2km. No drilling of these gold targets was ever undertaken by Newmont although drill sites were identified and prepared.
The completiion of this acquisition enables exploration planning to commence for a drilling program to test the high grade Nangali gold vein system against an improving political and social background.
Chinguela Gold Project (Terrace Gold - 100%) Huancabamba District, Northern Peru The Chinguela gold lies adjacent to the Nangali Gold project in norhtern Peru. Previous joint venture partner, Newmont, had identified a robust gold anomaly at Chinguela up to 1,100 ppbAu in soils over an area of 1000m x 400m. The exploration programs carried out by Newmont also identified drill targets at Chinguela. |