Terrain Minerals Limited - Quarterly Activities Report: June 2024
TERRAIN MINERALS LIMITED (TMX) Share Update July 2024 Monday 29th
Terrain Minerals Announces Promising Exploration Results and Corporate Developments
Terrain Minerals Limited (ASX: TMX) has released its quarterly activities report for June 2024, highlighting significant exploration achievements and corporate developments.
Instant Summary:
- Completed VTEM survey over Lort River Nickel/Copper Project.
- Exciting Gallium and REE drilling results at Smokebush Project.
- Raised $1,045,074 through a successful share placement.
- Sold Wildviper tenement to Northern Star Resources for $300,000.
- Attended major industry conferences to engage with investors.
Exploration Highlights
Terrain Minerals Limited (ASX: TMX) has made significant strides in its exploration projects during the June 2024 quarter. The company completed a Helicopter AEM Survey (VTEM Max) over its Lort River Nickel/Copper Project in May 2024, covering 1,281 km of line survey. The aim was to better define the newly identified conductor and test the entire 'EYE' feature for additional targets. The flight data is currently being analyzed, with results expected in August 2024.
The Lort River project, located within the Albany-Fraser belt, shows potential for magmatic nickel-copper ore bodies, similar to the Nova-Bollinger deposits. This area has historically seen minimal exploration, particularly in the southern regions, which are predominantly freehold cropping land.
Smokebush Project
At the Smokebush Project, Terrain reported highly successful Gallium (Ga) drilling results. Approximately 70% of the holes returned impressive intersections of Gallium, with some zones up to 64 meters wide and higher-grade zones reaching 53.74 ppm Ga2O3. The target area is currently 9 km long and up to 2 km wide, remaining open for further exploration. The Gallium appears to sit in the upper zones above the REE mineralization, within layers of clay regolith.
The Larin’s Lane REE + Gallium Project is located within the emerging Midwest clay-hosted rare earth elements (REE) district of Western Australia. The project has shown promising results, with 27 holes returning REE above the 1,000 ppm TREO lower cut-off.
Corporate Updates
Terrain successfully raised $1,045,074 through a placement of ordinary shares at $0.003 per share. This placement was supported by a commitment from Executive Director Mr. Justin Virgin, who subscribed for $102,000, subject to shareholder approval. Additionally, Terrain sold its Wildviper E37/1214 tenement to Northern Star Resources Limited for $300,000 in cash.
In terms of marketing activities, Terrain attended the RIU Sydney Resources Round-Up Conference in May 2024 and the MiningNews Select Perth conference in June 2024. These events provided opportunities to engage with investors and present the company's progress.
Future Plans
Terrain is advancing discussions for potential commercial opportunities, including full or partial sales and joint ventures of its assets. The company is also prioritizing the grant process for its Carlindie East Pilbara WA tenement applications, which are prospective for lithium and iron ore. Furthermore, Terrain is committed to fast-tracking exploration activities across its extensive project pipeline in Western Australia and Queensland.
The promising exploration results and successful capital raise are likely to positively impact Terrain Minerals' stock. The company's strategic focus on high-potential projects and active engagement with investors could boost investor confidence and drive stock performance. However, the market will closely watch the upcoming results from the VTEM survey and further drilling activities to assess the long-term potential.
Investor Reaction:
Investors and analysts have shown optimism towards Terrain's recent developments. The successful capital raise and positive drilling results at Smokebush have been particularly well-received. Analysts are keenly awaiting the results of the VTEM survey at Lort River, which could further enhance Terrain's exploration portfolio.
Conclusion:
Terrain Minerals Limited's quarterly report highlights significant progress across its exploration projects and corporate activities. Investors should stay tuned for the upcoming results from the VTEM survey and further drilling updates. The company's proactive approach and strategic focus on high-potential projects position it well for future growth.