Shallow ore find at Angas
A drill program at Terramin’s Angas zinc mine has intersected new high-grade mineralisation near the orebody, which is likely to increase early cash flows, according to Terramin’s Executive Chairman, Dr Kevin Moriarty.“It is next to ore scheduled for early development, so will be available early in the mine life,” Mr Moriarty said. “This is a good time to find more high-grade ore because we are about to draw down on the $45m bank loan and should commence mining on time in mid-year.” Dr Moriarty said Terramin had approved an extensive program for 2008 to extend mine life, including drilling strong indications of mineralisation below the existing Rankine resource, and testing numerous old copper-lead-zinc mines and workings on the company’s tenements that surround the Angas Mine.The Angas resource infill program has been continuing while the mine is constructed. A total of 32 holes had been completed by mid-December, with drilling targeted at increasing Terramin’s confidence ahead of mining, initially in the Garwood Zone and then in the upper part of the Rankine shoot. The company said that results of the drill program demonstrated the continuity of the high-grade shoot making up the Garwood/Rankine zone and the parallel Hanging Wall Zone. Terramin is preparing a new resource model for release at the end of the first quarter of 2008.