Exterra Resources (ASX: EXC) has expanded its Linden Project with the acquisition of an exploration licence directly north of the company’s existing Linden tenements in Western Australia.
The new exploration licence, acquired for cash consideration of $50,000, contains more than 5.5 kilometres strike of highly prospective greenstone terrain north of the Second Fortune Resource.
Second Fortune has a JORC Resource of 207,000 tonnes at 7.9 grams per tonne gold for 52,300 ounces gold.
The new tenement hosts the Great Carbine prospect, which had historic gold production of 1,339 ounces at a grade of 18.77 grams per tonne gold.
Previously, drilling at Great Carbine has been limited, although economic widths and grades have been reported.
Exterra is conducting a review of historical data, following which an exploration program will be planned.
Zelica drilling
In other company news, Exterra will commence reverse circulation drilling at the Zelica Gold Project in Western Australia.
Exterra acquired the Zelica project, 20 kilometres north of Linden, in February this year.
The drilling program is aimed at increasing resource confidence below the current pit. It will also test the continuity of mineralisation and upgrade resource classifications over more than 500 metres of strike north of the current pit.
Results from the program are expected to be released in January 2012.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/22406/exterra-resource-grows-linden-tenement-holdings-through-acquisition-22406.html
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