Joint News Release of Terrace Ventures Inc. (TVER) and Pengram Corporation (PNGM) -- Golden Snow Project Update
12 Novembre 2012 - 4:40PM
Marketwired
Terrace Ventures Inc. (OTCQB: TVER) ("Terrace") and Pengram
Corporation ("Pengram") issued the following joint news release
today with respect to the Golden Snow Project in Eureka County,
Nevada.
Terrace is earning up to a 75% interest in the Golden Snow
Property from Pengram. Once Terrace has completed earning its
interest, the parties will form a 75/25 joint venture.
During 2012, Terrace completed a work program on the property
that consisted of soil sampling and rock sampling. Fourteen rock
samples were collected in the area of a previously identified large
2,800 ft. diameter magnetic anomaly. Seventy-two soil samples were
collected to help delineate the extension of the collapse breccia
zones on the Golden Snow Project. Based on the successful
completion of the program, Terrace's geological consultant has
recommended that a program consisting of 3,000 feet of reverse
circulation drilling to test locations for gold bearing collapse
breccias and to test a probable intrusive indicated by ground
magnetic data. The program has an estimated cost of $175,000.
Subject to financing, Terrace intends to proceed with the
recommended program. The geological consultant also recommended
that Terrace locate and record additional claims adjacent to the
property. This process is underway.
About the Golden Snow Project
The Golden Snow Project is located in the Battle Mountain-Eureka
Trend, approximately eight miles south of the East Archimedes gold
deposit where Barrick Gold Corporation is currently mining a
Carlin-type sediment hosted gold deposit (approximately 2 million
ounces gold produced and discovered). The Eureka district is at the
south end of a northerly trending series of intrusives. Within the
district a prominent north-south alignment of gold deposits trends
towards the Golden Snow Project.
Gold reported by Timberline Resources Corp for the Lookout and
South Adit area (approximately 2 to 4 miles north of the Golden
Snow Project) includes:
- 390,000 ounces in a Measured & Indicated Resource category
(20.7 million tons @ 0.019 opt Au)
- 221,000 ounces in an Inferred Resource category (18.4 million
tons @ 0.012 opt Au)
These are localized along the Ratto Ridge Fault Zone, which
projects south onto the Golden Snow Project.
About Terrace Ventures Inc. (TVER)
Terrace's business plan is to assemble a portfolio of mineral
properties with gold potential and to engage in the exploration and
development of these properties. Terrace currently has an option
agreement to acquire up to a 75% interest in Pengram's Golden Snow
Property.
About Pengram Corporation (PNGM) www.pengramgold.com
Pengram Corporation (PNGM) is an exploration-stage company.
Pengram is engaged in the acquisition and exploration of properties
to search for gold mineralization in Canada and the United States.
In Nevada, the Company controls 168 claims covering approximately
4.4 square miles. In Canada, Pengram controls 8,372 acres (3,388
hectares) in the historically prolific Cariboo Mining District.
Forward Looking Statement
Statements in this news release that are not historical facts
are forward-looking statements that are subject to risks and
uncertainties. Words such as "expects," "intends," "plans," "may,"
"could," "should," "anticipates," "likely," "believes" and words of
similar import also identify forward-looking statements.
Forward-looking statements are based on current facts and analyses
and other information that are based on forecasts of future
results, estimates of amounts not yet determined and assumptions of
management. The statements regarding future exploration on the
Golden Snow Project in this news release are forward-looking
statements. Such statements are based on current expectations.
Actual results could vary materially from the description contained
herein due to many risk factors; in particular, there is no
assurance that Terrace will obtain the financing necessary to
complete the recommended work program and the additional
requirements to earn its 75% interest in the property. There is
also no assurance that exploration work on the Golden Snow Property
will result in a discovery of a commercial body of ore. The
forward-looking statements contained in this news release speak
only as of the date on which they are made, and neither Terrace nor
Pengram undertakes any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
press release.
Investor Contact for Terrace: Tel: (360) 220-5218 Investor
Contact for Pengram: Tel: (877) 225-8808 Email Contact
Terrace Ventures (CE) (USOTC:TVER)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Terrace Ventures (CE) (USOTC:TVER)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024