Minimum 3,000 metre program to commence in February 2012
VANCOUVER, BRITISH COLUMBIA, Jan 18, 2012 (MARKETWIRE via COMTEX) — Terreno Resources Corp. CA:TNO +4.35% (“Terreno” or the “Company”) is pleased to announce that it has signed a contract with Falcon Drilling Argentina, based in Salta, to commence a minimum 3,000 metres drill program commencing in mid-February 2012. The first 1,000 metres of drilling will test near surface epithermal gold targets on the company’s Poposa, high sulphidation, gold-copper project in San Juan province. Following completion of this program, the drill will move to the Socompa porphyry copper-gold-molybdenum project located in Salta province where it will complete a minimum of 2,000 metres testing coincident magnetic and surface anomalies.
“We are looking forward to commencing our first drill campaigns at the Poposa and Socompa projects. We have completed significant ground and geophysical programs which give us high confidence for success,” commented Peter Mullens, VP Exploration. “Recent programs at nearby projects, including those owned by Lumina Copper Corp., Malbex Resources Inc. and Regulus Resources Inc./Pachamama Resources Ltd., have made new discoveries and expanded existing resources providing indications that both of these projects are located in highly prospective and prolific trends.”
The Poposa project is a high sulphidation gold-copper system located in the Cordillera Frontal of Argentina in San Juan province. The project is located in the El Indio-Pascua/Lama metallogenic belt which hosts several multi-million ounces gold deposits such as Veladero, and is approximately 50 km to the south-south-east of Malbex Resources’ Del Carmen project (See figure 1 for a regional location map: http://media3.marketwire.com/docs/tno_f1_118.pdf ).
Work completed in the previous field season included geological mapping, the completion of 72 trenches with continuous rock chip sampling, as well as the completion of a CSAMT survey and a 7-line, Titan 24 DCIP and MT survey. Revised geological modeling combined with the results of geophysical surveys has identified two distinct exploration targets:
1. Near surface epithermal gold in three district areas (Colorado, Amarillo
and Morro). These areas are located within several kilometres of one
another and have mineralization at surface (identified through
trenching), strong resistivity over significant strike and depth
(identified through the Titan 24 survey) and remain relatively untested.
2. Deep porphyry in two areas (Negro and DDH-13). The target is at depth
along the unconformity with the basement and still remains to be tested.
Geophysical surveys identified moderate chargeability/resistivity
anomalies with coincident large aeromagnetic anomalies as potential
porphyry ore shell locations in these areas.
The Company’s geologists are now in the field finalizing the drill locations for this exploration program of up to 1,000 metres (5 holes) which will focus on testing the near surface targets at the Amarillo and Morro target areas. Drilling is expected to commence on or around February 15th 2011 (see figure 2 for a drill plan map: http://media3.marketwire.com/docs/tno_f2_118.pdf ).
The Socompa project is a copper-gold porphyry target located in western Salta province approximately 70 kms from BHP Billiton’s Escondida mine, 40kms from Lumina Copper’s Taca Taca porphyry copper project and 67 kms from the Rio Grande project currently a joint venture between Regulus Resources and Pachamama Resources. The project hosts a large, 20km2 zone of argillic alteration with some sectors displaying pervasive silicification. Several producing Cu, Cu-Mo and Cu-Au-Mo mines are located in the region (Escondida, Saldivar, Chimborazo) within the same crustal corridor as the project (see figure 3 for a regional location map: http://media3.marketwire.com/docs/tno_f3_118.pdf ).
Last field season Terreno completed geological mapping, ground magnetics and surface sampling from rock chips and trenches. The company has identified three anomalous zones based on widespread surface copper, gold and molybdenum:
1. North Copper-Gold Anomaly, high copper content, surface samples between
800 and 7000 ppm Cu with gold between 0.3 g/t and 0.5 g/t in structures
with advanced argillic alteration.
2. Central Gold-Molybdenum-Copper Anomaly, 21 gold samples above 0.1 ppm,
22 copper samples values above 500 ppm and 12 moly samples above 20 ppm
over and stockwork outcrop measuring 400 metres by 150 metres.
3. Central Molybdenum Anomaly, systematic trench sampling returned 250
metres averaging 80 ppm Mo from 2 m samples.
Afollow-up infill mag survey was completed in Q4 2011. The initial drill program of up to 2,000 metres (5 holes) will focus on testing the bulls-eye magnetic anomaly identified in the survey, which lies beneath a scree cover immediately to the west of the Central Gold-Molybdenum-Copper Anomaly. Drilling is expected to commence in late March, once the Poposa program is completed and the rig has been remobilized (see figure 4 for a drill plan map: http://media3.marketwire.com/docs/tno_f4_118.pdf ).
A field program has recently been completed at the Trigal high sulphidation silver-gold target located in north-western Salta province, immediately adjacent and to the north east of the El Quevar project owned by Golden Minerals. The project covers an area of acid sulphate alteration (silica alunite) with the main exploration target being high grade structurally controlled silver mineralization. The work program included stream sediment, talus and chip sampling as well as mapping the alteration. The samples have been sent to the assay laboratory for evaluation.
The Qualified Person for Terreno’s projects is Mr. Peter Mullens, who is a member of the Australian Institute of Mining and Metallurgy. Mr. Mullens has reviewed and approved the technical content of this release.
About Terreno Resources
Terreno, meaning “of the earth” in Spanish, represents the Company’s focus on natural resource opportunity development in South America. Terreno has option agreements on three exploration projects in Argentina; La Poposa (formerly referred to as Amarillo) in San Juan, Socompa and Trigal in Salta. All three projects boast significant alteration systems and have the potential for copper, gold and silver mineralization. For more information, please visit www.terrenoresources.com .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Terreno Resources Corp.
Philip Williams, CFA
President and CEO
SOURCE: Terreno Resources Corp.
Copyright 2012 Marketwire, Inc., All rights reserved.