Adelaide, July 24, 2006 AEST (ABN Newswire) - Terramin Australia Ltd (ASX: TZN) - is developing the Menninnie base metals project (EL 2848) in joint venture with Zinifex Australia Limited who have funded $2.25 million of exploration to date. Zinifex are required to complete $5 million in expenditure by December 2008 to earn 49% and can move to 70% by spending another $3million before December 2010.
Significant additional diamond drill results (MD40 to MD51) have advanced interpretative modelling confidence. The results are very encouraging and support work that continues and aims at establishing a JORC inferred resource at Menninnie Central as soon as possible after completion of this drilling programme and receipt of all assay results.
Terramin's Chief Consulting Geologist, Dr John Parker, said the latest round of results, when added to other Pb-Zn intersections over a 400m strike length, continued to expand and delineate "a substantial body of Broken Hill-style mineralisation in the Menninnie Central Zone".
"Intercepts in MD42 (23.3 metres @ 14.47% Pb+Zn, including 4.65 metres @ 33.89% Pb+Zn) were particularly encouraging and supported Menninnie Dam's status as South Australia's largest lead-zinc deposit," Dr Parker said.
Intercepts in MD51 comprised 40.4 metres @ 9.96% Pb+Zn including 10.65 metres of higher grade mineralisation grading 12.39% Pb+Zn.
About Terramin Australia Limited
Terramin Australia Limited (ASX:TZN) has a clear focus on growing a production pipeline of base and precious metal projects close to infrastructure and with low capital and operating costs. Consistent with this focus, the Group holds several highly prospective mineral deposits and exploration tenements across Algeria and South Australia.
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