BELLINGHAM, Wash., Nov. 12, 2012 /PRNewswire/ -- Terrace Ventures Inc. (Symbol: TVER.OTCQB) ("Terrace") and Pengram Corporation (Symbol: PNGM.PK) ("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 ProjectThe 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)