Surface exploration by Ashanti Goldfields (AHD.U-T) has begun on the Tera gold property in Niger, West Africa.
The 1,500-sq.-km property, which hosts a 20-km section of the Terra shear system, is currently 90%-owned by Carlin Resources (CLM-V); the remainder is held by the Nigerian government.
To earn a 51% interest from Carlin, Ashanti must contribute a minimum of US$2 million toward a positive feasibility study by Dec. 31, 1998. Upon completion of the study, the company must provide funds for project financing.
The current program, budgeted at US$600,000, will include soil sampling, geological mapping, prospecting and drilling.
The soil sampling is expected to be completed by January, with drilling slated for June 1997.
Last July, auger drilling on a 500-by-200-metre grid pattern enabled the company to outline five areas of anomalous gold values.
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