TerraX Begins Drilling on Yellowknife City Gold Project
March 25 2014 - 9:13AM
Marketwired
TerraX Begins Drilling on Yellowknife City Gold Project
YELLOWKNIFE, NORTHWEST TERRITORIES--(Marketwired - Mar 25, 2014)
- TerraX Minerals Inc. (TSX-VENTURE:TXR)(FRANKFURT:TXO) has
commenced drilling on its wholly-owned Yellowknife City Gold
Project ("YCGP") in the Northwest Territories.
The first drill hole was collared on the Northbelt Property of
the YCGP. Northbelt is the strike extension of the geology which
hosted the previously producing Con and Giant gold mines, which
together mined over 13M oz of gold. This marks the first drilling
on the Northbelt since 1996, a period of 18 years.
TerraX's first drill campaign will total approximately 6,000 m
of drilling and test three initial target areas; the Barney Shear,
which is the extension of the Con/Giant shear system; the
Crestaurum Zone, which is a high grade zone with nearly 200
historical drill intersections; and the Homer Lake base
metal/precious metal target at the north end of the property The
first drill hole will be collared at Homer Lake to target a buried
conductor identified by airborne surveys in 2013 that has never
been drill-tested This target area is within 500 m of a previously
established ice road which makes winter access easier and with much
less environmental impact than overland access in summer
conditions. TerraX expects to be able to take advantage of 6-8
weeks of ice road use before spring breakup. Although Crestaurum
and the Barney Shear are currently TerraX's highest priority gold
targets, the logistics associated with Homer Lake access dictate
that it be drilled first.
Homer Lake is not a traditional gold target as would be expected
in a major gold belt like the Yellowknife Gold Camp. It was
originally discovered from surface prospecting in the 1930s and six
mineralized structures were delineated during reconnaissance
prospecting by TerraX in the Homer Lake area in 2013. One structure
has been traced by TerraX for 1,200 m and has chip sample results
of 7 m @ 0.50 g/t Au, 90.2 g/t Ag, 4.25% Pb and 0.89% Zn. A
parallel structure sampled by TerraX graded 5 m @ 1.54 g/t Au, 95.5
g/t Ag, 3.13% Pb and 1.59% Zn. A grab sample by TerraX from a third
structure graded 0.60 g/t Au, 529 g/t Ag, >20% Pb, and 9.44% Zn.
Historical reports of drilling on another structure included 6.10 m
of 2.54 g/t Au, 204.0 g/t Ag, 10.82% Pb, 6.03% Zn and 0.55% Cu in
hole 38-02; this intersection was less than 50 m below surface.
(This drill result is historical in nature, has not been verified
by TerraX, and should not be relied upon.)
In July 2013 TerraX carried out an airborne electromagnetic (EM)
survey which revealed a 1.2 km long, north-trending conductor at
the Homer Lake target, 400 m of which is highly conductive. The
source of this conductor is buried and 3-D modeling indicates a top
of the conductor at approximately 110 meters below surface, with a
steep westerly dip. None of the known surface mineralized zones
mentioned above were conductive in the 2013 EM survey, and the
buried conductor has never been tested by drilling. This conductor
will be the target of this initial 750 m drill program planned at
Homer Lake, following which the drill rig will be moved to south
end of the property to commence drilling at Barney and Crestaurum,
where TerraX reported assay results from re-logging and sampling of
core from historical drill holes that included 28.32 m @ 2.97 g/t
Au on the Barney Shear Zone (news release of August 14, 2013) and
5.00 m @ 62.90 g/t Au from Crestaurum (news release of October 2,
2013).
TerraX will be providing updates on activities in the coming
months as we carry out our advanced exploration plans. All users of
the trails, mining roads and ice roads are reminded to act safely
and responsibly and keep an eye out for other recreational,
traditional and industrial users and hazards.
About the Yellowknife
City Gold Project
The Yellowknife City Gold Project encompasses approximately
8,400 hectares of contiguous land immediately north of the City of
Yellowknife in the Northwest Territories and includes TerraX's
wholly-owned Northbelt property acquired in February 2013.
The Northbelt gold property encompasses 3,562 hectares on the
prolific Yellowknife belt, all within 15 km of the city of
Yellowknife, and covers 13 km of strike on the northern extension
of the geology that contained the Giant (7.8 Moz) and Con (5.5 Moz)
gold mines. The Northbelt property is host to multiple shears that
are the recognized hosts for gold deposits in the Yellowknife camp
and it contains innumerable gold showings and historic high grade
drill results.
TerraX has carried out a strategy of acquiring prospective
ground adjacent to Northbelt and in October 2013 entered into an
option agreement whereby it can acquire a 100% interest in the
Walsh Lake gold property, which is contiguous with and immediately
east of Northbelt. The Walsh Lake property consists of seven leases
and five claims totaling 6,659 acres (2,695 hectares). TerraX has
also staked and acquired ground to the west of Northbelt to cover
prospective geology that is on strike from Northbelt
structures.
For more information on the Yellowknife City Gold Project,
please visit our web site at www.terraxminerals.com.
On behalf of the Board of Directors
Joseph Campbell, President
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.
This news release contains forward-looking information, which
involves known and unknown risks, uncertainties and other factors
that may cause actual events to differ materially from current
expectation. Important factors - including the availability of
funds, the results of financing efforts, the completion of due
diligence and the results of exploration activities - that could
cause actual results to differ materially from the Company's
expectations are disclosed in the Company's documents filed from
time to time on SEDAR (see www.sedar.com). Readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. The company
disclaims any intention or obligation, except to the extent
required by law, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Paradox Public Relations514-341-0408 or Toll Free:
1-866-460-0408info@paradox-pr.ca
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