TerraX Mobilizes Second Drill to Crestaurum Gold Deposit, Yellowknife City Gold Project; Drilling Continues at Homer Lake
April 07 2014 - 11:03AM
Marketwired
TerraX Mobilizes Second Drill to Crestaurum Gold Deposit,
Yellowknife City Gold Project; Drilling Continues at Homer Lake
YELLOWKNIFE, NORTHWEST TERRITORIES--(Marketwired - Apr 7, 2014)
- TerraX Minerals Inc.
(TSX-VENTURE:TXR)(FRANKFURT:TXO)(PINKSHEETS:TRXXF) has mobilized a
second drill and commenced drilling at the Crestaurum gold deposit
on its wholly-owned Yellowknife City Gold Project (YCGP) in the
Northwest Territories. Drilling is still underway at the Homer Lake
base metal/precious target at the north end of the property.
The second drill rig has commenced drilling at the south end of
the property at Crestaurum, where the gold mineralized shear
structure has been identified over 1.4 km of strike-length and is
open along strike and down dip. TerraX has reported assay results
from re-logging and sampling of core from historical drill holes
(see news release of October 2, 2013) that included:
- 6.87 m @ 13.07 g/t Au (Hole 85-118)
- 5.00 m @ 20.66 g/t Au near surface (Hole 85-187)
- 5.00 m @ 62.90 g/t Au less than 50 m from surface (Hole
85-150)
The Crestaurum drilling will consist of 12-15 holes focusing on
twinning historical holes from the 1940s to 1960s that did not have
core available for relogging and re-sampling and infill drilling
around 1985 drill holes that have been relogged and resampled by
TerraX in 2013. The aim of the Crestaurum drill program is to
advance this zone of mineralization towards a mineral resource. The
mobilization of this second drill was moved up to take advantage of
excellent winter access conditions that are persisting in the
project area.
The first drill rig is continuing to drill at the Homer Lake
base metal/precious metal target. (see news release of March 25,
2014). Once this drilling is completed this drill will be moved to
the Barney Shear (28.32 m @ 2.97 g/t Au in news release August
14th, 2013), which is the extension of the Con Mine/Giant Mine
shear system that has hosted more than 13 Moz of gold production
from the two mines. Crestaurum and the Barney Shear are currently
TerraX's highest priority gold targets. TerraX's first drill
campaign will total approximately 6,000 m testing the three initial
target areas.
The technical information contained in this news release has
been approved by Joseph Campbell, the President of TerraX, who is a
Qualified Person as defined in "National Instrument 43-101,
Standards of Disclosure for Mineral Projects."
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.caVanguard Shareholder
Solutions604-608-0824 or Toll Free:
855-508-0824ir@vanguardsolutions.ca
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