TerraX Drills 71m of Sulphide Mineralization in Felsic Volcanics at Homer Lake, Yellowknife; Includes 3.42m of Massive Sulphi...
May 12 2014 - 2:24PM
Marketwired Canada
TerraX Minerals Inc. (TSX VENTURE:TXR)(PINKSHEETS:TRXXF)(FRANKFURT:TX0) has
received assay results from the first four holes drilled during the recently
completed winter drill program at Northbelt, Yellowknife City Gold Project.
These holes were drilled at the Homer Lake base metal target, which is located
within 15 km of the city of Yellowknife and just 2 km from the new Bluefish
Hydro Dam opened in July 2013. Assay results from nine holes drilled on TerraX's
two top priority gold targets, Crestaurum and Barney Shear, are pending and will
be reported in the coming weeks, with the summer drill program expected to begin
in late June 2014.
Two holes, TNB14-003 and TNB14-004, where drilled to test the down dip extension
of surface showings sampled by TerraX in 2013 (chip samples of 7.0m @ 0.50 g/t
Au 90.2 g/t Ag, 4.25% Pb and 0.89% Zn) and intersected felsic volcanics that are
pervasively mineralized including multiple massive to semi-massive sulphide
zones. Highlights include:
-- 71.15m @ 0.25 g/t Au, 14.0 g/t Ag, 0.73% Pb and 0.57% Zn in hole TNB14-
004 (inclusive of 3.42m @ 3.41 g/t Au, 69.3 g/t Ag, 3.67% Pb, 3.17% Zn
in massive sulphides) and
-- 60.87m @ 0.11 g/t Au, 10.4 g/t Ag, 0.58% Pb and 0.65% Zn in hole TNB14-
003;
The Homer Lake drill program was designed to test a 400m-500m long VTEM
(electromagnetic) anomaly with an interpreted steep westerly dip that had been
identified by airborne surveying in 2013 and continues for a further 1km as a
weaker VTEM anomaly to the south. Two holes (TNB14-001 and TNB14-002) were
drilled with an easterly azimuth on sections 100m apart and designed to
intersect the northern end of the anomaly. Holes TNB14-003 and 004 were drilled
to the east of the anomaly in an area where base metals were identified in
historic trenches during 2013 field work (eg. chip samples of 7.0m @ 0.50 g/t Au
90.2 g/t Ag, 4.25% Pb and 0.89% Zn). A map showing the location of these drill
holes is available on our web site at www.terraxminerals.com.
Higher grade intervals occur within the mineralized felsic volcanic unit, and
also in the adjacent mafic volcanics (see table). Within TNB14-004 these include
3.42m @ 3.41 g/t Au, 69.3 g/t Ag, 3.67% Pb and 3.17% Zn within felsic volcanics;
and 5.31m @ 0.40 g/t Au, 64.5 g/t Ag, 3.65% Pb and 2.64% Zn at a felsic to mafic
volcanic contact. Within TNB14-003 high grade intervals include 4.44m @ 0.16 g/t
Au, 25.5 g/t Ag, 2.10% Pb and 2.59% Zn at a mafic to felsic volcanic contact;
1.50m @ 1.70 g/t Au, 43.3 g/t Ag, 2.41% Pb and 2.04% Zn in felsic volcanics; and
2.02m @ 0.34 g/t Au, 85.1 g/t Ag, 4.08% Pb and 3.72% Zn at a felsic to mafic
volcanic contact.
Joe Campbell, P.Geo, President of TerraX, states "The mineralization drilled in
holes TNB14-003 and TNB14-004 is located along one of six sub-parallel zones of
mineralization identified by TerraX in field work during the summer of 2013.
Several of these zones have been traced over hundreds of meters of strike length
on surface. While the high-grade gold targets at Northbelt remain our top
priority, these wide zones of mineralization, coupled with the higher grade
intervals of massive sulphides, are indicative of a large precious metal-rich
base metal mineralized system in the Homer Lake area that definitely warrants
further exploration when time and resources permit."
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From To Interval Au Ag Pb Zn
Hole (m) (m) (m) g/t g/t % %
----------------------------------------------------------------------------
TNB14-004 63.21 134.36 71.15 0.25 14.0 0.73 0.57
----------------------------------------------------------------------------
incl. 96.85 100.27 3.42 3.41 69.3 3.67 3.17
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incl. 128.39 133.70 5.31 0.40 64.5 3.65 2.64
----------------------------------------------------------------------------
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From To Interval Au Ag Pb Zn
Hole (m) (m) (m) g/t g/t % %
----------------------------------------------------------------------------
TNB14-003 13.42 16.39 2.97 0.22 15.9 1.22 1.20
----------------------------------------------------------------------------
----------------------------------------------------------------------------
31.09 91.96 60.87 0.11 10.4 0.58 0.65
----------------------------------------------------------------------------
incl. 31.09 42.24 11.15 0.07 13.1 1.05 1.23
----------------------------------------------------------------------------
and incl. 37.17 41.61 4.44 0.16 25.5 2.10 2.59
----------------------------------------------------------------------------
and incl. 37.17 38.79 1.62 0.32 56.6 4.76 5.30
----------------------------------------------------------------------------
incl. 61.77 63.27 1.50 1.70 43.3 2.41 2.04
----------------------------------------------------------------------------
incl. 73.00 77.20 4.20 0.08 40.7 2.00 2.56
----------------------------------------------------------------------------
----------------------------------------------------------------------------
145.73 153.43 7.70 0.10 25.1 1.22 1.14
----------------------------------------------------------------------------
incl. 149.16 151.18 2.02 0.34 85.1 4.08 3.72
----------------------------------------------------------------------------
The two holes drilled to intersect the northern end of the strong VTEM anomaly
(TNB14-001 and TNB14-002) intersected multiple narrow massive to semi-massive
sub-meter sulphide bands of pyrrhotite, +/- pyrite, chalcopyrite, and
arsenopyrite within massive to pillowed mafic volcanics, locally sheared
proximal to mineralization. Collectively, these sulphide bands are interpreted
to be the cause of the anomaly. In drill hole TNB14-001, on the extreme northern
end of the anomaly, the most intense concentration of sulphide occurred from
118.0 to 172.0 m down hole, and in drill hole TNB14-002 collared 100m south of
TNB14-001, the same zone occurred from approximately 114.0 to 171.0 m down hole.
These zones carried minor base metal mineralization, with single sample assays
of up to 0.44% Cu in drill hole TNB14-001, and up to 0.20% Cu in TNB14-002. The
sulphide zones returned sporadic gold values (highest assay 6.83 g/t over 0.71m
in TNB14-001 and 2.87 g/t over 0.57m in TNB14-002). Two wider coherent intervals
of low grade gold occurred within the best sulphide zones in TNB14-001, but gold
values were more scattered throughout the same areas in TNB14-002. A third
narrow zone of gold occurred in banded sulphides of pyrrhotite, +/-
chalcopyrite, and pyrite (intersection table below) at the bottom of both holes.
-------------------------------------------------------------------
From To Interval Au Ag Cu
Hole (m) (m) (m) g/t g/t %
-------------------------------------------------------------------
TNB14-001 108.06 124.40 16.34 0.61 - -
-------------------------------------------------------------------
incl. 120.71 123.00 2.29 2.44 - 0.11
-------------------------------------------------------------------
and incl. 120.71 121.42 0.71 6.83 3.6 0.23
-------------------------------------------------------------------
-------------------------------------------------------------------
154.26 171.89 17.63 0.41 - -
-------------------------------------------------------------------
incl. 168.53 171.89 3.36 1.54 - 0.05
-------------------------------------------------------------------
-------------------------------------------------------------------
269.62 271.05 1.43 1.49 5.9 0.12
-------------------------------------------------------------------
-------------------------------------------------------------------
TNB14-002 97.96 120.70 22.74 0.13 - 0.05
-------------------------------------------------------------------
-------------------------------------------------------------------
139.00 143.33 4.33 0.26 4.1 -
-------------------------------------------------------------------
-------------------------------------------------------------------
230.48 231.84 1.36 1.32 - -
-------------------------------------------------------------------
incl. 231.27 231.84 0.57 2.87 11.8 -
-------------------------------------------------------------------
This strong VTEM anomaly is still untested over 300-400m of strike length to the
south of TNB14-002. TerraX believes the amount of sulphides in this target area
and the associated highly anomalous gold content are significant, and this
target will receive mapping and prospecting attention this summer. In addition,
the VTEM anomaly and associated magnetic signature will be remodeled to better
define target potential by integrating the results from this drilling.
TerraX collected 871 samples for assay from the Homer Lake drilling. Results
ranged from below detection in all metals to highs of 6.83 g/t Au, 261 g/t Ag,
13.55% Pb, 10.15% Zn, and 0.44% Cu, in separate samples. True thickness of the
zones of mineralization is unknown at present. Based on core foliation angles it
is estimated to be between 50-80% of drill intersection width.
Core sampling included insertion of certified standards and blanks. Drill core
samples are cut by diamond saw at TerraX's core facilities in Yellowknife. A
halved core sample is left in the core box. The other half core is sampled and
transported by TerraX personnel in securely sealed bags to ALS Chemex's
preparation laboratory in Yellowknife. After sample preparation, samples are
shipped to ALS Chemex's Vancouver facility for gold and ICP analysis. Gold
assays of greater than 3 g/t are re-assayed on a 30 gm split with fire assay
with a gravimetric finish. ALS is a certified and accredited laboratory service.
ALS routinely inserts certified gold standards, blanks and pulp duplicates, and
results of all QC samples are reported.
TerraX and GeoVector Management Inc. were responsible for planning the drill
holes at Homer Lake. GeoVector was also responsible for the management and
supervision of the drill program. 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 past
producing Giant and Con 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Paradox Public Relations
514-341-0408 or Toll Free: 1-866-460-0408
info@paradox-pr.ca
Vanguard Shareholder Solutions
604-608-0824 or Toll Free: 1-866-801-0779
ir@vanguardsolutions.ca
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