TerraX Drills 10.02 m @ 4.17 g/t Au, Inclusive of 2.89 m @ 10.88 g/t Au at Crestaurum Zone, Yellowknife City Gold Project
June 02 2014 - 3:16PM
Marketwired Canada
TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TX0) has received assay results
from the final nine holes drilled during the recently completed winter drill
program on the Northbelt Property, Yellowknife City Gold Project. Four of these
holes were drilled at Crestaurum (533m) and five holes were drilled to test the
northern extension of the Barney Shear target (751m). Three of the holes drilled
at Crestaurum were designed to twin historic drill holes for which no drill core
is available and confirmed the correlation with historic drill results.
Highlights include 10.02 m @ 4.17 g/t Au, inclusive of 2.89 m @ 10.88 g/t Au, in
hole TNB14-011.
CRESTAURUM ZONE
In the summer of 2013 TerraX recovered core from 74 drill holes drilled into
Crestaurum during 1985, and TerraX subsequently reported assay results of
sampling of that core, including 5.00 m @ 62.90 g/t Au (news release Oct 2,
2013). A further 117 holes were drilled into the Crestaurum Zone between 1945
and 1980 for which TerraX has not recovered any historical core. Historical logs
and assays for these holes were recovered in 2013, and collar locations were
found in the field. Based on this information, TerraX is planning on drilling a
total of 12 twin holes to verify historical logs and assays, with the remaining
nine holes to be completed during the summer drill program expected to begin in
late June 2014
The twin hole locations are designed to give TerraX spatial coverage of the
known zone of mineralization over 1.4 km of strike and 150 m of dip length, and
to provide a representative range of grade and thickness. This will include low,
moderate and high grade intersections over narrow to wide zones at all grade
ranges.
Results of TerraX's assays for the three Crestaurum twin holes drilled to date
are tabulated below, along with the historical intervals for comparison. In
general the holes intersected mineralization where expected, confirming the
location and thickness of the zones as indicated by the historical records.
Grades showed some variation as would be expected for lode style quartz vein
hosted gold deposits, but based on these three holes there appears to be good
unbiased grade correlation with historical results. Two holes (TNB14-006 and
011) were drilled into the South Shoot and one hole (TNB14-012) was drilled a
kilometer along strike in the North Shoot. If the good correlation continues
with the remaining nine twin holes it will confirm historical drill results, and
allow use of this information in the preparation of an NI 43-101 compliant
resource estimate at Crestaurum.
----------------------------------------------------------------------------
Crestaurum Twinned Holes
----------------------------------------------------------------------------
TerraX 2014 Drill Hole Intersections Twinned Historical Drill Hole Results
----------------------------------------------------------------------------
Au Au
Hole From To Interval g/t Hole From To Interval g/t
----------------------------------------------------------------------------
TNB14-011 94.31 104.33 10.02 4.17 DDH45-52 97.14 106.89 9.75 3.99
----------------------------------------------------------------------------
incl. 94.31 100.05 5.74 6.81 98.03 103.37 5.34 6.19
----------------------------------------------------------------------------
and incl. 94.31 97.20 2.89 10.88
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TNB14-006 55.00 56.47 1.47 8.73 DDH45-50 55.00 56.47 1.47 5.69
----------------------------------------------------------------------------
incl. 55.00 55.70 0.70 18.25 incl. 55.78 55.93 0.15 54.86
----------------------------------------------------------------------------
----------------------------------------------------------------------------
and 101.90 103.40 1.50 2.01 101.24 103.74 1.50 4.02
----------------------------------------------------------------------------
incl. 103.07 103.34 0.27 14.06
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TNB14-012 88.11 91.65 3.54 1.35 DDH45-39 91.29 94.77 3.48 5.00
----------------------------------------------------------------------------
incl. 92.61 92.86 0.25 48.01
----------------------------------------------------------------------------
Drill intersections at Crestaurum are considered to be normal to strike and dip
and represent true thickness of the zone.
A fourth hole drilled by TerraX at Crestaurum was designed to intersect the
interpreted mineralized zone at an acutely oblique angle to verify
interpretations of zone geometry and check for alternative interpretations for
zone geometry. This hole was collared at the wrong dip and azimuth and failed to
intersect the zone. It will be re-drilled at a different orientation during the
summer program.
BARNEY ZONE
Drilling at the Barney Zone was purely exploratory and designed to test the
interpreted northern strike extension of the historically drilled mineralization
(termed the Barney North Extension). Five drill holes were collared 150-250
meters north along the interpreted strike from the 1995-96 drill holes reported
by TerraX on recovered historical core (20.86 m @ 3.79 g/t Au, including 4.00 m
@ 12.34 g/t Au in hole NB95-16 reported August 14, 2013). TerraX drilling was
also designed to intersect the zones of mineralization closer to surface, at
approximately 50-100 m below surface. This location is 150-300 m above the
historical drill hole intersections. None of the historical drilling tested the
shallow up-dip extensions of mineralization encountered in the deeper 1995-96
drill holes.
Drill results from the Barney North Extension are listed in the table below. The
initial hole (TNB14-007) intersected the host shear structure, but was devoid of
mineralization. Encouraged by the discovery of the shear zone, hole TNB14-008
was drilled directly under TNB14-007 and encountered quartz carbonate veining
with significant sulphides, including galena, arsenopyrite and pyrite. This hole
intersected 6.00m @ 1.49 g/t Au, 12.3 g/t Ag and 0.50% Pb, including 2.20m @
3.63 g/t Au.
A further hole (TNB14-009) was drilled to intersect the zone approximately 25 m
south of holes TNB14-007 and 008. This hole was again designed to intersect the
zone at shallow depths, but in this case it was weakly mineralized with an
intersection of 0.96m @ 1.04 g/t Au, 24.1 g/t Ag and 0.93% Pb. TerraX then
drilled a hole (TNB14-010) approximately 25m south and 50m down dip of the
intersection in TNB14-009. The shear zones became significantly wider with
multiple zones of better mineralization, including a central zone of 12.50m @
1.40 g/t Au, 20.3 g/t Ag and 1.69% Pb, including 4.00m @ 3.62 g/t Au.
The final hole (TNB14-014) was drilled 100m north of holes TNB14-007 and 008 to
target the interpreted host shear zone at shallow depth. This hole was stopped
at 78m depth as spring breakup required shutdown and removal of the drill.
Regardless, the hole had entered a zone of shearing corresponding to the
interpreted Barney North Extension and although only at a very shallow depth
(approximately 40m vertical) it was weakly mineralized returning 2.97m @ 0.46
g/t Au in a zone of quartz carbonate veining and shearing.
-----------------------------------------------------------------------
Barney North Extension Drilling
-----------------------------------------------------------------------
Hole From To Interval Au g/t Ag g/t Pb %
-----------------------------------------------------------------------
TNB14-007 No significant assays
-----------------------------------------------------------------------
-----------------------------------------------------------------------
TNB14-008 91.00 97.00 6.00 1.49 12.3 0.50
-----------------------------------------------------------------------
incl. 94.07 96.27 2.20 3.63 11.6 0.41
-----------------------------------------------------------------------
-----------------------------------------------------------------------
TNB14-009 118.58 119.54 0.96 1.04 24.1 0.93
-----------------------------------------------------------------------
-----------------------------------------------------------------------
TNB14-010 113.30 114.70 1.40 0.30 12.4 0.37
-----------------------------------------------------------------------
-----------------------------------------------------------------------
and 131.50 144.00 12.50 1.40 20.3 1.69
-----------------------------------------------------------------------
incl. 131.50 134.15 2.65 0.28 86.7 7.73
-----------------------------------------------------------------------
and incl. 140.00 144.00 4.00 3.62 3.0 0.02
-----------------------------------------------------------------------
-----------------------------------------------------------------------
and 162.65 167.00 4.35 0.95 3.3 0.10
-----------------------------------------------------------------------
-----------------------------------------------------------------------
and 215.25 216.25 1.00 1.86
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Cu %
-----------------------------------------------------------------------
TNB14-014 16.50 17.17 0.67 0.323 0.18
-----------------------------------------------------------------------
-----------------------------------------------------------------------
and 52.59 55.56 2.97 0.46
-----------------------------------------------------------------------
True thickness of the zones at the Barney North Extension of mineralization is
unknown at present. Based on core foliation angles it is estimated to be between
60-90% of drill intersection width.
The drilling on the Barney North Extension has confirmed that the Barney Zone of
mineralization continues for at least 250 meters further north and a similar
distance up-dip of historical drilling. Based on 2014 drilling results the
mineralized zones are strengthening and widening with depth. The initial 2014
drilling has greatly extended the target area for the Barney Zone and this
mineralization will be followed down-dip and further north along strike in
future drilling. The summer drill program, expected to begin in late June 2014,
will be at the known main Barney Zone. Historical drill holes at the Barney Zone
were cased and capped in 1995-96 in anticipation of re-entry into those holes.
TerraX's initial drilling at Barney will consist of wedges off historical deeper
drill holes (250-450 m vertical depth for mineralized intercepts). This will
generate up-dip intersections from previously intersected mineralized zones, and
be used by TerraX to construct strike and dip interpretations of those zones.
Additionally it is expected that the summer program will include drill holes to
indicate continuity between the main Barney Zone and the Barney North Extension.
TerraX collected 504 samples for assay from the Crestaurum drilling, and 583
samples from the Barney North Extension drilling. Results ranged from below
detection in all metals to highs of 21.30 g/t Au, 169 g/t Ag, and 14.30% Pb, in
separate samples.
Drill hole collar locations were surveyed to sub-meter accuracy. Down hole
surveying (Easy Shot and Maxibor) was completed on all holes. Core sampling
included insertion of certified standards and blanks. Drill core samples are cut
by diamond saw at TerraX's core facility 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 by fire assay with a gravimetric finish. Silver
ICP results over 100 g/t and lead ICP over 5000 ppm are subjected to ore grade
analyses. 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 Crestaurum and Barney. 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 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.
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
Terrax Minerals (TSXV:TXR)
Historical Stock Chart
From May 2024 to Jun 2024
Terrax Minerals (TSXV:TXR)
Historical Stock Chart
From Jun 2023 to Jun 2024
