TerraX Begins Summer Field Exploration on Yellowknife City Gold Project; Drilling to Resume Later This Month
June 17 2014 - 8:00AM
Marketwired
TerraX Begins Summer Field Exploration on Yellowknife City Gold
Project; Drilling to Resume Later This Month
YELLOWKNIFE, NORTHWEST TERRITORIES--(Marketwired - Jun 17, 2014)
- TerraX Minerals Inc.
(TSX-VENTURE:TXR)(FRANKFURT:TX0)(PINKSHEETS:TRXXF) has commenced
summer field exploration programs on its wholly-owned Yellowknife
City Gold Project ("YCGP") in the Northwest Territories. Work over
the coming weeks will include mapping and prospecting and surveying
over the contiguous Northbelt, Walsh Lake, U-Breccia and Ryan Lake
properties that make up the approximately 8,400 hectare YCGP, with
drilling to resume later this month when the water levels from
spring breakup recede. This spring has been particularly dry, and
technical crews are now onsite assessing ground conditions for a
possible early start-up of summer drilling.
Summer surface work will cover multiple high value target areas
on the YCGP. A concerted mapping and prospecting effort will be
made on the Walsh
Lake property following up positive results from surface
sampling completed by TerraX in 2013, over only a two day period,
that included chip sampling of 6m @ 7.29 g/t Au at the Mispickel
Island showing, and 4m @ 6.20 g/t Au on the Samex showing (news
release of Oct 30, 2013). On Northbelt work will continue to follow
up on zones discovered by TerraX during 2013 field work including
the Crestaurum Southwest
Zone (chip sampling of 4.0m @ 24.26 g/t Au reported Nov. 6,
2013), and the Pinto
Shear (grab sample of 49.3 g/t Au reported July 3, 2013).
TerraX will also be conducting initial exploration along projected
extensions of areas previously mined by Giant Mines along the
southern boundary of the property (Lynx, GBK, C-Zone).
While gold targeting will be our prime focus, Virginia Mines
Inc. has offered to provide senior geologists to assist in
following-up on VMS style mineralization encountered in TerraX's
surface sampling in 2013 (chip sample of 5.00m @ 1.54m g/t Au, 95.5
g/t Ag, 3.13% Pb, 1.59% Zn reported July 3, 2013). This result was
followed up by drilling in April of 2014 that intercepted a
pervasively mineralized felsic volcanic with 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) reported on
May 12, 2014. Mapping and prospecting will be directed at
establishing the controls on this mineralization for follow-up
drilling in 2015.
As well TerraX has contracted for a LIDAR survey (Light
Detection and Ranging) to be carried out in June 2014 over the
entire YCGP. This survey will provide detailed elevation data of
bare earth and vegetated terrain models, as well as a high
resolution airphoto mosaic. This information will allow TerraX to
trace mineralized shear zones (locally topographic lows); provide
surface modelling for future NI 43-101 mineral resource estimation;
and be an invaluable tool for detailed collar location planning for
exploration and definition drill programs.
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 high-grade 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.
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