TerraX Completes Drilling at Homer Lake & Moves Drill #1 to Barney Shear, Yellowknife City Gold Project; Drilling Continues W...
11 4월 2014 - 9:00PM
Marketwired
TerraX Completes Drilling at Homer Lake and Moves Drill #1 to
Barney Shear, Yellowknife City Gold Project; Drilling Continues
With Drill #2 at Crestaurum Gold Deposit
YELLOWKNIFE, NORTHWEST TERRITORIES--(Marketwired - Apr 11, 2014)
- TerraX Minerals Inc.
(TSX-VENTURE:TXR)(FRANKFURT:TX0)(PINKSHEETS:TRXXF) has completed
its planned four hole (1,000 m) drill program at the Homer Lake
base metal/precious metal target and moved Drill #1 to the Barney
Shear (28.32 m @ 2.97 g/t Au, inclusive of 4.00 m @ 12.59 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 historic mines. The Barney Shear Zone
is one of TerraX's primary gold targets on the Northbelt property
of the Yellowknife City Gold Project ("YCGP") in the Northwest
Territories. Drilling is still underway with a second drill at the
nearby Crestaurum gold deposit, as announced on April 7, 2014.
The Barney Shear has been delineated over a strike length of 4.5
km by TerraX and previous workers and has only been drill tested by
prior operators over a 600 m strike length. Surface mapping in June
2013 indicates that the Barney Shear Zone consists of multiple
mineralized shears over a >200 m width. The 2014 Barney Shear
drilling will consist of up to 8 holes following the strike
extension of the shear up to 300 m north of the mineralization
defined in drilling carried out by Nebex Resources Ltd. in 1995 and
1996. In addition, TerraX will be re-entering the collars of 4
drill holes from the 1995-96 campaigns. These holes will be
surveyed down hole to accurately determine the location of
previously intersected zones of mineralization, and then multiple
wedges will be turned off the original holes to generate additional
mineralized intersections. This work is possible as the previous
exploration drilling had left the original drill hole collars cased
and capped to preserve them for future work on this important
mineralized zone.
The first hole re-sampled by TerraX, NB95-16, was drilled on the
Barney Shear by Nebex in 1995. TerraX's assay results include an
interval of 20.86 m @ 3.79 g/t Au, inclusive of 4.00 m @ 12.59 g/t
Au (news release of Aug 14, 2013). Holes NB-96-02 and NB96-04,
drilled in 1996, were also re-logged and re-sampled by TerraX with
assay results that included 8.16 m @ 5.06 g/t Au and 6.32 g/t Ag
(NB96-02) and 27.00 m @ 1.9 g/t Au and 6.94 g/t Ag (NB96-04) (news
release of Nov 14, 2014 ). The assay results from NB96-02 and
NB96-04 are very encouraging as they confirm the strike
continuation and substantial areal extent of the Barney Shear Zone.
A map indicating the location of this prior drilling is available
on our web site at www.terraxminerals.com.
Drilling at Homer Lake commenced on March 25, 2014 and targeted
a buried conductor identified by airborne surveys conducted by
TerraX in 2013 that had never been drill-tested This target area
was within 500 m of a previously established ice road which made
winter access easier and allowed this drill program to be completed
quickly with less environmental impact than would have been the
case with overland access in summer conditions. Logging and
sampling of drill core from Homer Lake is currently underway with
assay results pending.
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.
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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