TerraX Drills 71m of Sulphide Mineralization in Felsic Volcanics at
Homer Lake, Yellowknife; Includes 3.42m of Massive Sulphides
Grading @ 3.41g/t Au, 69.3g/t Ag, 3.67% Pb, 3.17% Zn
YELLOWKNIFE, NORTHWEST TERRITORIES--(Marketwired - May 12, 2014)
- 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."
Hole |
From (m) |
To (m) |
Interval (m) |
Au g/t |
Ag g/t |
Pb % |
Zn % |
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 |
incl. |
128.39 |
133.70 |
5.31 |
0.40 |
64.5 |
3.65 |
2.64 |
|
|
|
|
|
|
|
|
Hole |
From (m) |
To (m) |
Interval (m) |
Au g/t |
Ag g/t |
Pb % |
Zn % |
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.
Hole |
From (m) |
To (m) |
Interval (m) |
Au g/t |
Ag g/t |
Cu % |
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 > 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.
Paradox Public Relations514-341-0408 or Toll Free:
1-866-460-0408info@paradox-pr.caVanguard Shareholder
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