Vancouver, British Columbia–(Newsfile Corp. – February 7, 2018) – TerraX Minerals Inc. (TSXV: TXR) (FSE: TX0) (OTC Pink: TRXXF) is pleased to announce that it has commenced its 2018 winter drill program at its Yellowknife City Gold project, immediately adjacent to the City of Yellowknife in the Northwest Territories. The initial program will total approximately 6,000 meters and incorporate up to three dill rigs to test dip and strike extensions of the Sam Otto and Crestaurum deposits (see map here).
Joe Campbell, CEO of TerraX, states “Our 2018 winter drill programs will focus on expansion of two of our most advanced high priority gold targets with a goal of significantly expanding the size of these zones of gold mineralization.”
Terrax will be drilling at the following targets:
Sam Otto is a disseminated wide zone of gold mineralization with the potential to yield both a large bulk tonnage deposit at the main Sam Otto target and a high-grade deposit at Sam Otto West (formerly Dave’s Pond target) (see map here). Sam Otto is currently outlined over approximately 750 meters of strike and 250 meters of depth by 56 drill holes. Recent field work in the summer and fall of 2017 has identified the Sam Otto zone over 3.5 km of strike length, indicating potential for a large deposit. The 2018 drill program will consist of 11 holes that will extend both the strike and dip of the currently drilled deposit at Sam Otto Main and Sam Otto West.
Crestaurum is a high-grade deposit currently outlined with 253 drill holes over 1.4 km of strike and 150 meters of dip. The last drilling campaign by TerraX took place in the fall of 2015 (see map here). Recent biogeochemical field work, IP surveying, and structural studies carried out in the summer and fall of 2017 have helped define the down dip and down plunge extent of the high-grade lodes at Crestaurum. These extension targets will be tested with 5 holes during the 2018 winter drilling.
The technical information contained in this news release has been approved by Joseph Campbell, the Chief Executive Officer 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 (“YCG”) project encompasses 440 sq km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX controls one of the six major high-grade gold camps in Canada. Being within 10 km of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power and skilled tradespeople.
The YCG lies on the prolific Yellowknife greenstone belt, covering 45 km of strike length along the main mineralized break in the Yellowknife gold district, including the southern and northern extensions of the shear system that hosted the high-grade Con and Giant gold mines. The project area contains multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district, with innumerable gold showings and recent high-grade drill results that serve to indicate the project’s potential as a world-class gold district.
For more information on the YCG project, please visit our web site at www.terraxminerals.com.
On behalf of the Board of Directors
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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.