YELLOWKNIFE, NORTHWEST TERRITORIES–(Marketwired – Aug. 11, 2015) – TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TX0)(OTC PINK:TRXXF) has received results from channel sampling of a new zone of mineralization, the Hebert-Brent showing, on its Yellowknife City Gold Project (“YCG”), immediately north of Yellowknife in the Northwest Territories. Assays from cut channel sampling across the strike of the zone returned 11.0 metres @ 7.55 g/t Au. This result is highly significant, being 1 km south and on strike with the Barney Zone drilled in 2014 (22.42 m @ 6.35 g/t Au in hole NB95-16W1 – see our news release of August 25, 2014) on a newly mapped deformation zone called the Barney Deformation Corridor (“BDC”).
Joe Campbell, P. Geo, President of TerraX states “This high grade sampling result reported today is illustrative of the prospectivity of the YCG, where we have the ability to discover top quality virgin mineralization on surface within an established major Canadian Gold camp.”
Importantly, the sericite-ankerite alteration sampled at the Hebert-Brent showing is very similar to alteration zonation at the C-1 shaft area at the past producing Con Mine to the south on the same structure. Sericite-ankerite altered schists have therefore become key exploration criteria for identifying potential gold mineralization in the YCG; numerous additional sericitic zones have been discovered in reconnaissance mapping in the BDC this summer and assay results are pending.
The channel sampling program returned gold assay results averaging 7.55 g/t over 11 metres of contiguous one (1) metre channel samples. Maps and pictures of the sampled area in the Barney Deformation Corridor are available under “Field Exploration 2015” on our web site at www.terraxminerals.com.
|Sample ID||From (m)||To (m)||Interval (m)||Au (g/t)|
About the Barney Deformation Corridor
Geological mapping in June and July identified several areas of extensive sericite alteration in the Core Gold area of the Northbelt Property. This work resulted in the discovery of a new surface showing associated with a mapped deformation zone called the Barney Deformation Corridor (“BDC”) approximately 1km south and on strike with the Barney Zone drilled by TerraX in 2014 and winter 2015. The new zone, coined the Hebert-Brent showing, had a hand dug trench completed in July 2015 to uncover fresh bedrock for channel sampling beneath the weathered sericite of the showing. This work revealed an 11 m-wide sulphide mineralized sericite-ankerite schist shear zone intersected by a 10-15 m wide felsic intrusive. The mineralization consists of:
i) 20% to 60 % semi-massive, fine-grained sulphide needles, clots and 1-3 cm wide bands; and
ii) 1-3% fine grained stibnite associated with the sulphides (stibnite was an accessory mineral in the Con deposit which had historic production of 6.1 Moz Au).
The orientation of the felsic dyke rotates from an SSE strike into the direction of the main NNE shear zone. The main shear zone offsets the felsic dyke in a dextral sense (ie. west side has moved north).This structural setting would be favorable for creation of dilational zones and associated gold mineralization.
The BDC has several areas that support the style of mineralization in the Hebert-Brent showing:
- Historic drill hole NB94-1A was drilled west of Hebert-Brent to test the “20 Shear” and intersected a 21.12 m wide zone grading 2.97 g/t Au, and containing sulphide mineralization that is similar in character to the Hebert-Brent showing.
- Surface sampling in 2014 prospecting discovered outcrops of sheared and silicified felsic volcanics with a 3 m to 5 m wide NNE trending shear zone containing no quartz veins but mineralized with 20%-30% disseminated to massive sulphides and needles, and 2-3% stibnite, and returning 44 g/t Au in samples from the Brent showing located east of Hebert-Brent. The 2015 detailed mapping of Brent revealed it as sheared and silicified mafic volcanics with a felsic dyke in contact with sheared sediments.
- To the north of the Hebert-Brent showing, surface sampling in 2014 and 2015 returned values of 126 g/t Au and 129.5 g/t Au in sheared volcanics with quartz veins. This is approximately 600 meters south of the main Barney Zone (22.42 m @ 6.35 g/t Au in NB95-16W1, drilled in summer 2014), and 300 meters north of the Hebert-Brent showing.
- Numerous additional sericitic zones have been discovered in reconnaissance mapping in the BDC; assays are pending.
Sampling included insertion of certified standards and blanks into the stream of samples for chemical analysis. Samples were prepared at ALS Chemex’s laboratory in Yellowknife and shipped to their Vancouver facility for gold analysis by fire assay and other elements by ICP analysis. ALS is a certified and accredited laboratory service. It should be noted that, due to their selective nature, assay results from grab samples may not be indicative of the overall grade and extent of mineralization on the subject area. The technical information contained in this news release has been approved by Joseph Campbell, 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 now encompasses approximately 99.3 sq km of contiguous land immediately north of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX now controls one of the six major high-grade gold camps in Canada – and the least explored.
The project lies on the prolific Yellowknife greenstone belt and covers 15 km of strike length on the northern extension of the shear system that hosts 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 high grade drill results this past year that serve to indicate the project’s potential as a world-class gold district. Since February 2013, TerraX has consolidated the project area by acquiring, optioning and staking numerous properties, including: Northbelt, Goodwin, Ryan Lake, Walsh Lake, and U-Breccia, as well as staking additional contiguous lands. Being all-season road accessible and within 15 km of the City of Yellowknife, the YCG is close to vital infrastructure, including transportation, service providers, hydro-electric power and skilled trades people.
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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