YELLOWKNIFE, NORTHWEST TERRITORIES–(Marketwired – Oct. 28, 2015) – TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TX0)(OTC PINK:TRXXF) has received results from additional channel sampling of replacement style mineralization in the Hebert-Brent Shear area on its Yellowknife City Gold Project (“YCG”), immediately north of Yellowknife in the Northwest Territories. Current assays and previously reported assays from cut channel sampling across the strike of multiple zones of mineralization returned:
- 4.0 m @ 13.89 g/t Au on the new Brent Zone;
- 17.0 m @ 1.93 g/t Au, including 5.00 m @ 3.18 g/t Au on the original Hebert-Brent Zone (“H-B Zone”); and
- a width expansion of the Hebert-Brent East Zone to 17.86 m @ 2.21 g/t Au (“H-B East Zone”) (previously reported as 15.3m @ 2.23 g/t Au).
- 11.00 m @ 7.55 g/t Au on Hebert-Brent Zone (previously reported August 11, 2105)
- 6.00 m @ 10.26 g/t Au on Hebert-Brent South Zone (previously reported September 8, 2015)
All zones remain open along and across strike (see comments in table below). These results are important in confirming and expanding the occurrence of multiple zones of mineralization across a sheared area approximately 80 meters wide in the Hebert-Brent Shear area, where results of previous channel sampling included 11.0 m @ 7.55 g/t Au at the H-B zone, 6.0 m @ 10.26 g/t Au at the Hebert-Brent South zone and 15.3 m @ 2.23 g/t Au at the H-B East zone (see our news releases of August 11 and September 8, 2015).
Subsequent to the news release of September 8, 2015 extensive hand excavation and washing was carried out in the Hebert-Brent Shear area to allow more channel sampling and detailed mapping of the mineralized zones. In particular, the original H-B Zone and the H-B East Zones were expanded along and across strike. Additionally excavation and washing occurred along 40 m of strike on the North-South trending Brent Zone, allowing six channels to be cut across this zone, with particular interest in the area where the Brent Zone intersected the northeast trending H-B East Zone, returning 4.00 m @ 13.89 g/t Au in Channel CH15-012. Maps and pictures of the sampled areas in the Hebert-Brent Shear Zone are available under “Barney Deformation Corridor” on our web site at www.terraxminerals.com.
Joe Campbell, President of TerraX states “The recent work on the Hebert-Brent area has confirmed that gold mineralization resides in multiple surfaces of sulphide replacement at the intersection of north trending mineralizing shears with the contacts between felsic intrusives and their host rocks. Replacement style deposits, such as Hemlo and Éléonore, can be very large gold producers, and recognition of this deposit type on the YCG property adds a previously unrecognized and important target type to TerraX’s exploration focus.”
On the H-B Zone, CH15-004 was located approximately 5 m north of, and cut sub-parallel to the original channel on the H-B Zone (CH-001) and returned 17.0 m @ 1.93 g/t Au, inclusive of 5 m @ 3.18 g/t Au.
On the H-B East Zone, CH15-005 extends the previously reported intersection width of the H-B East Zone by 2.56 m to the west. It remains open to the east and west. CH15-002 is located approximately 5 meters south of CH15-005, and although restricted by terrain to a channel of 1.35 m total width, it showed a significant increase in the Au grade (13.21 g/t Au) of the H-B East zone.
On the Brent Zone, channels CH15-007 to CH15-012 covered 40 m of strike on the Brent shear. CH15-007 was the most northerly channel and was not mineralized. Channels CH15-008 and 011 sampled the entire width of the zone, with CH15-011 returning 6.0 m @ 3.04 g/t Au. CH15-009, 010 and 012 remain open in at least one direction across strike. CH15-012 is located at the intersection of the Brent and H-B East zones, approximately 8 m south of CH15-005, and shows a significant increase in grade of this zone, returning 4.00 m @ 13.89 g/t Au.
The complete results of channel sampling carried out at the Hebert-Brent shares zone are summarized below, by zone.
|Channel||From (m)||To (m)||Interval (m)||Au_g/t||Comment|
|CH15-001*||0.00||11.00||11.00||7.55||H-B Zone, open in both directions|
|CH15-003||0.00||5.00||5.00||–||Sericite shear southwest of H-B, NSV1|
|CH15-004||0.00||17.00||17.00||1.93||H-B Zone, open to the east, (17-23m W NSV)|
|Hebert-Brent East Zone|
|CH15-002||0.00||1.35||1.35||13.21||H-B East Zone, open in both directions|
|CH15-005||0.00||17.86||17.86||2.21||H-B East Zone (previous 15m @ 2.23 g/t Au), open in both directions|
|Hebert-Brent South Zone|
|CH15-006*||0.00||6.00||6.00||10.26||H-B South Zone, open to the east (6-7.5mW NSV)|
|CH15-007||0.00||4.00||4.00||–||Brent Zone, NSV|
|CH15-008||2.00||3.00||1.00||0.69||Brent Zone (0-3mE & 4-5mW NSV)|
|CH15-009||1.00||4.00||3.00||2.81||Brent Zone, open to the west (0-1mE NSV)|
|CH15-010||0.00||1.50||1.50||8.75||Brent Zone, open both directions|
|CH15-011||3.00||9.00||6.00||3.04||Brent Zone (0-3mE & 9-9.6mW NSV)|
|CH15-012||0.00||4.00||4.00||13.89||Brent Zone, open to the east (4-7.5mW NSV)|
|* Previously reported|
|1 no significant values (NSV)|
Channel results were from contiguous channel samples generally one (1) meter, except for occasional longer and shorter sample lengths as required by terrain.
An initial drill program in the Hebert-Brent Shear area was completed October 1st, with six holes drilled totaling 953 m. Assay results are pending and are expected to be received after results from channel sampling completed at three other new target areas in the Barney Deformation Corridor as well as reconnaissance surface sampling that tested multiple areas that have indications of replacement style mineralization. This surface work was conducted in order to prioritize drill targets for the upcoming winter drill program scheduled to commence in January 2016.
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.
The channel samples reported here are considered representative of the overall grade and extent of mineralization on the subject areas. 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 Hebert-Brent Shear
Geological mapping in June and July identified areas of extensive sericite alteration which occurs in a recognizable structural zone called the Barney Deformation Corridor (see August 11, 2015 news release for more detail). The altered areas in the Hebert-Brent Shear area are approximately 1 km south and on strike with the Barney Zone drilled by TerraX in 2014 and winter 2015. Replacement style sulphide mineralization appears to be related to east-southeast trending felsic dykes crossing north and north-east shear zones with dextral deformation/rotation into the shears. Higher grade areas of mineralization are also recognized by increases in visible sulphide mineralization, particularly at the contacts of the felsic dykes with mafic volcanics and gabbros. Subsequent exploration and mapping in the area of the Hebert-Brent Zone revealed several other similarly mineralized zones within a definable area of intense shearing and sericite alteration. This broader area has been termed the Hebert-Brent Shear. The results presented today are from the channel sampling completed in September on the Hebert-Brent Shear area prior to freeze up and snow fall. It is anticipated that more drilling and surface work will be completed in winter and spring 2016 respectively.
About the Yellowknife City Gold Project
The Yellowknife City Gold Project now encompasses approximately 116 sq km of contiguous land immediately north and now south 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 the combined Southbelt and Northbelt properties cover 23 km of strike length on the southern and northern extensions 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 on the Northbelt property 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, U-Breccia and Southbelt, as well as staking additional contiguous lands. Being within 15 km of the City of Yellowknife, the YCG is close to vital infrastructure, including transportation, service providers, hydro-electric power and skilled tradespeople.
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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