VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 2, 2017) – TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TX0)(OTC PINK:TRXXF) is pleased to announce assay results from the first 22 holes from the 2017 winter drill program just completed at the Yellowknife City Gold Project (“YCG”) in the Northwest Territories. A total of 43 holes comprising 14,689 metres were drilled on multiple targets on both the Northbelt and Southbelt project areas, with assay results pending from the remaining 21 holes, of which 15 holes were drilled at Northbelt (Sam Otto, Banting Lake and Jackson Lake) and six holes were drilled at Southbelt to test the high-grade Con Shear and New Vein targets
Of the 22 holes reported today, six holes (1,774 meters) were drilled at Dave’s Pond covering 400 meters of strike to the south and north of TSO16-005, the discovery hole drilled in 2016 (2.40 m @ 9.89 g/t Au – news release January 11, 2017). The remaining 16 holes were drilled on areas to the east, north and south of Mispickel in locations that are covered by the waters of Walsh Lake and require winter drilling.
Joseph Campbell, the CEO of TerraX, stated, “The high grade multi-gram gold intersections confirm the continuity of the Dave’s Pond structure along strike. This supports our belief that this area hosts classic high grade lode gold targets common to Archean gold systems in Canada. The consistency of the mineralization along strike and at depth leaves this area open for expansion when drilling at Dave’s Pond resumes in July 2017. Dave’s Pond will provide a high grade addition to the adjacent bulk tonnage Sam Otto Main Zone target, which is sub-parallel and 300 meters to the west of Dave’s Pond.”
SAM OTTO – Dave’s Pond
The drilling on the Dave’s Pond Zone (8 holes totaling approximately 2,300 meters, of which are six holes are reported here and two holes are awaiting assay results) was designed to test 400 meters of strike south and north of hole TSO16-005, which intersected 11.50 m @ 2.42 g/t Au, including 2.40 m @ 9.89 g/t Au, in 2016. Highlights include:
- 8.80 m @ 2.33 g/t Au including 1.99 m @ 9.19 g/t Au in hole TSO17-015
- 3.32 m @ 6.96 g/t Au including 2.08 m @ 10.90 g/t Au in hole TSO17-016
- 2.00 m @ 4.82 g/t Au in hole TSO17-017
- 2.90 m @ 2.70 g/t Au in hole TSO17-018
- 1.90 m @ 13.96 g/t Au in hole TSO17-019
- 3.00 m @ 2.18 g/t Au in hole TSO17-020
A new zone of mineralization was intersected in the footwall of the Dave’s Pond. The zone has exciting potential as it contains the same structural, alteration and mineralization signatures that characterized the high grade gold ore zones at the Con Mine. Three holes (TSO17-017, 019 and 020) intersected the zone with modest gold grades (7.08 m @ 0.57 g/t Au in TSO17-017 and 11.75 m @ 0.31 g/t Au in TSO17-019) and the zone showed good strike and dip continuity. TerraX will be carrying out follow up drilling in the summer of 2017 to locate higher grade gold lodes.
All holes were drilled approximately normal to projected strike and dip of the zones of mineralization and are interpreted to be 90-95% of true thickness. A map and cross sections showing the location of the drill holes reported above from the Dave’s Pond target area can be accessed here.
|Drill Hole||Dip||Azimuth||UTM Location||From
WALSH LAKE – Reconnaissance Drilling
A total of 16 holes totaling 5432 meters were drilled near the area of Mispickel and Sam Otto in locations that are covered by the waters of Walsh Lake. Four areas were targeted with 11 holes based on magnetic signatures and a limited amount of surface sampling from small islands in the lake. The goal of the drilling was to identify which structures, based on shearing, alteration, and mineralization, have the potential to host high grade gold similar to the Mispickel discovery (8.00 meters at 60.60 g/t Au – news release June 6, 2016). In addition 5 holes were drilled to form a stratigraphic fence across the geological formation hosting the Mispickel zone. These holes were drilled 500 meters south of Mispickel outside the area of known alteration and mineralization. A map showing the location of all the Walsh Lake reconnaissance drill holes can be accessed here.
Two for the four areas drilled returned results that TerraX considers significant and requiring follow-up drilling. The North Structure had two holes drilled totaling 614 meters located between 150 and 250 meters north of the Mispickel zone. Both holes encountered wide zones of anomalous gold (111.10 m @ 0.15 g/t Au in hole TWL17-037), as well as more discrete areas of visible shearing, mineralization and alteration (11.30 m @ 0.91 g/t Au in hole TWL17-038). TerraX believes these two holes are indicating the potential for discovery of high grade shoots on the mineralized shear zones. A new structure 400 meters west of Mispickel is interpreted to deflect as it crosses a major geological contact from the Walsh Lake sediments to the Banting Lake volcanics. Four holes tested 400 meters of strike on this zone and total 1,348 meters. Significant shear, alteration, and mineralization is encountered on the contact, including a zone assaying 11.00 m @ 0.37 g/t Au. TerraX believes this area has the potential for discovery of high grade shoots on the identified vein/shear zones.
All other holes intersected encountered broad zones (several 10s of meters) of anomalous gold (20-600 ppb Au) and/or narrow zones of mineralization up to >1 g/t Au in individual samples. These areas are not currently considered high priority targets by TerraX.
For the 22 holes reported today TerraX collected 4,052 samples for assay from the drilling reported here. Results ranged from below detection to 23.50 g/t Au. Drill hole collar locations were surveyed to sub-meter accuracy. Down hole surveying (Reflex Gyro) was completed on all holes. TerraX inserts certified standards and blanks into the sample stream as a check on laboratory QC. 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 (ALS) preparation laboratory in Yellowknife. After sample preparation, samples are shipped to ALS’s Vancouver facility for gold and ICP analysis. Gold assays of >3 g/t are re-assayed on a 30 gm split by 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.
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
Yellowknife City Gold (“YCG”) encompasses 418 sq km of contiguous land immediately north and south 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 15 km of the City of Yellowknife, the YCG is close to vital infrastructure, including 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.
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