TerraX Assays 4 m @ 7.73 g/t Au, 6.80 g/t Ag, 0.13% Mo & 2 m @ 7.44 g/t Au, 14.5 g/t Au, 0.24% Cu in Porphyry Style Mineraliz...
03 Diciembre 2013 - 7:00AM
Marketwired
TerraX Assays 4 m @ 7.73 g/t Au, 6.80 g/t Ag, 0.13% Mo and 2 m @
7.44 g/t Au, 14.5 g/t Au, 0.24% Cu in Porphyry Style Mineralization
at Barney Lake Shear, Northbelt, Yellowknife Gold Camp
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 3, 2013) -
TerraX Minerals Inc. (TSX-VENTURE:TXR)(FRANKFURT:TX0) reports
further assay results from the ongoing re-logging and re-sampling
of drill core from its Northbelt property in the Yellowknife gold
camp. NB96-24 is the longest hole ever drilled on the Northbelt
property (674 m), and was logged with the view of examining the
widest transect of the Barney Lake Shear Corridor. The hole
intersected 7 separate zones of mineralization in mafic volcanics,
including gold, silver, copper and lead, and then intersected
highly altered and mineralized porphyry to the end of the hole
hosting gold silver, copper and molybdenum mineralization. The
highest grade zones occurred in the porphyry (4.00 m @ 7.73 g/t Au,
6.8 g/t Ag, 0.13% Mo and 2.00 m @ 7.44 g/t Au, 14.5 g/t Ag and
0.24% Cu), and the widest zones in the volcanics (72.00 m @ 0.43
g/t Au, 2.7 g/t Ag, 0.08% Cu). The hole was terminated in
mineralization.
Hole NB96-24 was collared in largely unaltered and massive to
pillowed volcanics 200 m south of hole NB95-16 (20.86 m @ 3.79 g/t
Au, inclusive of 4.00 m @ 12.59 g/t Au reported August 14, 2013) on
the Barney Zone. At 188 m down hole the volcanics become sheared,
and at 287 m alteration and visible mineralization (pyrite,
arsenopyrite, chalcopyrite, galena, pyrrhotite, sphalerite,
stibnite) become pervasive at low levels (1-3% combined sulphides)
with significant zones of higher concentration (locally >10%
combined sulphides) down to 588 m in the hole. From 588 m to the
end of the hole at 674 m, NB96-24 intersected altered and
mineralized granodiorite porphyry with feldspar altered to grey
clay and amphiboles replaced by carbonate. Mineralization consists
of quartz veins with pyrite, chalcopyrite, molybdenite, pyrrhotite
and galena. The final 42 m of core from the bottom of the hole was
jumbled and disorganized, so was not sampled, although visible
alteration and mineralization continued to the end of the hole.
Based on the high-grade values reported today from the last 2.00 m
of core that we were able to sample (2.00 m @ 7.44 g/t Au, 14.5 g/t
Ag, 0.24% Cu), re-assemby and analysis of this final 42 m of core
has become a high priority.
TerraX considers the results from NB96-24 highly significant as
it indicates a new style of mineralization on the Northbelt
property (porphyry gold, silver, copper, molybdenum). The potential
of this style of mineralization is further enhanced by the fact
that TerraX has sampled on surface what appears to be porphyry
style mineralization two kilometers to the east of the Barney Lake
Shear Corridor within and adjacent to the Ryan Lake granodiorite
intrusion. Grab samples of vein material at Ryan Lake assayed up to
3.15 g/t Au, 170 g/t Ag and 0.85% Mo (news release November 6,
2013). Together, these occurrences indicate the potential for a
very large mineralized plumbing zone in the Barney Lake Shear
Corridor. Historical reports from the Con Mine at Yellowknife
indicated similar porphyry mineralization proximal to the Con gold
shear zones, and this commonality between the two areas is further
encouragement that the Barney Lake Corridor has the potential to
host a large gold deposit.
TerraX is currently analyzing core from more than 200 drill
holes previously stored in the core yard at the Giant Mine site in
Yellowknife (see news release of July 22, 2013), the assay results
from the majority of which have never been reported by prior
operators. Terrax has previously announced results from the
Crestaurum Zone (5.00 m @ 62.90 g/t Au in drill hole 85-150
reported October 2, 2013), the Barney Zone (20.86 m @3.79 g/t Au,
inclusive of 4.00 m @ 12.59 g/t Au in drill hole NB95-16 reported
August 14, 2013) and the 20 Shear (21.12 m @ 2.97 g/t Au, inclusive
of 3.88 m @ 8.81 g/t Au in drill hole NB94-01A reported October 16,
2013).
The core was subjected to a full geological and geotechnical
analysis which included refitting of the core, revealing 100%
recovery (excluding the jumbled bottom of NB96-24) and excellent
geotechnical rock quality values. Core distances were converted
from the original imperial measurements (feet) to metric (meters),
and new core sampling intervals designated from the metric
measurements.
TerraX collected 282 samples for assay from NB96-24. Results
ranged from below detection to a high of 28.6 g/t Au. Core samples
were cut with a diamond saw blade. Sampling over several intervals
was done by quarter core sampling of half sawn core that remained
from previous sampling in 1996. In these areas a quarter core
sample remains in the core boxes for further examination if
required. Significant assay results include:
Drill Hole |
From (m) |
To (m) |
Width (m) |
Au g/t |
Ag g/t |
Cu% |
Pb% |
Mo% |
|
Rock Type |
NB96-24 |
306.00 |
307.40 |
1.40 |
0.28 |
63.90 |
0.08 |
1.20 |
- |
|
Volcanic |
|
322.00 |
332.00 |
10.00 |
1.20 |
- |
- |
- |
- |
|
Volcanic |
|
incl |
324.00 |
326.00 |
2.00 |
3.64 |
- |
- |
- |
- |
|
Volcanic |
|
357.00 |
372.00 |
15.00 |
0.72 |
5.80 |
- |
0.17 |
- |
|
Volcanic |
|
incl |
358.00 |
360.00 |
2.00 |
0.56 |
22.30 |
- |
0.84 |
- |
|
Volcanic |
|
and incl |
360.95 |
365.46 |
4.51 |
1.59 |
3.50 |
- |
0.09 |
- |
|
Volcanic |
|
387.00 |
399.00 |
12.00 |
0.24 |
- |
- |
- |
- |
|
Volcanic |
|
* |
420.00 |
492.00 |
72.00 |
0.43 |
2.70 |
0.08 |
- |
- |
|
Volcanic |
|
incl |
420.00 |
432.00 |
12.00 |
0.67 |
4.60 |
- |
- |
- |
|
Volcanic |
|
and incl |
439.50 |
466.00 |
26.50 |
0.59 |
11.30 |
0.15 |
- |
- |
|
Volcanic |
|
and incl |
460.00 |
466.00 |
6.00 |
0.53 |
26.00 |
0.37 |
- |
- |
|
Volcanic |
|
520.00 |
528.00 |
8.00 |
1.35 |
24.90 |
0.07 |
0.65 |
- |
|
Volcanic |
|
incl |
522.00 |
526.00 |
4.00 |
2.57 |
24.90 |
0.09 |
0.66 |
- |
|
Volcanic |
|
603.00 |
607.00 |
4.00 |
7.73 |
6.80 |
- |
- |
0.13 |
|
Porphyry |
|
613.10 |
619.00 |
5.90 |
0.33 |
16.00 |
0.08 |
0.10 |
0.02 |
|
Porphyry |
|
630.00 |
632.00 |
2.00 |
7.44 |
14.50 |
0.24 |
- |
- |
|
Porphyry |
* Interval includes 5.61m of un-sampled
core which was given a zero grade. |
True thickness of the zones of mineralization is unknown at
present. An updated map showing the location of NB96-24 and the
other drill holes assayed to date on the Barney Lake Shear Corridor
is available on our web site at www.terraxminerals.com.
Core sampling included insertion of certified standards and
blanks. Samples were prepared at ALS Chemex's laboratory in
Yellowknife and shipped to their Vancouver facility for gold and
ICP analysis. ALS is a certified and accredited laboratory
service.
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."
The Northbelt gold property encompasses 3,562 hectares on the
prolific Yellowknife belt, 15 km north of the city of Yellowknife,
and covers 13 km of strike on the northern extension of the geology
that contained the Giant (7.6 Moz) and Con (5.5 Moz) 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.
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
Solutions604-608-0824 or Toll Free:
1-866-801-0779ir@vanguardsolutions.ca
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