TerraX Receives Drill Permit Approval from MVLWB for Yellowknife City Gold Project
10 Marzo 2014 - 2:06PM
Marketwired
TerraX Receives Drill Permit Approval from MVLWB for Yellowknife
City Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 10, 2014) -
TerraX Minerals Inc. (TSX-VENTURE:TXR)(FRANKFURT:TXO) has been
issued a Land Use Permit (No. MV2014C005) from the McKenzie Valley
Land and Water Board ("MVLWB") to conduct advanced exploration and
drilling programs on its Yellowknife City Gold Project ("YCGP").
The permit has conditions applying to work activities typical for
advanced exploration, and contains a condition for a security
deposit of $70,000 to be deposited with the minister of Aboriginal
Affairs and Northern Development Canada. The permit is for a term
of five years with the option of a two year extension. The term and
area of the permit will allow TerraX to efficiently explore the
YCGP in the years ahead.
The permit applies to all TerraX's exploration land holdings
immediately north of the City of Yellowknife with the exception of
the Goodwin Claims which contain approximately 5% of the YCGP area.
At the request of the Yellowknife Dene First Nation (YKDFN"),
TerraX requested that the Goodwin Claims not be included in the
permit. This area is currently low priority for TerraX and the
YKDFN has advised that portions of the Goodwin Claims border
culturally and environmentally sensitive land. TerraX will conduct
below threshold prospecting activity on the Goodwin Claims to
ascertain their mineral potential and at that time will sit down
with the YKDFN to advise them of findings prior to any future work
on the Goodwin property.
Currently TerraX has detailed planning for initial target areas
totaling approximately 6,000 meters of drilling on its Northbelt
Property. It is anticipated that these target areas will receive
addition drilling to follow up on exploration success. The YCGP has
indications of additional drill targets and as these are better
defined TerraX will apply for amendments to the permit to drill
these new areas. TerraX is committed to public disclosure of its
future work plans and the results of work as they occur. This will
allow stakeholders to be fully aware of project direction as we
move forward into this exciting phase of advanced exploration.
The MVLWB received numerous letters of support from potentially
impacted Aboriginal Communities, the City or Yellowknife and
outdoor recreational groups which use the area together with
constructive comments from a number of Government of the Northwest
Territories ("GNWT") and Federal Government reviewers. In
preparation for the permit application the Company conducted over
400 community engagement activities since February 2013.
TerraX's application had the potential to be complicated during
the current implementation of legislation of devolution rights to
manage lands and waters from the Federal Government to the
Government of the NWT. TerraX wants to thank the Government of the
NWT and the NWT Chamber of Mines for working together in the spirit
of the NWT Mineral Strategy to coordinate and streamline the MVLWB
permitting processes while respecting that the permitting process
is focused on protecting the environment. The granting of this
permit has confirmed TerraX's faith in the NWT permitting process.
The expeditious manner in which it was granted is a tribute to the
initial direction TerraX received from MVLWB for constructing a
comprehensive application, and to the robustness of the permitting
process within the NWT.
Joe Campbell President and CEO of TerraX said: "TerraX thanks
the MVLWB for their timely, professional and balanced approach to
reviewing our Land Use Permit application. I personally want to
thank all those who took the time during the last year to consult
with us and to submit your inquiries and letters to the MVLWB. Your
participation in this process helped TerraX make a better, safer,
and more sustainable submission. TerraX is fully aware that making
promises on paper is vastly easier than physically carrying out
those promises on the land. It is now our job to meet our
commitments and safely carry out the permitted activities in an
environmentally responsible manner within the conditions
established by the Board and pertinent legislation. We look forward
to continuing to develop our relationships within the local
community as we define TerraX's future exploration plans."
Work upgrading the winter roads on Walsh and Banting Lakes and
plowing and grooming of the old Crestaurum Mine road to access
Phase 1 worksites has begun. Drilling is expected to begin later
this month. Care will be taken to ensure that the drilling
activities do not interfere with traditional trapping or Frostbite
45 on March 29th or the NWTel Ski Loppet on April 6th, events
organized by recreational users on the land, the YK Multisport
Association and Yellowknife Ski Club. TerraX has partnered with
these organizations and provided monetary support for these events
through the Great Slave Snowmobile Association Trail Riders and St.
John Ambulance. All users of the trails, mining roads and ice roads
are reminded to act safely and responsibly and keep an eye out for
other recreational, traditional and industrial users and
hazards.
About the Yellowknife
City Gold Project
The Yellowknife City Gold Project is comprised of approximately
7,000 hectares of contiguous land immediately north of the City of
Yellowknife in the Northwest Territories and includes TerraX's
wholly-owned Northbelt property acquired in February 2013.
The Northbelt gold property encompasses 3,562 hectares on the
prolific Yellowknife belt, all within 15 km of the city of
Yellowknife, and covers 13 km of strike on the northern extension
of the geology that contained the Giant (7.8 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.
In addition TerraX has carried out a strategy of acquiring
prospective ground adjacent to Northbelt and in October 2013 TerraX
entered into an option agreement whereby it can acquire a 100%
interest in the Walsh Lake gold property, which is contiguous with
and immediately east of Northbelt. The Walsh Lake property consists
of seven leases and five claims totaling 6,659 acres (2,695
hectares). TerraX has also staked ground to the west of Northbelt
to cover prospective geology that is on strike from Northbelt
structures. For more information on the Yellowknife City Gold
Project, including the Northbelt, Walsh Lake and Goodwin
properties, 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.
Paradox Public Relations514-341-0408 or Toll Free:
1-866-460-0408info@paradox-pr.caVanguard Shareholder
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