TerraX Drills 10.02 m @ 4.17 g/t Au, Inclusive of 2.89 m @ 10.88
g/t Au at Crestaurum Zone, Yellowknife City Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 2, 2014) -
TerraX Minerals Inc. (TSX-VENTURE:TXR)(FRANKFURT:TX0) has received
assay results from the final nine holes drilled during the recently
completed winter drill program on the Northbelt Property,
Yellowknife City Gold Project. Four of these holes were drilled at
Crestaurum (533m) and five holes were drilled to test the northern
extension of the Barney Shear target (751m). Three of the holes
drilled at Crestaurum were designed to twin historic drill holes
for which no drill core is available and confirmed the correlation
with historic drill results. Highlights include 10.02 m @ 4.17 g/t
Au, inclusive of 2.89 m @ 10.88 g/t Au, in hole TNB14-011.
CRESTAURUM ZONE
In the summer of 2013 TerraX recovered core from 74 drill holes
drilled into Crestaurum during 1985, and TerraX subsequently
reported assay results of sampling of that core, including 5.00 m @
62.90 g/t Au (news release Oct 2, 2013). A further 117 holes were
drilled into the Crestaurum Zone between 1945 and 1980 for which
TerraX has not recovered any historical core. Historical logs and
assays for these holes were recovered in 2013, and collar locations
were found in the field. Based on this information, TerraX is
planning on drilling a total of 12 twin holes to verify historical
logs and assays, with the remaining nine holes to be completed
during the summer drill program expected to begin in late June
2014
The twin hole locations are designed to give TerraX spatial
coverage of the known zone of mineralization over 1.4 km of strike
and 150 m of dip length, and to provide a representative range of
grade and thickness. This will include low, moderate and high grade
intersections over narrow to wide zones at all grade ranges.
Results of TerraX's assays for the three Crestaurum twin holes
drilled to date are tabulated below, along with the historical
intervals for comparison. In general the holes intersected
mineralization where expected, confirming the location and
thickness of the zones as indicated by the historical records.
Grades showed some variation as would be expected for lode style
quartz vein hosted gold deposits, but based on these three holes
there appears to be good unbiased grade correlation with historical
results. Two holes (TNB14-006 and 011) were drilled into the South
Shoot and one hole (TNB14-012) was drilled a kilometer along strike
in the North Shoot. If the good correlation continues with the
remaining nine twin holes it will confirm historical drill results,
and allow use of this information in the preparation of an NI
43-101 compliant resource estimate at Crestaurum.
Crestaurum Twinned Holes |
TerraX 2014 Drill Hole Intersections |
|
Twinned Historical Drill Hole Results |
Hole |
From |
To |
Interval |
Au g/t |
|
Hole |
From |
To |
Interval |
Au g/t |
TNB14-011 |
94.31 |
104.33 |
10.02 |
4.17 |
|
DDH45-52 |
97.14 |
106.89 |
9.75 |
3.99 |
incl. |
94.31 |
100.05 |
5.74 |
6.81 |
|
|
98.03 |
103.37 |
5.34 |
6.19 |
and incl. |
94.31 |
97.20 |
2.89 |
10.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TNB14-006 |
55.00 |
56.47 |
1.47 |
8.73 |
|
DDH45-50 |
55.00 |
56.47 |
1.47 |
5.69 |
incl. |
55.00 |
55.70 |
0.70 |
18.25 |
|
incl. |
55.78 |
55.93 |
0.15 |
54.86 |
|
|
|
|
|
|
|
|
|
|
|
and |
101.90 |
103.40 |
1.50 |
2.01 |
|
|
101.24 |
103.74 |
1.50 |
4.02 |
|
|
|
|
|
|
incl. |
103.07 |
103.34 |
0.27 |
14.06 |
|
|
|
|
|
|
|
TNB14-012 |
88.11 |
91.65 |
3.54 |
1.35 |
|
DDH45-39 |
91.29 |
94.77 |
3.48 |
5.00 |
|
|
|
|
|
|
incl. |
92.61 |
92.86 |
0.25 |
48.01 |
Drill intersections at Crestaurum are considered to be normal to
strike and dip and represent true thickness of the zone.
A fourth hole drilled by TerraX at Crestaurum was designed to
intersect the interpreted mineralized zone at an acutely oblique
angle to verify interpretations of zone geometry and check for
alternative interpretations for zone geometry. This hole was
collared at the wrong dip and azimuth and failed to intersect the
zone. It will be re-drilled at a different orientation during the
summer program.
BARNEY ZONE
Drilling at the Barney Zone was purely exploratory and designed
to test the interpreted northern strike extension of the
historically drilled mineralization (termed the Barney North
Extension). Five drill holes were collared 150-250 meters north
along the interpreted strike from the 1995-96 drill holes reported
by TerraX on recovered historical core (20.86 m @ 3.79 g/t Au,
including 4.00 m @ 12.34 g/t Au in hole NB95-16 reported August 14,
2013). TerraX drilling was also designed to intersect the zones of
mineralization closer to surface, at approximately 50-100 m below
surface. This location is 150-300 m above the historical drill hole
intersections. None of the historical drilling tested the shallow
up-dip extensions of mineralization encountered in the deeper
1995-96 drill holes.
Drill results from the Barney North Extension are listed in the
table below. The initial hole (TNB14-007) intersected the host
shear structure, but was devoid of mineralization. Encouraged by
the discovery of the shear zone, hole TNB14-008 was drilled
directly under TNB14-007 and encountered quartz carbonate veining
with significant sulphides, including galena, arsenopyrite and
pyrite. This hole intersected 6.00m @ 1.49 g/t Au, 12.3 g/t Ag and
0.50% Pb, including 2.20m @ 3.63 g/t Au.
A further hole (TNB14-009) was drilled to intersect the zone
approximately 25 m south of holes TNB14-007 and 008. This hole was
again designed to intersect the zone at shallow depths, but in this
case it was weakly mineralized with an intersection of 0.96m @ 1.04
g/t Au, 24.1 g/t Ag and 0.93% Pb. TerraX then drilled a hole
(TNB14-010) approximately 25m south and 50m down dip of the
intersection in TNB14-009. The shear zones became significantly
wider with multiple zones of better mineralization, including a
central zone of 12.50m @ 1.40 g/t Au, 20.3 g/t Ag and 1.69% Pb,
including 4.00m @ 3.62 g/t Au.
The final hole (TNB14-014) was drilled 100m north of holes
TNB14-007 and 008 to target the interpreted host shear zone at
shallow depth. This hole was stopped at 78m depth as spring breakup
required shutdown and removal of the drill. Regardless, the hole
had entered a zone of shearing corresponding to the interpreted
Barney North Extension and although only at a very shallow depth
(approximately 40m vertical) it was weakly mineralized returning
2.97m @ 0.46 g/t Au in a zone of quartz carbonate veining and
shearing.
Barney North Extension Drilling |
Hole |
From |
To |
Interval |
Au g/t |
Ag g/t |
Pb % |
TNB14-007 |
No significant assays |
|
TNB14-008 |
91.00 |
97.00 |
6.00 |
1.49 |
12.3 |
0.50 |
incl. |
94.07 |
96.27 |
2.20 |
3.63 |
11.6 |
0.41 |
|
TNB14-009 |
118.58 |
119.54 |
0.96 |
1.04 |
24.1 |
0.93 |
|
TNB14-010 |
113.30 |
114.70 |
1.40 |
0.30 |
12.4 |
0.37 |
|
|
|
|
|
|
|
and |
131.50 |
144.00 |
12.50 |
1.40 |
20.3 |
1.69 |
incl. |
131.50 |
134.15 |
2.65 |
0.28 |
86.7 |
7.73 |
and incl. |
140.00 |
144.00 |
4.00 |
3.62 |
3.0 |
0.02 |
|
|
|
|
|
|
|
and |
162.65 |
167.00 |
4.35 |
0.95 |
3.3 |
0.10 |
|
|
|
|
|
|
|
and |
215.25 |
216.25 |
1.00 |
1.86 |
|
|
|
|
|
|
|
|
Cu % |
|
TNB14-014 |
16.50 |
17.17 |
0.67 |
0.323 |
0.18 |
|
|
|
|
|
|
|
|
and |
52.59 |
55.56 |
2.97 |
0.46 |
|
|
True thickness of the zones at the Barney North Extension of
mineralization is unknown at present. Based on core foliation
angles it is estimated to be between 60-90% of drill intersection
width.
The drilling on the Barney North Extension has confirmed that
the Barney Zone of mineralization continues for at least 250 meters
further north and a similar distance up-dip of historical drilling.
Based on 2014 drilling results the mineralized zones are
strengthening and widening with depth. The initial 2014 drilling
has greatly extended the target area for the Barney Zone and this
mineralization will be followed down-dip and further north along
strike in future drilling. The summer drill program, expected to
begin in late June 2014, will be at the known main Barney Zone.
Historical drill holes at the Barney Zone were cased and capped in
1995-96 in anticipation of re-entry into those holes. TerraX's
initial drilling at Barney will consist of wedges off historical
deeper drill holes (250-450 m vertical depth for mineralized
intercepts). This will generate up-dip intersections from
previously intersected mineralized zones, and be used by TerraX to
construct strike and dip interpretations of those zones.
Additionally it is expected that the summer program will include
drill holes to indicate continuity between the main Barney Zone and
the Barney North Extension.
TerraX collected 504 samples for assay from the Crestaurum
drilling, and 583 samples from the Barney North Extension drilling.
Results ranged from below detection in all metals to highs of 21.30
g/t Au, 169 g/t Ag, and 14.30% Pb, in separate samples.
Drill hole collar locations were surveyed to sub-meter accuracy.
Down hole surveying (Easy Shot and Maxibor) was completed on all
holes. Core sampling included insertion of certified standards and
blanks. Drill core samples are cut by diamond saw at TerraX's core
facility 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 preparation
laboratory in Yellowknife. After sample preparation, samples are
shipped to ALS Chemex'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. Silver ICP results over
100 g/t and lead ICP over 5000 ppm are subjected to ore grade
analyses. 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.
TerraX and GeoVector Management Inc. were responsible for
planning the drill holes at Crestaurum and Barney. GeoVector was
also responsible for the management and supervision of the drill
program. 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."
About the Yellowknife
City Gold Project
The Yellowknife City Gold Project encompasses approximately
8,400 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 and historic high grade
drill results.
TerraX has carried out a strategy of acquiring prospective
ground adjacent to Northbelt and in October 2013 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 and acquired 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,
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
Solutions604-608-0824 or Toll Free:
1-866-801-0779ir@vanguardsolutions.ca
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