Welcome!

News Feed Item

TerraX Begins Drilling on Yellowknife City Gold Project

YELLOWKNIFE, NORTHWEST TERRITORIES -- (Marketwired) -- 03/25/14 -- TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TXO) has commenced drilling on its wholly-owned Yellowknife City Gold Project ("YCGP") in the Northwest Territories.

The first drill hole was collared on the Northbelt Property of the YCGP. Northbelt is the strike extension of the geology which hosted the previously producing Con and Giant gold mines, which together mined over 13M oz of gold. This marks the first drilling on the Northbelt since 1996, a period of 18 years.

TerraX's first drill campaign will total approximately 6,000 m of drilling and test three initial target areas; the Barney Shear, which is the extension of the Con/Giant shear system; the Crestaurum Zone, which is a high grade zone with nearly 200 historical drill intersections; and the Homer Lake base metal/precious metal target at the north end of the property The first drill hole will be collared at Homer Lake to target a buried conductor identified by airborne surveys in 2013 that has never been drill-tested This target area is within 500 m of a previously established ice road which makes winter access easier and with much less environmental impact than overland access in summer conditions. TerraX expects to be able to take advantage of 6-8 weeks of ice road use before spring breakup. Although Crestaurum and the Barney Shear are currently TerraX's highest priority gold targets, the logistics associated with Homer Lake access dictate that it be drilled first.

Homer Lake is not a traditional gold target as would be expected in a major gold belt like the Yellowknife Gold Camp. It was originally discovered from surface prospecting in the 1930s and six mineralized structures were delineated during reconnaissance prospecting by TerraX in the Homer Lake area in 2013. One structure has been traced by TerraX for 1,200 m and has chip sample results of 7 m @ 0.50 g/t Au, 90.2 g/t Ag, 4.25% Pb and 0.89% Zn. A parallel structure sampled by TerraX graded 5 m @ 1.54 g/t Au, 95.5 g/t Ag, 3.13% Pb and 1.59% Zn. A grab sample by TerraX from a third structure graded 0.60 g/t Au, 529 g/t Ag, greater than 20% Pb, and 9.44% Zn. Historical reports of drilling on another structure included 6.10 m of 2.54 g/t Au, 204.0 g/t Ag, 10.82% Pb, 6.03% Zn and 0.55% Cu in hole 38-02; this intersection was less than 50 m below surface. (This drill result is historical in nature, has not been verified by TerraX, and should not be relied upon.)

In July 2013 TerraX carried out an airborne electromagnetic (EM) survey which revealed a 1.2 km long, north-trending conductor at the Homer Lake target, 400 m of which is highly conductive. The source of this conductor is buried and 3-D modeling indicates a top of the conductor at approximately 110 meters below surface, with a steep westerly dip. None of the known surface mineralized zones mentioned above were conductive in the 2013 EM survey, and the buried conductor has never been tested by drilling. This conductor will be the target of this initial 750 m drill program planned at Homer Lake, following which the drill rig will be moved to south end of the property to commence drilling at Barney and Crestaurum, where TerraX reported assay results from re-logging and sampling of core from historical drill holes that included 28.32 m @ 2.97 g/t Au on the Barney Shear Zone (news release of August 14, 2013) and 5.00 m @ 62.90 g/t Au from Crestaurum (news release of October 2, 2013).

TerraX will be providing updates on activities in the coming months as we carry out our advanced exploration plans. 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 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
How will your company move to the cloud while ensuring a solid security posture? Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is ...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...