|By Marketwired .||
|April 7, 2014 12:03 PM EDT||
YELLOWKNIFE, NORTHWEST TERRITORIES -- (Marketwired) -- 04/07/14 -- TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TXO)(PINKSHEETS:TRXXF) has mobilized a second drill and commenced drilling at the Crestaurum gold deposit on its wholly-owned Yellowknife City Gold Project (YCGP) in the Northwest Territories. Drilling is still underway at the Homer Lake base metal/precious target at the north end of the property.
The second drill rig has commenced drilling at the south end of the property at Crestaurum, where the gold mineralized shear structure has been identified over 1.4 km of strike-length and is open along strike and down dip. TerraX has reported assay results from re-logging and sampling of core from historical drill holes (see news release of October 2, 2013) that included:
-- 6.87 m @ 13.07 g/t Au (Hole 85-118) -- 5.00 m @ 20.66 g/t Au near surface (Hole 85-187) -- 5.00 m @ 62.90 g/t Au less than 50 m from surface (Hole 85-150)
The Crestaurum drilling will consist of 12-15 holes focusing on twinning historical holes from the 1940s to 1960s that did not have core available for relogging and re-sampling and infill drilling around 1985 drill holes that have been relogged and resampled by TerraX in 2013. The aim of the Crestaurum drill program is to advance this zone of mineralization towards a mineral resource. The mobilization of this second drill was moved up to take advantage of excellent winter access conditions that are persisting in the project area.
The first drill rig is continuing to drill at the Homer Lake base metal/precious metal target. (see news release of March 25, 2014). Once this drilling is completed this drill will be moved to the Barney Shear (28.32 m @ 2.97 g/t Au in news release August 14th, 2013), which is the extension of the Con Mine/Giant Mine shear system that has hosted more than 13 Moz of gold production from the two mines. Crestaurum and the Barney Shear are currently TerraX's highest priority gold targets. TerraX's first drill campaign will total approximately 6,000 m testing the three initial target areas.
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.
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