Welcome!

News Feed Item

TerraX Drills 71m of Sulphide Mineralization in Felsic Volcanics at Homer Lake, Yellowknife; Includes 3.42m of Massive Sulphides Grading @ 3.41g/t Au, 69.3g/t Ag, 3.67% Pb, 3.17% Zn

YELLOWKNIFE, NORTHWEST TERRITORIES -- (Marketwired) -- 05/12/14 -- TerraX Minerals Inc. (TSX VENTURE:TXR)(PINKSHEETS:TRXXF)(FRANKFURT:TX0) has received assay results from the first four holes drilled during the recently completed winter drill program at Northbelt, Yellowknife City Gold Project. These holes were drilled at the Homer Lake base metal target, which is located within 15 km of the city of Yellowknife and just 2 km from the new Bluefish Hydro Dam opened in July 2013. Assay results from nine holes drilled on TerraX's two top priority gold targets, Crestaurum and Barney Shear, are pending and will be reported in the coming weeks, with the summer drill program expected to begin in late June 2014.

Two holes, TNB14-003 and TNB14-004, where drilled to test the down dip extension of surface showings sampled by TerraX in 2013 (chip samples of 7.0m @ 0.50 g/t Au 90.2 g/t Ag, 4.25% Pb and 0.89% Zn) and intersected felsic volcanics that are pervasively mineralized including multiple massive to semi-massive sulphide zones. Highlights include:


--  71.15m @ 0.25 g/t Au, 14.0 g/t Ag, 0.73% Pb and 0.57% Zn in hole TNB14-
    004 (inclusive of 3.42m @ 3.41 g/t Au, 69.3 g/t Ag, 3.67% Pb, 3.17% Zn
    in massive sulphides) and 
--  60.87m @ 0.11 g/t Au, 10.4 g/t Ag, 0.58% Pb and 0.65% Zn in hole TNB14-
    003;

The Homer Lake drill program was designed to test a 400m-500m long VTEM (electromagnetic) anomaly with an interpreted steep westerly dip that had been identified by airborne surveying in 2013 and continues for a further 1km as a weaker VTEM anomaly to the south. Two holes (TNB14-001 and TNB14-002) were drilled with an easterly azimuth on sections 100m apart and designed to intersect the northern end of the anomaly. Holes TNB14-003 and 004 were drilled to the east of the anomaly in an area where base metals were identified in historic trenches during 2013 field work (eg. chip samples of 7.0m @ 0.50 g/t Au 90.2 g/t Ag, 4.25% Pb and 0.89% Zn). A map showing the location of these drill holes is available on our web site at www.terraxminerals.com.

Higher grade intervals occur within the mineralized felsic volcanic unit, and also in the adjacent mafic volcanics (see table). Within TNB14-004 these include 3.42m @ 3.41 g/t Au, 69.3 g/t Ag, 3.67% Pb and 3.17% Zn within felsic volcanics; and 5.31m @ 0.40 g/t Au, 64.5 g/t Ag, 3.65% Pb and 2.64% Zn at a felsic to mafic volcanic contact. Within TNB14-003 high grade intervals include 4.44m @ 0.16 g/t Au, 25.5 g/t Ag, 2.10% Pb and 2.59% Zn at a mafic to felsic volcanic contact; 1.50m @ 1.70 g/t Au, 43.3 g/t Ag, 2.41% Pb and 2.04% Zn in felsic volcanics; and 2.02m @ 0.34 g/t Au, 85.1 g/t Ag, 4.08% Pb and 3.72% Zn at a felsic to mafic volcanic contact.

Joe Campbell, P.Geo, President of TerraX, states "The mineralization drilled in holes TNB14-003 and TNB14-004 is located along one of six sub-parallel zones of mineralization identified by TerraX in field work during the summer of 2013. Several of these zones have been traced over hundreds of meters of strike length on surface. While the high-grade gold targets at Northbelt remain our top priority, these wide zones of mineralization, coupled with the higher grade intervals of massive sulphides, are indicative of a large precious metal-rich base metal mineralized system in the Homer Lake area that definitely warrants further exploration when time and resources permit."


----------------------------------------------------------------------------
                From        To  Interval       Au       Ag       Pb       Zn
Hole             (m)       (m)       (m)      g/t      g/t        %        %
----------------------------------------------------------------------------
TNB14-004      63.21    134.36     71.15     0.25     14.0     0.73     0.57
----------------------------------------------------------------------------
     incl.     96.85    100.27      3.42     3.41     69.3     3.67     3.17
----------------------------------------------------------------------------
     incl.    128.39    133.70      5.31     0.40     64.5     3.65     2.64
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                From        To  Interval       Au       Ag       Pb       Zn
Hole             (m)       (m)       (m)      g/t      g/t        %        %
----------------------------------------------------------------------------
TNB14-003      13.42     16.39      2.97     0.22     15.9     1.22     1.20
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
               31.09     91.96     60.87     0.11     10.4     0.58     0.65
----------------------------------------------------------------------------
     incl.     31.09     42.24     11.15     0.07     13.1     1.05     1.23
----------------------------------------------------------------------------
 and incl.     37.17     41.61      4.44     0.16     25.5     2.10     2.59
----------------------------------------------------------------------------
 and incl.     37.17     38.79      1.62     0.32     56.6     4.76     5.30
----------------------------------------------------------------------------
     incl.     61.77     63.27      1.50     1.70     43.3     2.41     2.04
----------------------------------------------------------------------------
     incl.     73.00     77.20      4.20     0.08     40.7     2.00     2.56
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
              145.73    153.43      7.70     0.10     25.1     1.22     1.14
----------------------------------------------------------------------------
     incl.    149.16    151.18      2.02     0.34     85.1     4.08     3.72
----------------------------------------------------------------------------

The two holes drilled to intersect the northern end of the strong VTEM anomaly (TNB14-001 and TNB14-002) intersected multiple narrow massive to semi-massive sub-meter sulphide bands of pyrrhotite, +/- pyrite, chalcopyrite, and arsenopyrite within massive to pillowed mafic volcanics, locally sheared proximal to mineralization. Collectively, these sulphide bands are interpreted to be the cause of the anomaly. In drill hole TNB14-001, on the extreme northern end of the anomaly, the most intense concentration of sulphide occurred from 118.0 to 172.0 m down hole, and in drill hole TNB14-002 collared 100m south of TNB14-001, the same zone occurred from approximately 114.0 to 171.0 m down hole.

These zones carried minor base metal mineralization, with single sample assays of up to 0.44% Cu in drill hole TNB14-001, and up to 0.20% Cu in TNB14-002. The sulphide zones returned sporadic gold values (highest assay 6.83 g/t over 0.71m in TNB14-001 and 2.87 g/t over 0.57m in TNB14-002). Two wider coherent intervals of low grade gold occurred within the best sulphide zones in TNB14-001, but gold values were more scattered throughout the same areas in TNB14-002. A third narrow zone of gold occurred in banded sulphides of pyrrhotite, +/- chalcopyrite, and pyrite (intersection table below) at the bottom of both holes.


    -------------------------------------------------------------------
                    From        To  Interval       Au       Ag       Cu
    Hole             (m)       (m)       (m)      g/t      g/t        %
    -------------------------------------------------------------------
    TNB14-001     108.06    124.40     16.34     0.61        -        -
    -------------------------------------------------------------------
         incl.    120.71    123.00      2.29     2.44        -     0.11
    -------------------------------------------------------------------
     and incl.    120.71    121.42      0.71     6.83      3.6     0.23
    -------------------------------------------------------------------
                                                                       
    -------------------------------------------------------------------
                  154.26    171.89     17.63     0.41        -        -
    -------------------------------------------------------------------
         incl.    168.53    171.89      3.36     1.54        -     0.05
    -------------------------------------------------------------------
                                                                       
    -------------------------------------------------------------------
                  269.62    271.05      1.43     1.49      5.9     0.12
    -------------------------------------------------------------------
                                                                       
    -------------------------------------------------------------------
    TNB14-002      97.96    120.70     22.74     0.13        -     0.05
    -------------------------------------------------------------------
                                                                       
    -------------------------------------------------------------------
                  139.00    143.33      4.33     0.26      4.1        -
    -------------------------------------------------------------------
                                                                       
    -------------------------------------------------------------------
                  230.48    231.84      1.36     1.32        -        -
    -------------------------------------------------------------------
         incl.    231.27    231.84      0.57     2.87     11.8        -
    -------------------------------------------------------------------

This strong VTEM anomaly is still untested over 300-400m of strike length to the south of TNB14-002. TerraX believes the amount of sulphides in this target area and the associated highly anomalous gold content are significant, and this target will receive mapping and prospecting attention this summer. In addition, the VTEM anomaly and associated magnetic signature will be remodeled to better define target potential by integrating the results from this drilling.

TerraX collected 871 samples for assay from the Homer Lake drilling. Results ranged from below detection in all metals to highs of 6.83 g/t Au, 261 g/t Ag, 13.55% Pb, 10.15% Zn, and 0.44% Cu, in separate samples. True thickness of the zones of mineralization is unknown at present. Based on core foliation angles it is estimated to be between 50-80% of drill intersection width.

Core sampling included insertion of certified standards and blanks. Drill core samples are cut by diamond saw at TerraX's core facilities 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 greater than 3 g/t are re-assayed on a 30 gm split with fire assay with a gravimetric finish. 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 Homer Lake. 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 past producing Giant and Con 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
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, provideed economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session also included a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...