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.

Contacts:
Paradox Public Relations
514-341-0408 or Toll Free: 1-866-460-0408
[email protected]

Vanguard Shareholder Solutions
604-608-0824 or Toll Free: 1-866-801-0779
[email protected]

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
SYS-CON Events announced today that Silicon India has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Published in Silicon Valley, Silicon India magazine is the premiere platform for CIOs to discuss their innovative enterprise solutions and allows IT vendors to learn about new solutions that can help grow their business.
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...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, discussed how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He also discussed how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
You want to start your DevOps journey but where do you begin? Do you say DevOps loudly 5 times while looking in the mirror and it suddenly appears? Do you hire someone? Do you upskill your existing team? Here are some tips to help support your DevOps transformation. Conor Delanbanque has been involved with building & scaling teams in the DevOps space globally. He is the Head of DevOps Practice at MThree Consulting, a global technology consultancy. Conor founded the Future of DevOps Thought Leade...
Jo Peterson is VP of Cloud Services for Clarify360, a boutique sourcing and benchmarking consultancy focused on transforming technology into business advantage. Clarify360 provides custom, end-to-end solutions from a portfolio of more than 170 suppliers globally. As an engineer, Jo sources net new technology footprints, and is an expert at optimizing and benchmarking existing environments focusing on Cloud Enablement and Optimization. She and her team work with clients on Cloud Discovery, Cloud ...
Everyone wants the rainbow - reduced IT costs, scalability, continuity, flexibility, manageability, and innovation. But in order to get to that collaboration rainbow, you need the cloud! In this presentation, we'll cover three areas: First - the rainbow of benefits from cloud collaboration. There are many different reasons why more and more companies and institutions are moving to the cloud. Benefits include: cost savings (reducing on-prem infrastructure, reducing data center foot print, redu...
Founded in 2000, Chetu Inc. is a global provider of customized software development solutions and IT staff augmentation services for software technology providers. By providing clients with unparalleled niche technology expertise and industry experience, Chetu has become the premiere long-term, back-end software development partner for start-ups, SMBs, and Fortune 500 companies. Chetu is headquartered in Plantation, Florida, with thirteen offices throughout the U.S. and abroad.
The technologies behind big data and cloud computing are converging quickly, offering businesses new capabilities for fast, easy, wide-ranging access to data. However, to capitalize on the cost-efficiencies and time-to-value opportunities of analytics in the cloud, big data and cloud technologies must be integrated and managed properly. Pythian's Director of Big Data and Data Science, Danil Zburivsky will explore: The main technology components and best practices being deployed to take advantage...
SYS-CON Events announced today that DatacenterDynamics 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. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
Dynatrace is an application performance management software company with products for the information technology departments and digital business owners of medium and large businesses. Building the Future of Monitoring with Artificial Intelligence Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more busi...