Welcome!

News Feed Item

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) -- 06/02/14 -- 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
----------------------------------------------------------------------------
                                    Au                                    Au
Hole        From     To Interval   g/t     Hole   From     To Interval   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 greater than 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.

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
FinTechs use the cloud to operate at the speed and scale of digital financial activity, but are often hindered by the complexity of managing security and compliance in the cloud. In his session at 20th Cloud Expo, Sesh Murthy, co-founder and CTO of Cloud Raxak, showed how proactive and automated cloud security enables FinTechs to leverage the cloud to achieve their business goals. Through business-driven cloud security, FinTechs can speed time-to-market, diminish risk and costs, maintain continu...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, will examine the regulations and provide insight on how it affects technology, challenges the established rules and will usher in new levels of diligence a...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that’s no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, will explore how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He wi...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
yperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let’s say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it....
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, discussed new ways of thinking and the approaches needed to address the emerging challenges of security i...
Docker containers have brought great opportunities to shorten the deployment process through continuous integration and the delivery of applications and microservices. This applies equally to enterprise data centers as well as the cloud. In his session at 20th Cloud Expo, Jari Kolehmainen, founder and CTO of Kontena, discussed solutions and benefits of a deeply integrated deployment pipeline using technologies such as container management platforms, Docker containers, and the drone.io Cl tool. H...
Cloud adoption is often driven by a desire to increase efficiency, boost agility and save money. All too often, however, the reality involves unpredictable cost spikes and lack of oversight due to resource limitations. In his session at 20th Cloud Expo, Joe Kinsella, CTO and Founder of CloudHealth Technologies, tackled the question: “How do you build a fully optimized cloud?” He will examine: Why TCO is critical to achieving cloud success – and why attendees should be thinking holistically ab...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to...
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" 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. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, will discuss th...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...
SYS-CON Events announced today that Datera will exhibit at 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. Datera offers a radically new approach to data management, where innovative software makes data infrastructure invisible, elastic and able to perform at the highest level. It eliminates hardware lock-in and gives IT organizations the choice to source x86 server nodes, with business model option...
"Cloud computing is certainly changing how people consume storage, how they use it, and what they use it for. It's also making people rethink how they architect their environment," stated Brad Winett, Senior Technologist for DDN Storage, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.