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Terrax Commences Drilling at Barney Shear Zone, Yellowknife City Gold Project
|By Marketwired .
|June 25, 2014 08:01 AM EDT
YELLOWKNIFE, NORTHWEST TERRITORIES -- (Marketwired) -- 06/25/14 -- TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TX0)(PINKSHEETS:TRXXF) has re-commenced core drilling, following spring breakup, on its wholly-owned Yellowknife City Gold Project ("YCGP"), near Yellowknife, NWT. Drilling continues at the Barney Shear Zone, which is widely recognized in industry publications and historic reports as the northern continuation of the gold mineralized shear system that hosted the past-producing high-grade Con and Giant gold mines in Yellowknife. The Barney Shear has been delineated over a strike length of 4.5 km by TerraX and previous operators; surface mapping by TerraX in 2013 indicates that the Barney Shear Zone consists of multiple mineralized shears over a greater than 200 m width.
The first drill holes will be wedges to test the up dip extension of the Barney Shear Zone off relatively deep drill holes drilled by Nebex Resources in 1995 and 1996 that intersected the Barney Shear Zone at vertical depths of 240 to 280 meters below surface. The holes were left cased and capped to allow re-entry for further exploration of this zone. The previous drilling by Nebex were single holes per cross-section, and the wedges to be completed by TerraX will create multi-hole sections for geological modeling and potentially allow Terrax to complete an initial inferred resource estimate at Barney utilizing drill logs and core available to TerraX from the Nebex drilling.
TerraX has previously reported assay results from re-logging and sampling of the drill core from these holes that included:
-- 20.86 m @ 3.79 g/t Au, inclusive of 4.00m @ 12.59 g/t Au, in hole NB 95-
16 (news release of August 14, 2013),
-- 8.16 m @ 5.06 g/t Au in hole NB 96-02 (news release of November 14,
-- 27.00 m @ 1.90 g/t Au, inclusive of 2.70 m @ 8.97 g/t Au in hole NB 96-
04 (news release of November 14, 2013).
Hole 96-02 was collared 450 m west of NB 95-16. Hole NB 96-04 was collared 60 m north of NB 95-16 and was the northernmost hole drilled on the Barney Shear until drilling conducted by TerraX in April of 2014 reported a newly discovered northern extension to the Barney Zone (Barney North Extension), approximately 200 meters further north and 200 meters up dip of previous drilling (news release June 2, 2014). This drilling greatly expanded the strike and dip length of the Barney Zone.
Following drilling on the Barney Zone, TerraX will be drilling several holes on the Crestaurum zone to complete a program that began in April of this year in areas of historical holes drilled between 1945 and 1947. TerraX plans on leveraging historical exploration data to continue defining the extent and controlling structures of known mineralization on the Crestaurum and Barney shears, with the potential of establishing a modern resource estimate for both deposits this year. As well, ongoing field exploration (see June 17, 2014 News Release) will generate and prioritize targets for future drill programs on the multiple shears identified during TerraX's 2013 exploration program and over 70 years of historical exploration records.
About the Yellowknife City Gold Project
The Yellowknife City Gold Project (YCPG) 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 project lies on the prolific Yellowknife greenstone belt, and covers 15 km of strike length on the northern extension of the shear system that hosts the high-grade Con and Giant gold mines. The project is host to multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district and contains innumerable gold showings and historic high grade drill results. Since January 2013, TerraX has consolidated the project area by acquiring and optioning numerous properties, including: Northbelt, Goodwin, Ryan Lake, Walsh Lake, and U-Breccia, as well as staking additional contiguous lands. Being all-season road accessible and within 15km of the City of Yellowknife, YCPG is close to vital infrastructure, including: supplies, service providers, power, water, and skilled tradespeople.
For more information on TerraX Minerals and 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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