Welcome!

News Feed Item

TerraX Assays 6.61 g/t Au, 357 g/t Ag, 1.51% Cu, 7.02% Zn and Greater Than 20% Pb in Grab Samples from Homer Lake Base Metal Target, Yellowknife City Gold Project

YELLOWKNIFE, NORTHWEST TERRITORIES -- (Marketwired) -- 08/18/14 -- TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TX0)(PINKSHEETS:TRXXF) has received the assay results from a further 113 samples of the approximately 960 surface samples taken during a six week prospecting and mapping program now completed at the Yellowknife City Gold Project ("YCGP") just north of Yellowknife in the Northwest Territories. Assay results are still pending or being interpreted from the remaining samples taken from prospective gold and base metal targets at the YCGP, as well as from drilling recently completed at the Crestaurum and Barney mesothermal gold targets in the southern portion of the property, and will be announced when available.

This sampling reported today was completed by two senior geologists provided by Virginia Mines Inc. during mapping of a 1.3 km (N-S) x 650 m (E-W) area immediately west of Homer Lake in the northern part of the YCGP, with 99 grab and chip samples collected for assay and an additional 14 samples collected for whole rock analysis. Assay results ranged from below detection to 6.61 g/t gold, below detection to 357 g/t silver, 3 ppm to 1.51% copper, 9 ppm to 7.02% zinc, and 5 ppm to greater than 20% lead. Two metal domains are apparent: a gold +/- copper domain to the west and a gold-silver-lead-zinc domain to the east.

These 113 samples complement the 150 grab and chip samples assayed in 2013 and the four holes drilled by TerraX in early 2014. Collectively, this information produces a preliminary picture of this prospective area which contains widespread mineralization. Of the 249 samples assayed, 102 contain Au greater than 0.25 g/t, 46 contain Au greater than 1 g/t; 142 samples contain in excess of 5 g/t Ag and 53 have more than 40 g/t Ag; 100 samples have more than 0.25% Pb of which 57 have more than 1%; 56 samples have greater than 0.25% Zn and 30 have greater than 1% Zn. Cu anomalism is much more restricted, with only 7 samples having greater than 0.25% Cu. Maps showing the distribution of mineralization at Homer Lake are available on our website at www.terraxminerals.com.

Detailed mapping of the predominantly mafic stratigraphy reveals alternating massive and pillowed facies, defining a northwesterly trend which is probably the approximate stratigraphic trend. The mafic rocks have been intruded by a north-northeast trending quartz porphyry interpreted by the Virginia geologists as a variably sericitized and chloritized subvolcanic intrusion. Mineralization occurs in bands within and along the edge of the quartz porphyry, associated with subparallel structures, and in northwest features along possible flow and sill contacts.

A strong metal zonation is apparent, with two discrete domains separated by a northeast trending lineament that does not contain any outcrops. This lineament also separates dominantly massive flows in the west from pillowed and massive flows in the east, and is interpreted by Virginia geologists as a major fault. All of the greater than 0.25% zinc values, all but one of the greater than 0.25% lead values and the vast majority of the greater than 40 g/t silver values occur in the eastern domain. The two greater than 1% copper values occur in the western domain. Anomalous to ore grade gold is evenly distributed between the two domains; the result is a gold-copper domain in the west and a gold-silver-lead-zinc domain in the east. These domains were tested by two drill holes each in April, 2014, prior to their recognition. Holes TNB14-001 and 002 tested an electromagnetic anomaly in the western domain. The anomaly was determined to be caused by pyrrhotite and lesser chalcopyrite stringers. By contrast, holes TNB14-003 and 004 were drilled under the main trench in the eastern domain. These holes intersected high grade polymetallic zones surrounded by lower grade, but still polymetallic, mineralization. The best result was from hole TNB14-004, which returned 3.42 m @ 3.41 g/t Au, 69.3 g/t Ag, 3.67% Pb and 3.17% Zn within a wider zone of 71.15 m @ 0.25 g/t Au, 14.0 g/t Ag, 0.73% Pb and 0.57% Zn (see news release of May 12, 2014).

TerraX thus has two distinct targets at Homer Lake: i) a gold-copper target in the west, with known mineralization associated with pyrrhotite and chalcopyrite stringers and an electromagnetic signature; and ii) structurally controlled gold-silver-lead-zinc mineralization in the eastern part of the area. The high grade structural target is enhanced by the presence of a lower grade envelope of mineralization. Both targets have good size potential. The origin of the two mineralization styles has not yet been determined, but both are considered worthy of further drill testing.

Joe Campbell, President of TerraX states, "The Homer Lake mineralization has now been traced at surface over a strike length of approximately 1.5 km and has been intersected by TerraX drilling to 150 m vertical depth from surface, in historical drilling to greater than 300 m vertical depth, and mineralization remains open down-dip from this drilling. The nature of the mineralization remains unclear (synvolcanic or epigenetic), but the large areal extent and high polymetallic grades provides us with an excellent base metal target to supplement the numerous gold targets that are the primary focus of TerraX's exploration on the YCGP."

Sampling included insertion of certified standards and blanks into the stream of samples for chemical analysis. Samples were prepared at ALS Chemex's laboratory in Yellowknife and shipped to their Vancouver facility for gold and ICP analysis. ALS is a certified and accredited laboratory service. It should be noted that, due to their selective nature, assay results from grab samples may not be indicative of the overall grade and extent of mineralization in the subject area. Technical information contained in this news release has been approved by Tom Setterfield, Vice President Exploration 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 9,349 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 15 km 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 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.

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: 855-508-0824
[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
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science" is responsible for guiding the technology strategy within Hitachi Vantara for IoT and Analytics. Bill brings a balanced business-technology approach that focuses on business outcomes to drive data, analytics and technology decisions that underpin an organization's digital transformation strategy.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
SYS-CON Events announced today that IoT Global Network has been named “Media Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. The IoT Global Network is a platform where you can connect with industry experts and network across the IoT community to build the successful IoT business of the future.
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...