TerraX Minerals Inc.

TerraX Minerals Inc.

December 04, 2015 07:00 ET

TerraX Drills 1.39 m @ 40.52 g/t Au on New Vein Horizon at Crestaurum Shear, Yellowknife City Gold Project

YELLOWKNIFE, NORTHWEST TERRITORIES--(Marketwired - Dec. 4, 2015) - TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TX0)(OTC PINK:TRXXF) has received assay results from the first 19 holes (3,011 metres) of a 41 hole drill program completed at the Crestaurum Shear on its Yellowknife City Gold Project ("YCG"), immediately north of Yellowknife in the Northwest Territories. Drilling was designed to prepare the Crestaurum Zone for future resource estimation, and consisted of definition and extension drilling on mineralized shoots. The 19 holes reported today are from the Central and North shoots. Highlights of this drilling include:

Central Shoot

  • 1.39 m @ 40.52 g/t Au in TCR15-037 in a newly discovered zone in the hanging wall of the main shear
  • 1.00 m @ 13.60 g/t Au in TCR15-040 in the hanging wall zone

North Shoot

  • 2.87 m @ 6.01 g/t Au in TCR15-048 on the main shear, and
  • 2.45 m @ 4.72 g/t Au in TCR15-045 in the hanging wall zone

Thirteen holes (TCR15-033 to TCR15-044 and TCR15-051) were drilled on the Central Shoot. Previous drilling into the higher grade portions of the Central Shoot included 5.00 m @ 20.66 g/t Au in hole 85-187; 3.00 m @ 12.99 g/t Au in hole 85-181; and 5.00 m @ 5.29 g/t Au in TCR15-019 but historically the Central Shoot has been the smallest mineralized zone along the main shear.

The discovery of a higher grade zone in the hanging wall of the main shear, with similar veins and alteration haloes as the main zone, now indicates the potential of developing another high grade shoot in the Central zone of the Crestaurum area. The hanging wall zone was discovered as TerraX moved drill collars east to intersect the east dipping main shear zone deeper down dip. The new hanging wall zone was intersected from only 2 to 20 meters below surface, with at least 2 holes collared in the zone after it was exposed during drill site set-up. The newly discovered zone of mineralization had best intersections of 1.39 m @ 40.52 g/t Au in TCR15-037; 1.00 m @ 13.60 g/t Au in TCR15-40, and 2.45 m @ 4.72 g/t Au in TCR15-045. Subsequent surface mapping and sampling on this vein structure indicates a significant zone of mineralization is emerging in this area.

Six holes were drilled down dip on the North Shoot. Previous drilling into the higher grade portions of the North Shoot included 6.87 m @ 13.07 g/t Au in hole 85-118; 6.00 m @ 11.96 g/t Au in hole 85-166; and 3.00 m @ 33.60 g/t Au in TNB14-019. The current drilling extended the high grade portion of the shoot with an intersection of 2.87 m @ 6.01 g/t Au in TCR15-048 on the main shear zone. In the hanging wall of the North Shoot drilling also intersected the new hanging wall mineralization (2.4 5 m @ 4.72 g/t Au in TCR15-045) interpreted from surface expression (LiDAR topography) to be on the same shear structure and 240 metres northeast along strike from the hanging wall zone discovered in the Central Shoot area.

All holes were drilled normal to interpreted strike and normal to or at high angles to the dip of the zones of mineralization, and reported drill intervals from mineralized zones are between 90-100% true thicknesses. A map showing all drill collar locations reported in this news release is available on our web site at www.terraxminerals.com.

Hole UTM


TCR15-033 635864 6941882 306 -49 66.29 68.63 2.34 1.22 Central Main
and 77.60 78.52 0.92 1.26 Central Footwall
TCR15-034 635853 6941868 304 -44 60.00 62.01 2.01 3.42 Central Main
TCR15-035 635857 6941841 306 -48 69.90 75.01 5.11 1.89 Central Main
and 101.00 102.00 1.00 2.52 Central Footwall
TCR15-036 635859 6941839 306 -74 90.76 92.15 1.39 1.11 Central Main
TCR15-037 635932 6941806 305 -64 29.73 31.12 1.39 40.52 Central Hanging wall
and 140.00 141.64 1.64 1.84 Central Main
TCR15-038 635932 6941806 305 -77 37.25 38.25 1.00 6.22 Central Hanging wall
and 162.71 164.00 1.29 0.47 Central Main
TCR15-039 635940 6941850 305 -50 2.52 4.00 1.48 2.24 Central Hanging wall
and 124.83 126.30 1.47 1.51 Central Main
TCR15-040 635940 6941850 305 -61 3.00 4.00 1.00 13.60 Central Hanging wall
and 134.00 135.45 1.45 1.24 Central Main
TCR15-041 635955 6941878 306 -42 126.00 128.00 2.00 1.43 Central Main
TCR15-042 635955 6941878 306 -61 6.00 7.00 1.00 4.70 Central Hanging wall
and 132.50 133.50 1.00 1.09 Central Main
TCR15-043 635955 6941878 306 -72 7.87 9.00 1.13 5.35 Central Hanging wall
and 157.50 161.00 3.50 1.13 Central Main
TCR15-044 635901 6941874 300 -58 91.50 98.60 7.10 0.57 Central Main
TCR15-051 635831 6941739 304 -66 112.05 114.63 2.58 0.55 Central Main
and 133.00 136.34 3.34 0.99 Central Footwall
Hole UTM
Azimuth Dip From
Interval (m) Au
TCR15-045 636123 6942048 304 -79 6.00 8.45 2.45 4.72 North Hanging wall
and 203.50 205.50 2.00 1.95 North Main
TCR15-046 636061 6941984 308 -49 145.60 148.10 2.50 1.78 North Main
TCR15-047 636061 6941984 308 -62 154.20 155.00 0.80 0.42 North Main
TCR15-048 636061 6941984 305 -75 7.77 8.50 0.73 1.76 North Hanging wall
and 166.80 169.67 2.87 6.01 North Main
TCR15-049 636046 6942030 305 -44 119.20 120.20 1.00 1.55 North Main
TCR15-050 636046 6942030 305 -55 64.52 65.50 0.98 1.07 North Hanging wall
and 122.40 126.06 3.66 1.18 North Main

TerraX collected 759 samples for assay from the drilling reported here. Results ranged from below detection to a high of 43.10 g/t Au. Drill hole collar locations were surveyed to sub-meter accuracy. Down hole surveying (Easy Shot) was completed on all holes. TerraX inserts certified standards and blanks into the sample stream as a check on laboratory QC. 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 (ALS) preparation laboratory in Yellowknife. After sample preparation, samples are shipped to ALS's Vancouver facility for gold and ICP analysis. Gold assays of >3 g/t are re-assayed on a 30 gm split by 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. 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 now encompasses approximately 116 sq km of contiguous land immediately north and now south of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX now controls one of the six major high-grade gold camps in Canada - and the least explored.

The project lies on the prolific Yellowknife greenstone belt and the combined Southbelt and Northbelt properties cover 23 km of strike length on the southern and northern extensions of the shear system that hosts the high-grade Con and Giant gold mines. The project area contains multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district, with innumerable gold showings and high grade drill results on the Northbelt property this past year that serve to indicate the project's potential as a world-class gold district. Since February 2013, TerraX has consolidated the project area by acquiring, optioning and staking numerous properties, including: Northbelt, Goodwin, Ryan Lake, Walsh Lake, U-Breccia and Southbelt, as well as staking additional contiguous lands. Being within 15 km of the City of Yellowknife, the YCG is close to vital infrastructure, including transportation, service providers, hydro-electric power and skilled tradespeople.

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.

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