TerraX Minerals Inc.

TerraX Minerals Inc.

April 01, 2015 08:00 ET

TerraX Drills 5.00 m @ 5.29 g/t Au, Inclusive of 3.00 m @ 7.98 g/t Au at Yellowknife City Gold

YELLOWKNIFE, NORTHWEST TERRITORIES--(Marketwired - April 1, 2015) - TerraX Minerals Inc. (TSX VENTURE:TXR)(OTC PINK:TRXXF)(FRANKFURT:TX0) TerraX has received assay results from a further 22 holes drilled at Crestaurum during the 2015 winter drill program now underway on the Yellowknife City Gold Project ("YCG") in the Northwest Territories. Four holes (TCR15-017 to 020) tested extensions of the high grade gold mineralization in the Central Shoot, which is the least explored of the Crestaurum high grade zones. Results from the Central Shoot included:

  • 5.00 m @ 5.29 g/t Au, inclusive of 3.00 m @ 7.98 g/t Au, in hole TCR15-019

Eight holes (TCR1-021 to 028) were drilled in an untested area along a 400 metre extension of the Crestaurum Zone north east of the North Extension Shoot. Results included:

  • 8.86 m @ 2.86 g/t Au, inclusive of 2.00 m @ 10.24 g/t Au, in hole TCR15-025

The Crestaurum Zone is a discrete shear striking northeast and dipping southeast. It has been followed on surface for approximately 4 km. It has been drilled over 1.2 km of strike length to a depth of approximately 100 m vertical from surface by approximately 200 drill holes. The shear consistently contains moderate to low grade gold, and the higher gold grade mineralized shoots within the shear contain quartz veins and minor sulphide mineralization. A total of 28 holes were completed on Crestaurum, for which assay results from the first six holes were reported on February 26 and March 11, 2015 and the remainder are reported here.

Central Shoot Drilling

Hole TCR15-019 tested down dip of hole 85-181 (3.00 m @ 12.79 g/t Au) and up dip of hole 85-183 (2.00 m @ 0.71 g/t Au) to help determine the down dip extent of the high grade shoot in this area. TCR15-019 intersected the high grade veining and returned 5.00 m @ 5.29 g/t Au, inclusive of 3.00 m @ 7.98 g/t Au, successfully extending the dip of the high grade shoot. A cross-section of this drill intercept is available under "2015 Field Exploration" on our website at www.terraxminerals.com

Crestaurum 2015 Central Shoot Drill Holes

UTM Location
Drill (NAD 83) From To Interval Au
Hole Dip Azimuth Easting Northing (m) (m) (m) g/t Zone
TCR15-019 -50 305 635877 6941849 81.00 86.00 5.00 5.29 Main Shear
Incl. 81.00 84.00 3.00 7.98
TCR15-020 -85 305 635877 6941849 109.37 115.64 6.27 0.73 Main Shear
Incl. 110.16 114.00 3.84 1.10
TCR15-017 -45 305 635906 6941812 17.62 18.24 0.62 2.42 Hanging Wall
and 121.80 122.80 1.00 1.64 Main Shear
TCR15-018 -65 305 635906 6941812 19.00 21.31 2.31 0.26 Hanging Wall
and 128.00 133.36 5.36 0.37 Main Shear
Incl. 128.00 129.00 1.00 1.20

TCR15-017 intersected 1.00 m of 1.64 g/t, confirming that this area lies below the plunge of the high grade shoot. Holes TCR15-018 and 020 tested a similar area down dip of TCR15-017, intersecting a wider mineralized shear (6.27 m @ 0.73 g/t Au in TCR15-020) that indicates that the zone may be approaching a better mineralized shoot at depth. This will be tested with future drilling

Drilling in New Area north of North Extension Shoot

Eight holes were drilled along 400 m of untested Crestaurum Zone structure north of the North Extension Shoot. This drilling tested approximately 150 m of the structure starting more than 200 m north of the known North Extension mineralization (5.00 m @ 62.90 g/t Au in hole 85-150). This drilling confirmed that gold mineralization continues northeast beyond the known Crestaurum Zone, allowing the geological model of the zone to be extended to the north. Mineralized structure was intersected in all holes with indications of a potential high grade shoot located around holes TCR15-023 to 025. Highlights include:

  • 8.86 m @ 2.86 g/t Au, inclusive of 2.00 m @ 10.24 g/t Au, in hole TCR15-025
  • 3.50 m @ 2.22 g/t Au, in hole TCR15-023
  • 10.65 m @ 1.17 g/t Au, inclusive of 1.00 m @ 9.69 g/t Au, in hole TCR15-024

Cross-sections of these drill intercepts are available under "2015 Field Exploration" on our website at www.terraxminerals.com

Crestaurum Northern Extension Exploration

UTM Location
Drill (NAD 83) From To Interval Au
Hole Dip Azimuth Easting Northing (m) (m) (m) g/t Zone
TCR15-025 -50 305 636195 3942450 65.30 74.16 8.86 2.86 Main Shear
Incl. 65.30 67.30 2.00 10.24
and 82.40 83.40 1.00 1.58
TCR15-021 -50 305 636266 6942515 113.90 117.00 3.10 0.27 Main Shear
TCR15-022 -70 305 636266 6942515 173.40 176.20 2.80 0.29 Main Shear
TCR15-023 -50 305 636230 6942489 6.30 6.85 0.55 1.54 Hanging Wall
and 74.20 74.95 0.75 1.25
and 90.75 94.25 3.50 2.22 Main Shear
TCR15-024 -70 305 636230 6942489 85.15 95.80 10.65 1.17 Main Shear
Incl. 85.15 86.15 1.00 9.69
TCR15-026 -70 305 636195 6942450 39.50 41.05 1.55 0.44 Hanging Wall
and 82.40 83.40 1.00 0.55 Main Shear
TCR15-027 -50 305 636190 6942400 88.18 88.84 1.00 0.69 Main Shear
TCR15-028 -70 305 636190 6942400 103.00 104.00 1.00 2.66 Main Shear

Drilling in New Area between the South and Central Shoots

Ten holes (TCR15-007 to 016) tested a 200 m strike length area between the South Shoot and the Central Shoot, an area only tested by widely spaced shallow (30-50 m vertical depth) holes drilled in 1945. TerraX tested this area with closer spaced and down dip holes to determine the potential for another high grade shoot between the South Shoot and the Central Shoot. All holes reported today hit the mineralized shear where expected, confirming that the structure is continuous through this area, and intercepting substantially thicker shear zones (up to 17.18 meters), multiple mineralized horizons, and zones of significantly higher grade than the shallow historical holes. The indications for a possible high grade shoot in the area are good, and will warrant more drilling in the future. Highlights in this new area included:

  • 2.80 m @ 3.34 g/t Au in hole TCR15-008, and
  • 3.17 m @ 2.15 g/t Au in hole TCR15-013

Crestaurum South to Central Shoot Exploration

UTM Location
Drill (NAD 83) From To Interval Au
Hole Dip Azimuth Easting Northing (m) (m) (m) g/t Zone
TCR15-007 -45 305 635720 6941684 42.00 54.47 12.47 0.28 Main Shear
Incl. 47.77 48.65 0.88 1.95
Incl. 52.48 53.28 0.80 1.85
TCR15-008 -70 305 635720 6941684 50.00 62.00 12.00 0.90 Main Shear
Incl. 50.00 52.80 2.80 3.34
TCR15-009 -45 315 635743 6941716 34.00 43.00 9.00 0.16 Main Shear
Incl. 38.32 39.17 0.85 1.24
TCR15-010 -70 315 635743 6941716 47.72 59.14 11.42 0.47 Main Shear
Incl. 47.72 48.61 0.89 1.97
Incl. 58.14 59.14 1.00 3.52
TCR15-011 -45 315 635834 6941775 70.53 90.00 11.47 0.34 Main Shear
Incl. 70.53 72.42 1.89 2.72
TCR15-012 -70 315 635834 6941775 11.40 112.43 1.03 2.55 Main Shear
TCR15-013 -50 315 635809 6941738 52.33 53.27 0.94 2.39 Hanging wall
and 75.50 85.91 10.41 0.86 Main Shear
Incl. 75.50 78.30 2.80 1.78
Incl. 82.65 84.11 1.46 2.72
and 95.96 99.13 3.17 2.15 Footwall
TCR15-014 -70 305 635809 6941738 87.62 91.12 3.50 0.26 Main Shear
TCR15-015 -45 305 635859 6941800 84.00 90.00 6.00 0.43 Main Shear
TCR15-016 -70 305 635859 6941800 95.82 113.00 17.18 0.20 Main Shear

A map showing all drill collar locations reported in this news release is available on our web site at www.terraxminerals.com.

Drill intersections at Crestaurum are designed to be normal to strike and near normal to dip and represent 90-100% of true thickness of the mineralized zone based on interpreted strike and dip of the zone, except hole TCR15-020 which is approximately 80% of true thickness.

Winter Drill Program Completed at Core Gold Area

The winter drill program at the Core Gold Area of the YCG is now complete, with additional holes having been added to the program which now totals 6,799 m of drilling.

Drill core is currently being logged and sampled from:

  • four holes drilled at the interpreted intersection of the Crestaurum Shear and Shear 20 (21.12 m @ 2.97 g/t Au in hole 94-01A) to provide information on the intersection zone of these two well mineralized shears; and
  • eleven holes drilled at Barney to test up and down dip and along strike from the main zone of mineralization drilled by TerraX in 2014 (22.42 m @ 6.35 g/t Au in TNB95-16W1).

TerraX collected 664 samples for assay from the drilling reported here. Results ranged from below detection to a high of 19.25 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 encompasses approximately 94.9 sq km of contiguous land immediately north 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 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 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 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, and U-Breccia, as well as staking additional contiguous lands. Being all-season road accessible and within 15 km of the City of Yellowknife, the YCG is close to vital infrastructure, including transportation, service providers, hydro-electric power and skilled trades people

For more information on the Yellowknife City Gold Project, please visit our website 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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