VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 21, 2016) - TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TX0)(OTC PINK:TRXXF) is pleased to announce results from surface mapping and prospecting on the Southbelt Property of the Yellowknife City Gold Project. The Southbelt property immediately adjoins the mine leases for the past producing Con Mine, where over 6.0M oz of gold were mined at an average grade of 16.1 g/t Au over a 60 year mine life, and covers the extensions of several mineralized trends previously mined at the Con, including the namesake "Con Shear", which appears to continue on to our property for up to 5 km. Other structures have been identified on surface that strike south from the Con property for distances of greater than 1 km onto our claims and contain values up to 94.9 g/t Au (news release September 23, 2015), with values in the 2016 exploration work up to 33.6 g/t Au and 16.4 g/t Au in grab samples. A map of the sampling at Southbelt is available on our web site under "2016 Field Exploration" under the "Southbelt" project section.
Joe Campbell, Chairman and CEO of TerraX states, "The extension of shear and vein systems with known historical production on to our Southbelt property make for very exciting targets for discovery of significant gold deposits. The Southbelt contains multiple high grade, high priority targets with very high potential for discovery."
A total of approximately 530 samples were taken from outcrop across wide areas of the property which covers 8 kilometers of strike length along the "Yellowknife Gold belt" adjacent to and south of the formerly producing Con Mine. Of the 530 samples, 88 returned values greater than 0.50 g/t Au, of which 10 samples were between 3.00 and 15.00 g/t Au, with high values of 33.6 g/t Au and 16.4 g/t Au, as indicated on the map referenced above.
The 2016 exploration results and compilation of historical exploration together defined the extensions of the mineralized structures mined at Con onto the TerraX ground, with multiple additional parallel and cross-cutting gold bearing structures discovered by TerraX. After just one field season on Southbelt, TerraX was able to identify multiple drill targets at Southbelt that warrant immediate drilling.
TerraX submitted an application to the Mackenzie Valley Land and Water Board for a Land Use Permit ("LUP") for drilling on Southbelt which was accepted as complete on December 2nd, initiating the 42 day permit approval process. Approval of this LUP application will allow TerraX to begin drilling on Southbelt during the first quarter of 2017 on the extensions of the mineralized structures striking south from the Con. The application is for a five year LUP across the entire Southbelt property, giving TerraX maximum exploration flexibility for making a discovery.
Subsequent to the mapping and sampling programs, TerraX received the results of a LIDAR survey flown over the Southbelt property during the summer of 2016. LiDAR flown in 2014 has proven valuable in defining and extending mineralized trends on the Northbelt properties, and it is expected to greatly enhance TerraX's exploration efforts on Southbelt moving forward. For more information on the Southbelt property, visit the "Southbelt" property section at www.terraxminerals.com.
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 analysis by fire assay and other elements by 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 on the subject area. The technical information contained in this news release has been approved by Joseph Campbell, the CEO 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
Yellowknife City Gold ("YCG") encompasses 129 sq km of contiguous land immediately north and 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. 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.
The YCG lies on the prolific Yellowknife greenstone belt, covering 23 km of strike length on the southern and northern extensions of the shear system that hosted 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 recent high grade drill results that serve to indicate the project's potential as a world-class gold district.
For more information on the YCG project, please visit our web site at www.terraxminerals.com.
On behalf of the Board of Directors,
Joe Campbell, Chairman and CEO
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.