TerraX Assays 34.9 g/t, 75.8 g/t, 346 g/t and 547 g/t Au in Grab Samples From Newly Discovered VSB Vein, Yellowknife City Gol...
July 24 2014 - 8:00AM
Marketwired Canada
TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TX0)(PINKSHEETS:TRXXF) has
received the first assay results from an extensive prospecting program (over 500
samples to date) currently underway on the Yellowknife City Gold Project
("YCGP") immediately north of Yellowknife in the Northwest Territories. The
sampling program reported today focused on sub-parallel structures to the
Crestaurum Shear and northwest trending quartz veins and shears. One of these
quartz veins, the newly discovered "VSB Vein" contains abundant visible gold
over its entire 15 m exposed length, which is reflected in the four grab samples
collected from this vein reporting gold assays of 34.9 g/t, 75.8 g/t, 346 g/t
and 547 g/t Au respectively (see Table 1 below). Assay results, and the
interpretation thereof, from both the ongoing drilling and sampling programs
will be announced as they become available over the coming weeks.
Sixty samples were collected from a northeast-trending corridor 1.3 km long by
300 m wide, parallel to and including the Crestaurum Shear, a southeast-dipping
shear that hosts the Crestaurum gold deposit, which has been drill tested by
almost 200 holes, with drill intercepts that include 5 m at 62.90 g/t Au (news
release of October 2, 2013). All but two of TerraX's samples from this
prospecting campaign were grab samples. Assay values ranged from below detection
(16 samples) to 547 g/t Au. Twelve samples had greater than 5 g/t Au. Notable
values were taken from three separate locations:
i. the newly discovered VSB Vein
ii. an easterly-trending quartz vein; and
iii.a northwest-trending quartz vein.
The VSB Vein is composed of white quartz, and is 10 cm wide; it trends northwest
(330 degrees ) and dips 60 degrees to the southwest, and is exposed for 15 m.
The vein trends into lichen-covered outcrop to the northwest, and into a swamp
to the southeast. This swamp is subparallel to the Crestaurum Shear and 50 m to
the northwest of it, and could represent a target in its own right. The VSB Vein
contains abundant visible gold over its exposed length, as is reflected in the
assays ranging from 34.9 to 547 g/t Au in the four samples collected from the
vein (Table 1). This vein does not appear to have been sampled during any
previous exploration campaigns.
The easterly trending quartz vein is exposed in three trenches over a strike
length of 15 m. It is 30 cm wide and is highly contorted over its exposed
length. It contains arsenopyrite, sphalerite and galena. All six samples
collected in this campaign were anomalous, with values ranging from 8.18 to 40.7
g/t Au. Two of the samples were 1 m chip samples; these ran 18.3 and 28.3 g/t
Au. The vein also contains significant amounts of lead and zinc-up to 1.47% Pb
and 7.96% Zn. The vein is immediately east of the trace of the Crestaurum Shear,
which is not exposed at surface in this area.
The northwest trending quartz vein is exposed in four trenches over a 55 m
strike length, and may be the south-easterly extension of a vein that was traced
by TerraX in 2013 over 150 m. The vein varies from 15 to 50 cm in width. Grab
samples from this vein ranged from 0.37 to 19.75 g/t Au.
Table 1: High Grade 2014 Grab Samples from Crestaurum Area
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Au Ag Pb Zn
Sample Vein Easting Northing (g/t) (g/t) % %
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Q635202 VSB 635548 6941653 547 9.7
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Q635203 VSB 635552 6941652 34.9 3.4
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Q635204 VSB 635555 6941650 75.8 3.4
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Q635205 VSB 635549 6941658 346 3.2
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Q635090 Easterly Trending 635635 6941632 28.3 2.2
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Q635091 Easterly Trending 635638 6941633 8.18 14.6 1.47% 7.96%
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Q635095 Easterly Trending 635623 6941634 18.3 4.6 0.37% 0.71%
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Q635096 Easterly Trending 635625 6941636 8.47 4.6 0.36% 1.03%
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Q635097 Easterly Trending 635624 6941636 10.75 6.4 0.66% 1.27%
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Q635098 Easterly Trending 635624 6941638 40.7 3.8 0.26% 1.15%
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Q635085 Northwest Trending 635710 6942008 19.75 15.4
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Sample locations and gold results are shown on a map available on the TerraX
website at www.terraxminerals.com.
The northeast trending Crestaurum Shear outcrops only in its southwestern end,
where it has been trenched and where a 2013 TerraX chip assay ran 4 m @ 24.26
g/t Au. The Crestaurum shear was not sampled during this current prospecting
campaign, which focused on subparallel structures and northwest trending quartz
veins and shears.
Joseph Campbell, P.Geo and President of TerraX, comments: "We continue to find
new and compelling high-grade showings throughout the Yellowknife City Gold
Project, including these recent exploration results from the area around the
Crestaurum Shear. This includes multiple northwest trending structures that
project to intersect with the Crestaurum Shear and may provide some control on
the higher grade lodes found within that deposit. Collectively, these veins
could also contribute significantly to potential gold resources in the area and,
in particular, we regard the VSB Vein as an exploration target in its own
right."
The 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 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 15 km of the City of Yellowknife, the YCGP
is close to vital infrastructure, including supplies, service providers, power,
water, and skilled tradespeople.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Paradox Public Relations
514-341-0408
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info@paradox-pr.ca
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