TerraX Begins Summer Field Exploration on Yellowknife City Gold Project; Drilling to Resume Later This Month
June 17 2014 - 9:00AM
Marketwired Canada
TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TX0)(PINKSHEETS:TRXXF) has
commenced summer field exploration programs on its wholly-owned Yellowknife City
Gold Project ("YCGP") in the Northwest Territories. Work over the coming weeks
will include mapping and prospecting and surveying over the contiguous
Northbelt, Walsh Lake, U-Breccia and Ryan Lake properties that make up the
approximately 8,400 hectare YCGP, with drilling to resume later this month when
the water levels from spring breakup recede. This spring has been particularly
dry, and technical crews are now onsite assessing ground conditions for a
possible early start-up of summer drilling.
Summer surface work will cover multiple high value target areas on the YCGP. A
concerted mapping and prospecting effort will be made on the Walsh Lake property
following up positive results from surface sampling completed by TerraX in 2013,
over only a two day period, that included chip sampling of 6m @ 7.29 g/t Au at
the Mispickel Island showing, and 4m @ 6.20 g/t Au on the Samex showing (news
release of Oct 30, 2013). On Northbelt work will continue to follow up on zones
discovered by TerraX during 2013 field work including the Crestaurum Southwest
Zone (chip sampling of 4.0m @ 24.26 g/t Au reported Nov. 6, 2013), and the Pinto
Shear (grab sample of 49.3 g/t Au reported July 3, 2013). TerraX will also be
conducting initial exploration along projected extensions of areas previously
mined by Giant Mines along the southern boundary of the property (Lynx, GBK,
C-Zone).
While gold targeting will be our prime focus, Virginia Mines Inc. has offered to
provide senior geologists to assist in following-up on VMS style mineralization
encountered in TerraX's surface sampling in 2013 (chip sample of 5.00m @ 1.54m
g/t Au, 95.5 g/t Ag, 3.13% Pb, 1.59% Zn reported July 3, 2013). This result was
followed up by drilling in April of 2014 that intercepted a pervasively
mineralized felsic volcanic with 71.15m @ 0.25 g/t Au, 14.0 g/t Ag, 0.73% Pb and
0.57% Zn in hole TNB14-004 (inclusive of 3.42m @ 3.41 g/t Au, 69.3 g/t Ag, 3.67%
Pb, 3.17% Zn) reported on May 12, 2014. Mapping and prospecting will be directed
at establishing the controls on this mineralization for follow-up drilling in
2015.
As well TerraX has contracted for a LIDAR survey (Light Detection and Ranging)
to be carried out in June 2014 over the entire YCGP. This survey will provide
detailed elevation data of bare earth and vegetated terrain models, as well as a
high resolution airphoto mosaic. This information will allow TerraX to trace
mineralized shear zones (locally topographic lows); provide surface modelling
for future NI 43-101 mineral resource estimation; and be an invaluable tool for
detailed collar location planning for exploration and definition drill programs.
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 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 Northbelt gold property encompasses 3,562 hectares on the prolific
Yellowknife belt, all within 15 km of the city of Yellowknife, and covers 13 km
of strike on the northern extension of the geology that contained the past
producing high-grade Giant and Con gold mines. The Northbelt property is host to
multiple shears that are the recognized hosts for gold deposits in the
Yellowknife camp and it contains innumerable gold showings and historic high
grade drill results.
TerraX has carried out a strategy of acquiring prospective ground adjacent to
Northbelt and in October 2013 entered into an option agreement whereby it can
acquire a 100% interest in the Walsh Lake gold property, which is contiguous
with and immediately east of Northbelt. The Walsh Lake property consists of
seven leases and five claims totaling 6,659 acres (2,695 hectares). TerraX has
also staked and acquired ground to the west of Northbelt to cover prospective
geology that is on strike from Northbelt structures.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Paradox Public Relations
info@paradox-pr.ca
Phone: 514-341-0408
Toll Free: 1-866-460-0408
Vanguard Shareholder Solutions
ir@vanguardsolutions.ca
Phone: 604-608-0824
Toll Free: 855-508-0824
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