Northbelt

In February 2013, TerraX acquired a 100% interest in the Northbelt gold property located on the prolific Yellowknife Gold Belt. The property is located immediately north of the city of Yellowknife, Northwest Territories and covers 15 km of strike of the northern extension of the geology that contained the Giant (8.1 Moz. @ 16.0 g/t Au historical production) and Con (6.1 Moz.@ 16.1 g/t Au historical production) gold mines. The Northbelt property lies just north of the Giant Mine site, and is accessible by road from Yellowknife. The Blue Fish hydro dam is located on the north end of the property and is upgradeable for mine development.

Since acquiring the core Northbelt property in 2013, TerraX expanded the project area by acquiring, staking and optioning numerous properties, including: Goodwin, Ryan Lake, Walsh Lake, and U-Breccia, as well as staking additional contiguous lands.

Being all-season road accessible and the entire property all within 15 km of the City of Yellowknife, the YCPG is close to vital infrastructure, including transportation, service providers, hydro-electric power and skilled tradespeople.

Geology:

The Northbelt property contains multiple gold-bearing shears that are the recognized hosts for gold deposits within the Yellowknife Gold district. Exploration by TerraX has identified seven main targets within a 10km long and 4km major flexure of the main Yellowknife Gold District Shear Zone known as the Barnet Deformation corridor and highlighted on the following map.

Target areas drilled to date include, Mispickel, Sam Otto, Crestaurum, Barney, Shear 20 and Hebert-Brent. Our newest target area is the Townsite at the southern edge of the property, which is in the same mineralized formation as the “Supercrest” pit on the nearby Giant mine site, which was their highest grade deposit and was mined up to the boundary of our property.

Targets and Drilling Highlights

  • Targets and Drilling Highlights
    Targets and Drilling Highlights
Mispickel: Drill Intercepts 8.00m @60.60 g/t Au, 7.30m @23.60 g/t Au and 5.85m @ 29.85 g/t AU

Sam Otto: Drill intercepts of 49.70m @ 1.00 g/t AU and 30.70m @ 1.33g/t Au.

Barney: Drill intercept 22.4 m @ 6.35 g/t Au

Hebert-Brent: Channel Sample 11.0m @ 7.55 g/t Au

Shear 20: Drill Intercept 21m @ 2.97 g/t Au

Crestaurum: Drill intercept 5.0m @62.9g/t Au

Townsite: Extensive field work was completed at Townsite in 2016 in preparation for drilling in 2017.

Property Highlights

  • Northern extension of highly prolific Yellowknife Gold Belt (Giant and Con Mines)
  • Gold deposits mined up to the southern property boundary
  • Control of large land package: 6,500 hectares (owned and optioned)
  • 15 km of strike length
  • Large historical database of prior exploration data (463 holes with preserved core available from approximately 200 holes)
  • High-grade assays from historical drill programs
  • New high-grade gold discoveries by TerraX in 2015 and 2016
  • Numerous underexplored gold targets
  • Historical metallurgical testing showed free milling gold with high recovery rates (Crestaurum)
  • Excellent infrastructure nearby
    • Year-round road access
    • 8 km from Yellowknife airport
    • 2 km from new Bluefish Hydro Dam
    • Close to qualified workforce and service companies
  • Qualified and experienced management team.

History

The property was explored at the beginning of the Yellowknife gold rush in the early 1940s. It was staked by multiple claimholders in 1944 with the discovery of the outcropping Crestaurum deposit. Drilling commenced in 1945 and the property was intermittently active throughout the 1960s and 1970s. By the 1970s Giant Gold Mines had largely consolidated the property and began serious exploration and by the end of the 1980s substantial drill programs has been completed. Additional exploration and drill programs were completed in the mid 1990’s before the project went essentially dormant until acquisition by TerraX in 2013. Detailed mapping during this period confirmed that the property hosts the extension of the Yellowknife Gold Camp’s gold bearing structures and that the stratigraphy associated with the large mines occurs on the property. It was also realized that numerous other sub-parallel structures host gold occurrences, including the Crestaurum deposit.

Through the various owners, at least 463 drill holes were completed on the property between 1938 and 1996, largely concentrated on the Crestaurum deposit (approximately 190 holes).

TerraX acquired the Northbelt property out of receivership from Century Mining in February 2013. The senior management team at Century had experience operating the Giant Mine and acquired the Northbelt property in 2005. Northbelt was not explored as Century was focused on developing the Sigma-Lamaque project in Quebec. Due to financial and operating difficulties, largely at the Sigma-Lamaque project, Century Mining went into receivership in May 2012 resulting in the liquidation of its assets, including the Northbelt Property.

Substantial historical data was recovered by TerraX in early 2013 that allowed for more than 200 historical drill holes to be entered into a digital drill database. Available logs provided information on collar locations, downhole surveys, geology and gold assays. Digitally compiled information reveals that 187 holes were drilled into the Crestaurum deposit on the property. This information has allowed for preliminary modeling of the mineralized shear at Crestaurum over 1.4 km of strike length. In addition, several dozen holes intersected other gold mineralized shear zones on the property, most notably the “Barney Shear”, which is the interpreted extension of the Giant Mine shear zone and has been delineated over at least 4.5 km of strike length.

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