TerraX Minerals Inc. (TSX-V:TXR) has received assay results from its recently completed drill program at the Needle Gold Property in Nunavut, located approximately 460 km northeast of Yellowknife, 200 km southeast of the past producing Lupin gold mine owned by Zinifix Canada Inc., and 70 km south of the George and Goose Lake deposits owned by Dundee Precious Metals Inc. TerraX can earn up to a 60 percent interest in the Needle Lake property from Kaminak Gold Corp (TSX-V:KAM).
The 2008 exploration program comprised a five hole drill program that tested extensions from the main Needle Gold Zone which was drilled by previous workers in 1990. In addition, the drill program tested a new vein structure identified during fieldwork conducted in 2007 by TerraX and a new style of mineralization that was discovered on the property and consists of zinc and lead-rich precious metal occurrences. No previous drilling had been completed over these two new targets.
Holes TXR08-001, 002 and 004 were drilled on extensions to the main zone drilled in 1990. All holes intersected the mineralized zones where they had been projected from previous drilling. Although these holes confirmed strike and dip extensions to the main mineralized zone on the property, none of the results were as high grade as previous drilling. TerraX’s best intersection in TXR008-004 (2.47 g/t Au over 3.25 m) is the most southerly drill hole on the zone and indicates that the zone remains open along a 2 km magnetic trend. The northern extension of the zone goes under Needle Lake and would require winter drilling off the ice. TerraX will continue to assess the extensions of this zone.
Hole TXR08-003 tested the vein structure discovered by surface prospecting. The hole intersected two narrow zones of quartz veining with results of 1.17 g/t Au over 0.65 m and 1.03 g/t Au over 1.27 m.
No significant mineralization was encountered in TXR08-005 which was designed to test the zinc and lead precious metal occurrence. TerraX will review the work done to date on this target to ascertain why it was missed in the drilling, and to better target future exploration.
2008 Needle Gold Assay Results
|Hole No.||From (m)||To (m)||Interval (m)||Au Grade (g/t)|
|TXR08-005||No significant values|
Drill holes were designed to intersect zones at right angles and reported drill intercepts are approximately true widths.
The contents of this press release have been reviewed and approved by Joseph Campbell, P.Geo., TerraX’s President and CEO, who serves as a Qualified Person under the definition of National Instrument 43-101. Drilling assays were completed at TSL Laboratories in Saskatoon, Saskatchewan. Reference standards were inserted into the sample streams as part of a comprehensive QA/QC program to ensure accurate results.
On behalf of the Board of Directors
Joseph Campbell, P. Geo
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.