TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has received the results from the recent core drilling conducted at the Pettigrew Northeast target on its Sunbeam-Pettigrew property near Atikokan, Ontario. The Pettigrew Northeast target is one of at least eight target areas identified on the Sunbeam-Pettigrew project, where sampling in 2009 identified mineralization over a strike length of nine kilometres and grab samples returned assays up to 16.2 g/t Au. The Sunbeam-Pettigrew property encompasses 66 square kilometres and is located within 17 kilometres of Brett Resources’ (TSX-V: BBR) Hammond Reef gold deposit in a similar geological environment within the Marmion Batholith.
The initial Phase 1 drill program at Sunbeam-Pettigrew comprised five holes totaling 661 metres drilled at the Pettigrew Northeast target to test a coincident chargeability/resistivity anomaly identified during TerraX’s induced polarization (“IP”) survey conducted earlier this year. In 2009, TerraX discovered two new showings along this trend, one of which ran up to 5.9 g/t Au and one of which ran up to 10.2 g/t Au. Drill holes consistently encountered weak to moderate silicification, with variable chloritization and sericitization. All holes had minor amounts of pyrite, and the first two had trace pyrrhotite and chalcopyrite. Only hole 5 had significant amounts of anomalous gold, with four non-contiguous intervals of >1 metre each containing > 100 ppb Au.
TerraX is encouraged by the alteration and sulphides encountered in the Pettigrew Northeast holes as well as the anomalous gold values. The experience of Brett Resources in similar alteration systems is that the width and continuity of the gold mineralization improves with depth. TerraX plans to continue further surface work at Pettigrew Northeast as well as the other target areas at Sunbeam-Pettigrew prior to the next phase of drilling, scheduled for this fall.
For more information on the three properties that TerraX is exploring in the Atikokan area this field season, please visit the company’s website at www.terraxminerals.com.
All drill core from the 2010 drill program was logged, split and sampled at a secure core facility in Atikokan. Samples were delivered by TerraX personnel to the Activation Laboratories (“Actlabs”) acility in Thunder Bay. Actlabs is an ISO/IEC 17025 accredited analytical laboratory. Analysis was by fire assay with AA finish. Analytical accuracy and precision are monitored at the laboratory by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. TerraX routinely inserted blanks and certified standards into the sample stream in order to independently assess analytical accuracy.
The technical information contained in this news release has been verified by Dr. Tom Setterfield, P.Geo., who is a Qualified Person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral Properties.”
About TerraX Minerals
TerraX Minerals Inc. is one of the major landholders of prospective ground in the burgeoning Marmion Batholith gold district near Atikokan, Ontario, host to Brett Resources’ (TSX-V: BBR) Hammond Reef gold deposit which contains a National Instrument 43-101-compliant inferred resource of 259.4 million tonnes at 0.8 grams per tonne Au (approximately 6.7 million ounces of gold). The Brett Resources Technical Report is available on SEDAR. TerraX is actively exploring three wholly-owned gold exploration projects, the Sunbeam-Pettigrew, Blackfly and Central Canada properties, all of which are located within 20 km of the town of Atikokan, 180 km west of Thunder Bay, and are within 19 km of the Hammond Reef gold deposit.
On behalf of the Board of Directors
Joseph Campbell, P.Geo
Contact: Paradox Public Relations
Toll Free: 1-866-460-0408
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