TSX.V: TXR; Frankfurt: TX0) has now completed its work obligations and, as a result, has made the final payment due under its option agreement whereby it can acquire a 100% interest in the Stewart gold-copper property in Newfoundland, subject to a 2% NSR and the issuance of a further 175,000 shares by April 2014. Terrax intends to follow up on the positive exploration results from this summer’s field work by diamond drilling newly defined targets at the main Stewart porphyry target and at the high grade Forty Creek epithermal Au-Ag showing.
The Stewart target consists of a large (6 km x 1.4 km) porphyry style alteration zone (Stewart Porphyry Target) defined by surface mapping, trenching, channel sampling, Titan IP surveying and drilling. At Forty Creek, 2 km to the northeast of the Stewart alteration zone, epithermal Au-Ag mineralization has been identified by prospecting and sampling; grab samples included 59 g/t Au and 2,290 g/t Ag recovered in 2010, with a sample this summer returning values of 48.8 g/t Ag and 1,990 g/t Ag.
STEWART PORPHYRY TARGET
Soil and lake sediment sampling in 2012 at the Stewart porphyry target extended the multi-element anomaly (Au-Cu-Mo) to the southwest under the Camp Pond. This area is 1.5 km southwest of previous drilling conducted by TerraX in 2011 (ST11-01 with 111 m @ 0.11 g/t Au, 0.05% Cu). The soil and lake sediment sampling combined with other geological and geophysical work have all strongly suggested that the Stewart porphyry alteration zone continues to the southwest under this lake (see maps on our web site at
TerraX Minerals Inc. (