TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) continues compilation work on its wholly-owned Northbelt gold property near Yellowknife, NWT and now has more than 200 historical drill holes entered into a digital drill database. Available information includes 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 modelling 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 extends the entire 13 km length of the Northbelt property. Summaries and maps of some of the significant historical gold occurrences compiled to date from the digitized data are available on our web site and presentation at www.terraxminerals.com.
Compilation of the remaining drill information and historical geological and geophysical surveys continues. The property has abundant historical information that had been stored in mine archives at the former Giant Mine site, and the ongoing compilation will be used to direct future exploration programs that are planned to begin this spring. Initial work will also involve permitting to carry out a detailed airborne magnetic and electromagnetic survey across the entire property in preparation for a comprehensive summer field program of mapping, prospecting and location of historic drill holes. Permitting will also be initiated for preliminary drill programs on known mineralized zones.
The Northbelt Gold property consists of 121 mineral leases totalling 8802 acres (3562 hectares) which cover approximately 13 km of strike along the prolific Yellowknife Belt, 15 km north of the city of Yellowknife (see press release January 2, 2013). The southern part of the Property is accessible by road and the remainder is accessible by all terrain vehicles. Northbelt is situated on the northern strike continuation of the Yellowknife gold camp, immediately west of the major break controlling gold mineralization within the camp. This spatial location is host to all known gold deposits in the Yellowknife camp, including the past producing 7.6 Moz Giant and the 5.5 Moz Con mines. The property is host to multiple shears that are the recognized hosts for gold deposits in the Yellowknife camp, and it contains innumerable gold showings.
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.”
On behalf of the Board of Directors
Joseph Campbell, P.Geo
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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.