Yellowknife, Northwest Territories — TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0; OTC Pink: TRXXF) has commenced drilling on its wholly-owned Yellowknife City Gold project (“YCG”) in the Northwest Territories. This summer drill campaign will total up to 6,000 m of drilling and will focus on the Barney Shear, which is the extension of the Con/Giant shear system that produced over 14 Moz of gold; and Crestaurum, which is a high grade gold zone with more than 200 drill intersections from historical holes and recent drilling by TerraX. With over $6.25 Million in working capital, TerraX is fully funded for multiple drill campaigns that will follow this initial program, resuming this winter and continuing through 2016.
Drilling has begun on the Crestaurum Zone with the overall objective to test the dip and plunge extensions of the high grade gold shoots within this zone, which has never been tested below 100 m of vertical depth. Later in the program, drilling will be carried out on the Barney Shear to extend the strike and dip of the higher grade mineralization intersected in historical drill holes and during 2014 and winter 2015 drill campaigns, with intersections of 22.42 m @ 6.35 g/t Au including 5.16 m @ 18.40 g/t Au (TNB95-16W1) and 14.09 m @ 2.96 g/t Au, including 2.41 m @ 15.43 g/t Au (TBY15-005).
Additional work will be carried out in conjunction with the drilling, including stripping and channel sampling of surface mineralization identified in recent field programs. This work will prioritize drilling on the multiple gold targets on the YCG that have been identified from recent field work, and help locate and orient the initial drill collars on these areas.
The first drill hole now underway at Crestaurum will test strike, dip and plunge extensions on the Central Shoot where prior drilling returned results that included 5.00 m @ 20.66 g/t Au in hole 85-187 and 5.00 m @ 5.29 g/t Au in hole TCR15-019. Subsequent drilling will test extensions to a new high grade shoot discovered in the South shoot area during the 2015 winter program that included 7.00 m @ 10.23 g/t Au in hole TCR15-003, 8.00 m @ 6.83 g/t Au in hole TCR15-005, and 2.94 m @ 13.28 g/t Au in TCR15-006. The drill rig will then move to the North Shoot to test the down dip plunge of a high grade zone that returned results that included 6.87 m @ 13.07 g/t Au (hole 85-118), 2.00 m @ 67.69 g/t Au (hole 85-157), and 2.85 m @ 33.60 g/t Au (hole TNB14-019). More information on this drilling, including cross sections and plan views, is available on our web site under “Field Exploration 2015”
Prior to moving the drill rig to the Barney Shear area, drilling will test a new area identified from surface sampling that is immediately to the west of the Crestaurum shear where several high grade sub-parallel northwest trending veins with visible gold (and assays up to 712 g/t Au in grab samples) appear to intersect the northeast trending Crestaurum shear at high angles (off-angle veins). This drilling will test for continuity of these veins as well as frequency and abundance of the veins.
TerraX completed extensive repairs to the Crestaurum road in June to improve access to the summer 2015 drill areas. This included upgrades to two permanent water crossings which will greatly simplify the drill program logistics. As this has also improved access in a popular recreational area, all users of the trails and mining roads are reminded to act safely and responsibly and keep an eye out for other recreational, traditional and industrial users and for hazards.
It should be noted that, due to their selective nature, assay results from grab samples may not be indicative of the overall grade and extent of mineralization on the subject area. 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.”
About the Yellowknife City Gold Project
The Yellowknife City Gold Project now encompasses approximately 99.3 sq km of contiguous land immediately north of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX now controls one of the six major high-grade gold camps in Canada - and the least explored.
The project lies on the prolific Yellowknife greenstone belt and covers 15 km of strike length on the northern extension of the shear system that hosts the high-grade Con and Giant gold mines. The project area contains multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district, with innumerable gold showings and high grade drill results this past year that serve to indicate the project’s potential as a world-class gold district. Since February 2013, TerraX has consolidated the project area by acquiring, optioning and staking numerous properties, including: Northbelt, Goodwin, Ryan Lake, Walsh Lake, and U-Breccia, as well as staking additional contiguous lands. Being all-season road accessible and within 15 km of the City of Yellowknife, the YCG is close to vital infrastructure, including transportation, service providers, hydro-electric power and skilled trades people
For more information on the Yellowknife City Gold Project, please visit our web site at www.terraxminerals.com.
On behalf of the Board of Directors
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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.