Yellowknife, Northwest Territories - TerraX Minerals Inc. (TSX-V:TXR; Frankfurt:TX0; OTC Pink:TRXXF) has staked 8 km of strike on the southern extension of the Yellowknife Greenstone Belt, immediately south of the historic Con Mine, which produced over 6.1 million ounces of gold at an average grade of 16.1 g/t Au. The new Southbelt property forms part of TerraX’s Yellowknife City Gold project, and consists of five claims totalling 16.7 sq km. During a brief two day reconnaissance program on the northeastern third of the Southbelt property prior to staking, twelve structures were noted and 44 grab samples were collected. Six of these structures returned gold values of greater than 0.5 g/t, with a high value of 94.9 g/t Au. Several of the structures have anomalous copper and zinc, with high values of 0.78% Cu and 0.36% Zn
The Southbelt property adjoins the southern boundary of the Con property, owned by Miramar Northern Mining Ltd. (itself owned by Newmont Mining Corporation). Most of the property was owned by Miramar up to 2008. The property is underlain predominantly by mafic volcanic and intrusive rocks, in the same stratigraphy as the Con and Giant deposits. A number of structures on the Con property strike onto the Southbelt property. These structures vary in orientation from north-northwest to east-northeast and are subvertical. As in TerraX’s ground north of Yellowknife, the structures typically consist of a 1 to 5 m wide shear zone with strong iron carbonate alteration, cored by one or more quartz veins containing variable amounts of arsenopyrite, pyrite and base metal sulphides. One east-northeast trending structure was traced for more than 200 m; this structure contained up to 94.9 g/t Au and 0.12% Zn. It is possible that this structure projects into a second east-northeast trending structure, in which case the total strike length would be more than 1 km. A north-northeast trending structure was traced for 300 m in a series of pits and trenches; high values of 9.4 g/t Au and 0.15% Cu were obtained from this structure. A map showing the location of the Southbelt property is available under “Projects” on our web site at www.terraxminerals.com.
Very little historical information is available in the public record on the Southbelt property. TerraX is in possession of a 1940’s-era map which documents other mineralized veins on the Southbelt close to the Con property. Lineaments on the Google Earth image also suggest that many potentially mineralized structures occur on the Southbelt property. TerraX is very encouraged that the very limited reconnaissance to date has produced such high gold values. TerraX’s president, Joe Campbell, noted “with the acquisition of the Southbelt property, TerraX now controls more than half of the prolific Yellowknife Greenstone Belt, from which millions of ounces of gold have been produced. This new property has similar geology and structures to the Con and Giant properties, and exploration by TerraX has already demonstrated its ability to host significant gold grades.”
Sampling included insertion of certified standards and blanks into the stream of samples for chemical analysis. Samples were prepared at ALS Chemex’s laboratory in Yellowknife and shipped to their Vancouver facility for gold analysis by fire assay and other elements by ICP analysis. ALS is a certified and accredited laboratory service. Gold results varied from below detection to a high of 94.9 g/t Au. 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 Tom Setterfield, Vice President Exploration 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 116 sq km of contiguous land immediately north and now south 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 the combined Southbelt and Northbelt properties cover 23 km of strike length on the southern and northern extensions 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 on the Northbelt property 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, U-Breccia and Southbelt, as well as staking additional contiguous lands. Being within 15 km of the City of Yellowknife, the YCG is close to vital infrastructure, including transportation, service providers, hydro-electric power and skilled tradespeople.
For more information on the Yellowknife City Gold Project, please visit our web site at www.terraxminerals.com.
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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.