Yellowknife, February 9, 2016 - TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0; OTC: TRXXF) has completed its planned drill program on the Mispickel Target on the Walsh Lake property, Yellowknife City Gold project (“YCG”). Drilling totaled 383 meters in 4 holes on two parallel sections approximately 50 meters apart. The two holes on each section were designed to hit mineralization approximately 20-25 and 40-50 meters below surface trenches sampled by TerraX in 2013, which returned chip sampling assays across strike on the sulphide-quartz vein zone of 6.0 m @ 7.29 g/t Au (News release of October 30, 2013). All four holes drilled on the Mispickel Target intersected sulphide mineralized veins and replacement style sulphide mineralization of the host felsic volcanics and sediments. Logging and sampling of the drill holes is ongoing with the first shipment of samples sent to ALS laboratory in Yellowknife.
The drill has now been moved and collared on the Sam Otto Zone, approximately 1.5 km to the southwest of Mispickel on the Walsh Lake property. The Sam Otto has veins and replacement style sulphide mineralization that is similar to the Mispickel and is exposed in surface trenching and been intersected over 1.5 km of strike in historical drilling completed between 1989 and 2000 by previous operators that included Barrick (Lac Minerals), Rubicon, Kelmet, Nebex and Inmet. A map showing the location of the Mispickel and Sam Otto target areas on the YCG is available on our web site under “Walsh Lake - 2016 Field Exploration”.
The winter drill campaign now underway will total approximately 6,500 meters of drilling on multiple gold targets, including five targets in the 5 km by 3 km “Core Gold Area”, which includes the Barney Shear and the recently discovered Hebert-Brent Zone, as well as three new areas of high grade gold veins identified during field exploration in the summer of 2015. TerraX will be providing updates on our activities in the coming months as we carry out our winter exploration plans.
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 (“YCG”) encompasses 118 sq km of contiguous land immediately north and 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. 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.
The YCG lies on the prolific Yellowknife greenstone belt, covering 23 km of strike length on the southern and northern extensions of the shear system that hosted 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, U-Breccia and Southbelt, as well as staking and acquiring additional contiguous lands.
For more information on the YCG 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.