Yellowknife, February 17, 2016 - TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0; OTC: TRXXF) has mobilized a second drill to its Sam Otto Target on the Walsh Lake property, Yellowknife City Gold project (“YCG”). The second drill will ensure completion of the planned winter drill program prior to spring break-up and was made possible by the ease of access by truck to the drill sites from our drill contractor’s operations and maintenance facility (Foraco Canada Ltd.) in Yellowknife, just 25 km to the south by ice road and highway.
Drilling at Sam Otto is targeting veins and replacement style sulphide mineralization that has been sampled at surface 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. The drill program planned for Sam Otto is comprised of nine holes totaling approximately 1,400 meters. Drilling began at Sam Otto on February 7th, with eight holes now complete totaling 1,124 meters and the final two holes on the Sam Otto target underway. A map showing the location of the Sam Otto target area on the YCG is available on our web site under “Walsh Lake - 2016 Field Exploration”.
The winter drill campaign will total approximately 6,500 m 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 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
Toll Free: 1-866-460-0408
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.