The Stewart property features an east-northeast striking, 6 km long by up to 1.4 km wide epithermal to porphyry style alteration zone with extensive low grade gold-copper mineralization. The target type for the Stewart property is a mineralized system similar to Oyu Tolgoi in Mongolia. Strong IP anomalies were identified with a Titan 24 survey over a strike length of 2.5 km, with widths up to 800 m and vertical extents in excess of 500 m (see our news release of May 9, 2011). A geologic model of the anomalies identified at Stewart, with a comparison to those at Oyu Tolgoi, is available on our web site at www.terraxminerals.com.
The second hole was drilled in a southerly direction along a Titan 24 section line which contains a 700 m wide by at least 500 m deep chargeability anomaly that is buried beneath the surface. This anomaly is adjacent to the Bat Zone which contains widespread hydrothermal alteration on surface. The hole was 585 m long, of which the upper 172 m intersected strongly altered rock, with a low sulphide content (0.5-1%). This was followed by 413 m of sulphide content ranging from 5-10% pyrite. This interval is also strongly altered; mineralogical analysis with a Terraspec instrument confirmed that the interval is dominated by varying amounts of pyrophyllite, illite, dickite and alunite, all of which are common in porphyry to epithermal environments.
Readers are cautioned that the presence of strong alteration and extensive pyrite development need not be indicative of significant quantities of gold or other metals and that, prior to receipt of assays, no conclusions can be drawn as to the nature or extent of any metal content. The entire alteration zone is being split and submitted for assay to the Activation Laboratories facility in Fredericton.
The Stewart property is comprised of 242 claims totalling 60.5 sq. km, located 30 km north-northeast of the town of Marystown on the Burin Peninsula. For more information on Stewart and TerraX's other properties, please visit our website at www.terraxminerals.com.
The technical information contained in this news release has been verified by Dr. Tom Setterfield, P.Geo., who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Properties."
On behalf of the Board of Directors
Joseph Campbell, P.Geo