Vancouver, B.C. - TerraX Minerals Inc. (TSX.V: TXR; OTC Pink: TRXXF; Frankfurt: TX0) is pleased to report assay results from a new zone of high-grade gold mineralization identified during a property wide exploration program that is ongoing at its 418 square km Yellowknife City Gold Project (YCG). Assay results are from the new Screamer Island target, 3.5km to the south of Sam Otto which included 27.9 g/t Au, 4.46 g/t Au, 4.15 g/t Au and 3.95 g/t Au in representative rock samples from wide zones of outcropping mineralization, with an additional five samples grading greater than 1 g/t Au. These results more than quadruple the strike length of the company's Sam Otto target which is now over 5km (please see map here)
Joe Campbell, the Chief Executive Officer of TerraX, states: "These results support our belief that Sam Otto is a large mineralized system which now extends over 5km with the potential for much higher grade.
Mr. Campbell further stated: "Our property wide exploration is ongoing and we are confident that other high-grade zones of gold mineralization may be discovered on surface prior to our next drill program."
Terrax will be following up with channel sampling and enhanced ground geophysics analysis which is expected to be completed this year. Surface exploration on the Yellowknife City Gold project this summer has collected more than 5,500 samples to date. Today's results are for 128 samples and to date, TerraX has reported assays on 648 samples. Assay results are pending from more than 4,800 samples with extensive surface work underway.
The results from a total of 128 samples are reported here with sample values ranging from nil to a high of 27.9 g/t Au, with 9 samples returning assay values greater than 1 g/t Au. 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. 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."
The technical information contained in this news release has been approved by Joseph Campbell, the Chief Executive Officer 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
Yellowknife City Gold ("YCG") encompasses 418 sq km of contiguous land immediately north and south of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX 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 45 km of strike length along the main mineralized break in the Yellowknife gold district, including 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 recent high-grade drill results that serve to indicate the project's potential as a world-class gold district.
For more information on the YCG project, please visit our web site at www.terraxminerals.com
On behalf of the Board of Directors
For more information, please contact:
Manager of Corporate Communications
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.