Overview

In June 2010 TerraX entered into an option to acquire an interest in the Stewart Gold-Copper Property in the Burin Peninsula of Newfoundland. Having fulfilled its work obligation in 2011, the Company made its final payment in 2012 and now holds a 100% interest in the Stewart property, subject to a 2% NSR, of which 1% can be purchased by TerraX for $1,000,000. The Stewart property consists of two mineral exploration licenses, totaling approximately 137 claims (~34.25 sq km), located 30 km north-northeast of the town of Marystown, which is in turn approximately 300 km by road southwest of St. John’s.

A primary focus for TerraX on the Stewart property is extensive alteration and gold-copper mineralization that suggests the presence of a shallowly buried porphyry gold-copper deposit. The property contains a 4 km long by up to 700 m wide advanced argillic alteration zone with variable amounts of pyrophyllite, alunite, hematite, sericite, pyrite and fluorite. It has been recognized that the Stewart property’s sheeted and stockwork quartz veins, and its widespread advanced argillic alteration with low grade Au and Cu values, is similar to other large porphyry systems where advanced argillic alteration closely overlies porphyry mineralization, such as at Oyu Tolgoi in Mongolia (1.39 Bt at 0.93% Cu and 0.37% Au). Exploration below the advanced argillic zone in search of this style and size of deposit will be a primary target for TerraX on the Stewart Property.

The original showing was discovered in 1985, and several geochemical and geophysical surveys were completed in 1986. Novamin Resources Inc. collected soil samples with values up to 1570 ppb Au (1.57 g/t Au), and basal till samples up to 1030 ppb Au (1.03 g/t Au). Novamin subsequently drilled four holes in 1986, noting long intervals of consistently anomalous gold and, where analyzed, copper (eg. 102 m @ 135 ppb Au and 385 ppm Cu in hole NG1). Soil sampling by Corona Corporation in 1989 produced coincident anomalies of Au (up to 1440 ppb or 1.44 g/t), Cu (up to 250 ppm) and Mo (up to 145 ppm) over a strike length of 1 km. The highest values corresponded with advanced argillic alteration and minor chalcopyrite. Corona drilled three shallow holes totaling 411 m in 1990 and intersected 63 m @ 0.25 g/t Au, including 5 m @ 0.84 g/t Au in hole 7434-90-02. Other elements were not assayed, but chalcopyrite, azurite, cuprite, and molybdenite were noted in the core. Cornerstone Resources Inc. acquired the property in 2007. They excavated two large trenches and exposed a very large mineralized zone, with 219 m @ 92 ppb Au and 193 ppm Cu in the Vinjer trench, and the 70 x 70 m Stewart trench, which produced 12 m @ 555 ppb Au and 826 ppm Cu.

An associated target type for the property is high sulphidation style epithermal Au deposits. The Burin Peninsula is part of the Avalon terrane, a geologic structure which can be traced from eastern Newfoundland through Nova Scotia and New Brunswick into New England, the Carolinas and northern Georgia. High-level felsic to intermediate magmas likely provided the heat and fluids responsible for numerous large hydrothermal systems along the length of the Avalon, some of which have produced deposits that have been exploited, such as the Ridgeway deposit of 56 Mt at 1.1 g/t Au and Hope Brook in Newfoundland, with 11.2 Mt at 4.54 g/t Au and 0.30% Cu.

The results of fieldwork conducted in September and October of 2010 at Stewart included:

  • discovery of the Forty Creek showing, a collection of angular blocks of quartz vein material with local sulphides in the northeastern part of the property. Several blocks up to 1 metre (“m”) across occur within a 200 square m area. A grab sample from one block assayed 59 g/t Au and 2290 g/t Ag. This sample also had the highest values of Pb (>0.5%), Zn (0.44%), Hg, Sb and Se of all the samples collected by TerraX;
  • anomalous gold assays obtained over 725 m in soils, with this anomalous zone open for 150 m to the southeast because of the presence of swampy ground that precluded further sampling; and
  • the exposed area of hydrothermal alteration at Stewart has now been determined to be larger than originally thought, with a strike length on the order of 6 km, and a width varying from 400 m to 1.4 km.
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