Overview

In 2017, TerraX increased its land position with a large block of ground in the Burwash sediments (Duncan Lake Group), which hosted the past producing high grade Discovery (1 Moz at avg grade of 1 oz/t), Ptarmigan and Tom (combined avg. grade of 9.26 g/t Au) and Burwash (avg. grade 466 g/t Au) mines as well as numerous gold showings.

Geology and Targets:

Although there are some past producing mines on this property, this area has never been explored using modern exploration techniques. Initial field exploration work in the summer of 2017 was performed but there is a lot more work to be done here to prove out what looks to be a very prolific area.

Angel Zone 2.9 km of strike to Burwash mine site. Mafic volcanic rocks hosting a 50-100m wide west dipping sericite-carbonate-chlorite schist deformation zone with gold mineralization associated with abundant quartz veining. This target has potential for replacement style mineralization. Surface samples have yielded grades of up to 65.7 g/t Au and 4,910 g/t Ag.

Duck Lake 3.6 km of known strike length yielding high-grades of up to 20.3 g/t Au in stacked flat veins proximal to granite intrusions (Val D’Or type deposit)

Ptarmigan Gold Mine was a gold producer in the Yellowknife gold district from 1941-42, in 1983 and from 1985-1997. The main Ptarmigan vein was accessed by a shaft extending to 275 meters depth and mined over 400 meters of strike length. Production from Ptarmigan totaled 364,874 tonnes producing 112,213 ounces of gold (average 9.56 g/t Au recovered). The gold is free milling with recoveries in the 1940's reported at 97-98%. Gold recovery in the 1985-97 period consisted of gravity and flotation concentration with reported recovery of 94%. When the mine closed in 1997 the vein was still open along strike to the west on claims now owned by TerraX, and open down dip below the mine workings.

Exploration work including channel sampling was performed to the west of the mine and indications suggest the continuation of prolific mineralized zones mined at the Ptarmigan Mine. A potential shear zone and/or fold hinge hosted system or potentially quartz vein-hosted gold ("Ptarmigan Vein" style) continues for nearly 1km of strike along the Ptarmigan vein trend. This provides an opportunity not only to extend the mineralization below and along strike of the main vein at the mine, but also offers opportunity to explore parallel vein systems discovered south of the main vein and reported in historical documents and identified as potential production areas. With paved road access from Yellowknife, and high-tension powerlines connected to the former mine site, Ptarmigan, with exploration success, could easily be brought back to life.

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