Northbelt

In February 2013, TerraX acquired a 100% interest in the Northbelt gold property located on the prolific Yellowknife Gold Belt. The property is located immediately north of the city of Yellowknife, Northwest Territories and recognized by TerraX and previous workers that the Northbelt property of TerraX's Yellowknife City Gold (YCG) project is the extension of the Giant-Con mineralizing system that has previously produced 14M oz of high-grade gold (Giant produced 8.1 Moz. @ 16.0 g/t Au and Con produced 6.1 Moz.@ 16.1 g/t Au). The Northbelt property lies just north of the Giant Mine site where gold was mined up to the southern boundary of TerraX and is accessible by road from Yellowknife. Being all-season road accessible and the entire property all within 8 km of the City of Yellowknife, the YCG is close to vital infrastructure, including transportation, service providers, hydro-electric power, and skilled tradespeople. The Bluefish hydro dam is located on the north end of the property and is upgradeable for mine development. This area has been a focus for TerraX exploration, including the bulk of its 50,000+ metre drill programs.

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Geology and Targets:

The Northbelt property contains multiple gold-bearing shears that are the recognized hosts for gold deposits within the Yellowknife Gold district. Exploration by TerraX has identified main targets within a 10km long and 4km major flexure of the main Yellowknife Gold District Shear Zone known as the Barnet Deformation corridor.

Executive Chairman, Joseph Campbell along with VP Exploration, Alan Sexton were joined by four external geologists creating an expert panel comprised of mining professionals who all have a long history of success in gold exploration and bring major company experience to identify and prioritize drill targets. Establishing targets included the analysis and prioritization of over 100 prospective areas on the property. These targets were scored based on a rigorous classification of their exploration stage, their potential, and the level of confidence from the information currently available. Four top priority targets were flagged for deposit expansion or confirmation drilling. All four targets are within Northbelt.

Barney Deformation Corridor (BDC), Crestaurum and Sam Otto are the top three targets which will be the focus for expansion of gold deposits. Homer screened as a new high potential target and will be the focus of confirmation drilling. All four targets lie within 5km of each other in the Northbelt Core focus area of the project. These data driven targets are the highest potential and highest confidence targets that were the result of the comprehensive work completed by the expert panel.

  • Text Box:CrestaurumBDC (Barney Deformation Corridor) is an extension of the Giant gold system with 3 parallel north/south structures over 1km of strike intersecting with Crestaurum. It features abundant high-grade rock samples on surface. This large mineralized corridor contains vein and sulphide style deposit types along with replacement style sulphides and quartz veins in granites. There has been very little drilling over the majority of this shear zone at the intersection with Crestaurum making this an exciting new target.
  • Crestaurum a high grade, vein/shear target continues to be a top priority target. Previous drill success together with strong vectors from surface data including magnetics and geochemistry have identified two parallel structures to the north that are new and largely untested. Historical metallurgical testing showed free milling gold with high recovery rates.
  • Sam Otto remains a highly prospective bulk tonnage target with total strike length of 2.5km continuous mineralization typical of a disseminated sulphide deposit. Sam Otto also has high grade vein/shear type mineralization on a structure west of the main target. Drilling will focus on further defining the extension of mineralization.

Text Box:Barney Deformation Corridor

  • Text Box:HomerHomer is a 2km long and nearly 1km wide target VMS style deposit with confirmed strong mineralization on surface. Pathfinder elements and felsic intrusions related to gold mineralization are contributing vectors that make this a very exciting target. This is one of TerraX's largest mineralized zones, and there is strong potential for economic gold bearing shears.

Drilling Highlights:

Sam Otto: Drill intercepts of 49.70m @ 1.00 g/t AU and 30.70m @ 1.33g/t Au., 123.5m @.59 g/t Au, 1.9m @ 13.96 g/t Au

BDC (Barney): Drill intercept 22.4 m @ 6.35 g/t Au

BDC (Hebert-Brent): Channel Sample 11.0m @ 7.55 g/t Au


Text Box: Sam Otto

BDC (Shear 20): Drill Intercept 21m @ 2.97 g/t Au

Crestaurum: Drill intercept 5.0m @62.9g/t Au

Mispickel: Drill Intercepts 8.00m@60.60 g/t Au, 7.30m @23.60 g/t Au and 5.85m @ 29.85 g/t Au

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History:

The property was explored at the beginning of the Yellowknife gold rush in the early 1940s. It was staked by multiple claimholders in 1944 with the discovery of the outcropping Crestaurum deposit. Drilling commenced in 1945 and the property was intermittently active throughout the 1960s and 1970s. By the 1970s Giant Gold Mines had largely consolidated the property and began serious exploration and by the end of the 1980s. substantial drill programs had been completed. Additional exploration and drill programs were completed in the mid 1990's before the project went essentially dormant until acquisition by TerraX in 2013. Detailed mapping during this period confirmed that the property hosts the extension of the Yellowknife Gold Camp's gold bearing structures and that the stratigraphy associated with the large mines occurs on the property. It was also realized that numerous other sub-parallel structures host gold occurrences, including the Crestaurum deposit.

Through the various owners, at least 463 drill holes were completed on the property between 1938 and 1996, largely concentrated on the Crestaurum deposit (approximately 190 holes).

TerraX acquired the Northbelt property out of receivership from Century Mining in February 2013. The senior management team at Century had experience operating the Giant Mine and acquired the Northbelt property in 2005. Northbelt was not explored as Century was focused on developing the Sigma-Lamaque project in Quebec. Due to financial and operating difficulties, largely at the Sigma-Lamaque project, Century Mining went into receivership in May 2012 resulting in the liquidation of its assets, including the Northbelt Property.

Substantial historical data was recovered by TerraX in early 2013 that allowed for more than 200 historical drill holes to be entered into a digital drill database. Available logs provided information on collar locations, downhole surveys, geology and gold assays. Digitally compiled information reveals that 187 holes were drilled into the Crestaurum deposit on the property. This information has allowed for preliminary modeling of the mineralized shear at Crestaurum over 1.4 km of strike length. In addition, several dozen holes intersected other gold mineralized shear zones on the property, most notably the "Barney Shear", which is the interpreted extension of the Giant Mine shear zone and has been delineated over at least 4.5 km of strike length.

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