David Suda, President and CEO stated: “There is considerable high-grade gold endowment within several of our identified targets. The goal at YCG is to find the source of the high-grade on surface which we believe trends from the nearby Con and Giant mines and exists within other targets in the district. The work we did this summer is giving us considerable resolution in our targeting and will be summarized this fall prior to 2019 exploration plans.”
Preliminary surface exploration in the northwestern extension of the geology recognized to contain the extension of the Con-Giant gold system has yielded positive results. This area contains multiple sub-parallel gold structures, including the Oro Shear, recognized from exploration dating back to the 1930s. TerraX carried out mapping and prospecting along these gold bearing structures, including grab rock samples. A map showing the location and results can be seen here. This work resulted in:
TerraX has also acquired detailed geological maps, channel sampling results, and drill hole logs and assay results from an area southwest of the sampling at Oro, specifically on the high grade Shear 17/18 target (news release August 4, 2015). This work dates from the 1940s and is currently being integrated into our project database. TerraX believes the data accurately reflects past exploration and it will be used to direct further exploration in the area.
Assays reported today total 262 samples with gold grades ranging from nil to 63 g/t Au. 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.
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.
The technical information contained in this news release has been approved by Joseph Campbell, Executive Chairman 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
The Yellowknife City Gold ("YCG") project encompasses 780 sq km of contiguous land immediately north, south and east 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 10 km of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power and skilled tradespeople.
The YCG lies on the prolific Yellowknife greenstone belt, covering 70 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.
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, events or otherwise.
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