President and CEO David Suda stated: “Results from historical core assays have led to a pivotal moment in TerraX’s advancement toward a potentially significant gold discovery. Assay results indicate that gold structures mined by Giant just south of TerraX property continue north for 4 km on our BDC target. The results underpin data which drove the BDC as a top target and provide significant technical insight for future drill targeting along the trend.”
The historical sampling of these drill holes in the 1960s preferentially sampled the high-grade quartz veins by removing the entire pieces of core. TerraX geologically logged and sampled core along the margins of these quartz veins immediately adjacent to the gaps left from the original samples. Because of the historical whole core sampling method TerraX cannot verify the reported historical assays, but the adjacent core that was sampled demonstrates significant gold mineralization within the shear zones.
David Suda further stated: “We will continue to be opportunistic in selecting samples of the remaining core for analysis to further the advancement of targets and deliver results in the future.”
The results reported here represent only 200 meters of strike along the 4 kilometer mineralized deformation zone that hosted the GKP mine that is the faulted offset of the Supercrest deposit, the highest grade deposit within the Giant mine. Mineralization from historical core has been confirmed from depths of 50 to 425 meters. Hole spacing is too wide to confirm continuity of mineralization, and mineralization from this core relogging may be on separate surfaces. All four holes intersected gold bearing shears and demonstrate the potential of the structures. TerraX is planning surface work to further develop targets along these gold bearing structures within the larger Barney Deformation Corridor target area.
Executive Chairman Joe Campbell stated: “The recovered core displays the same quartz-carbonate veining containing abundant pyrite and arsenopyrite with sericite-chlorite-carbonate alteration haloes that are seen within high grade mineralization at Giant’s GKP Mine (Figure 2) and the Supercrest deposit. The core combined with the historic descriptions of the veining provides compelling evidence that there are potentially 4 kilometers of strike extension onto TerraX’s claims.”
For the 5 holes reported today, TerraX collected 411 samples for assay. Results ranged from below detection to 5.06 g/t Au. TerraX inserts certified standards and blanks into the sample stream as a check on laboratory QC. Drill core samples are cut by diamond saw at TerraX’s core facilities in Yellowknife. A halved core sample is left in the core box, unless core was previously sampled, and in these cases a quarter core sample was retained. The other half or quarter core is sampled and transported by TerraX personnel in securely sealed bags to ALS Chemex’s (ALS) preparation laboratory in Yellowknife. After sample preparation, samples are shipped to ALS’s Vancouver facility for gold and ICP analysis. Gold assays of >3 g/t are re-assayed on a 30 gm split by fire assay with a gravimetric finish. ALS is a certified and accredited laboratory service. ALS routinely inserts certified gold standards, blanks and pulp duplicates, and results of all QC samples are reported.
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 783 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.
On behalf of the Board of Directors
President and CEO
For more information, please contact:
Manager of Corporate Communications
Swiss Resource Capital AG – Jochen Staiger
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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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