|By Marketwired .||
|April 11, 2014 08:00 AM EDT||
YELLOWKNIFE, NORTHWEST TERRITORIES -- (Marketwired) -- 04/11/14 -- TerraX Minerals Inc. (TSX VENTURE: TXR)(FRANKFURT: TX0)(PINKSHEETS: TRXXF) has completed its planned four hole (1,000 m) drill program at the Homer Lake base metal/precious metal target and moved Drill #1 to the Barney Shear (28.32 m @ 2.97 g/t Au, inclusive of 4.00 m @ 12.59 g/t Au in news release August 14th, 2013) which is the extension of the Con Mine/Giant Mine shear system that has hosted more than 13 Moz of gold production from the two historic mines. The Barney Shear Zone is one of TerraX's primary gold targets on the Northbelt property of the Yellowknife City Gold Project ("YCGP") in the Northwest Territories. Drilling is still underway with a second drill at the nearby Crestaurum gold deposit, as announced on April 7, 2014.
The Barney Shear has been delineated over a strike length of 4.5 km by TerraX and previous workers and has only been drill tested by prior operators over a 600 m strike length. Surface mapping in June 2013 indicates that the Barney Shear Zone consists of multiple mineralized shears over a greater than 200 m width. The 2014 Barney Shear drilling will consist of up to 8 holes following the strike extension of the shear up to 300 m north of the mineralization defined in drilling carried out by Nebex Resources Ltd. in 1995 and 1996. In addition, TerraX will be re-entering the collars of 4 drill holes from the 1995-96 campaigns. These holes will be surveyed down hole to accurately determine the location of previously intersected zones of mineralization, and then multiple wedges will be turned off the original holes to generate additional mineralized intersections. This work is possible as the previous exploration drilling had left the original drill hole collars cased and capped to preserve them for future work on this important mineralized zone.
The first hole re-sampled by TerraX, NB95-16, was drilled on the Barney Shear by Nebex in 1995. TerraX's assay results include an interval of 20.86 m @ 3.79 g/t Au, inclusive of 4.00 m @ 12.59 g/t Au (news release of Aug 14, 2013). Holes NB-96-02 and NB96-04, drilled in 1996, were also re-logged and re-sampled by TerraX with assay results that included 8.16 m @ 5.06 g/t Au and 6.32 g/t Ag (NB96-02) and 27.00 m @ 1.9 g/t Au and 6.94 g/t Ag (NB96-04) (news release of Nov 14, 2014 ). The assay results from NB96-02 and NB96-04 are very encouraging as they confirm the strike continuation and substantial areal extent of the Barney Shear Zone. A map indicating the location of this prior drilling is available on our web site at www.terraxminerals.com.
Drilling at Homer Lake commenced on March 25, 2014 and targeted a buried conductor identified by airborne surveys conducted by TerraX in 2013 that had never been drill-tested This target area was within 500 m of a previously established ice road which made winter access easier and allowed this drill program to be completed quickly with less environmental impact than would have been the case with overland access in summer conditions. Logging and sampling of drill core from Homer Lake is currently underway with assay results pending.
Homer Lake is not a traditional gold target as would be expected in a major gold belt like the Yellowknife Gold Camp. It was originally discovered from surface prospecting in the 1930s and six mineralized structures were delineated during reconnaissance prospecting by TerraX in the Homer Lake area in 2013. One structure has been traced by TerraX for 1,200 m and has chip sample results of 7 m @ 0.50 g/t Au, 90.2 g/t Ag, 4.25% Pb and 0.89% Zn. A parallel structure sampled by TerraX graded 5 m @ 1.54 g/t Au, 95.5 g/t Ag, 3.13% Pb and 1.59% Zn. A grab sample by TerraX from a third structure graded 0.60 g/t Au, 529 g/t Ag, greater than 20% Pb, and 9.44% Zn.
The technical information contained in this news release has been approved by Joseph Campbell, the President 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 Project encompasses approximately 8,400 hectares of contiguous land immediately north of the City of Yellowknife in the Northwest Territories and includes TerraX's wholly-owned Northbelt property acquired in February 2013.
The Northbelt gold property encompasses 3,562 hectares on the prolific Yellowknife belt, all within 15 km of the city of Yellowknife, and covers 13 km of strike on the northern extension of the geology that contained the Giant (7.8 Moz) and Con (5.5 Moz) gold mines. The Northbelt property is host to multiple shears that are the recognized hosts for gold deposits in the Yellowknife camp and it contains innumerable gold showings and historic high grade drill results.
TerraX has carried out a strategy of acquiring prospective ground adjacent to Northbelt and in October 2013 entered into an option agreement whereby it can acquire a 100% interest in the Walsh Lake gold property, which is contiguous with and immediately east of Northbelt. The Walsh Lake property consists of seven leases and five claims totaling 6,659 acres (2,695 hectares). TerraX has also staked and acquired ground to the west of Northbelt to cover prospective geology that is on strike from Northbelt structures.
For more information on the Yellowknife City Gold Project, please visit our web site at www.terraxminerals.com.
On behalf of the Board of Directors
Joseph Campbell, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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, future events or otherwise.