TerraX samples up to 16.2 g/t gold at Sunbeam-Pettigrew Property, Atikokan Area, Northwest Ontario
The Sunbeam-Pettigrew property consists of 27 claims totalling 350 claim units (~55 km2), situated 15 km from Brett Resources' Hammond Reef property, which contains a National Instrument 43-101 compliant resource of 155 Mt @ 1.04 g/t Au (approximately 5.2 million ounces of gold). The Brett Resources technical report is available at www.sedar.com. The property occurs in the Archean Marmion Batholith, which contains a number of phases, varying from tonalite to quartz diorite. The geology and known mineralization of Sunbeam is very similar to the Hammond Reef property.
Four northeast-striking, mineralized lineaments have been identified to date on the Sunbeam property; these are the WN2/Pettigrew, Burger, Roy and Sunbeam lineaments. Lineaments are generally small valleys or depressions, typically with incomplete surface exposure.Intermittent alteration and mineralization were noted along the lineaments over strike lengths of up to 9 km, with numerous examples of previously undocumented alteration and mineralization discovered during prospecting. In addition, historical zones were sampled in detail and their known areal extent expanded. The highest assay from the Sunbeam property sampling was 16.2 g/t Au. As announced on November 12, 2009, TerraX has staked 18 additional claim units (~2.9 km2) on the eastern margin of the property to include a newly identified 600 metre ("m") strike length of the Sunbeam lineament.
Updated graphics and maps are available on our website at www.terraxminerals.com and should be reviewed to assist in understanding the following detail:
WN2/Pettigrew Lineament: This lineament contains anomalous gold over an 8.9 km strike length, and includes the WN2 zone, historical G97 showing, Pettigrew occurrence, newly discovered Pettigrew NE zone, and other isolated anomalous occurrences. The Pettigrew occurrence has two shafts and underground workings from circa 1900. A 1983 drill hole by the Canadian Nickel Company Ltd reported an intersection of 18.5 m @ 1.81 g/t Au. TerraX found iron carbonate alteration and anomalous gold over a 50 m width, and collected samples which returned up to 3.4 g/t Au.
The Pettigrew Northeast Zone is the most exciting new mineralization discovered by TerraX. It starts 600 m northeast of the Pettigrew occurrence (there are no outcrops between Pettigrew and this point), extends to the northeast for 1.0 km. TerraX sampling returned 5.6 and 2.5 g/t Au at the southwest end of the zone and 10.2 g/t and 1.0 g/t Au at the northeast end. The zone is characterized by quartz-ankerite-pyrite veins surrounded by altered granite. Although the surface mineralization had not previously been documented, two holes were drilled in the area of the zone by the Canadian Nickel Company Ltd, based on a VLF response. One hole was not assayed and the other had 5.58 m @ 0.23 g/t Au. Based on the results of our recent exploration, neither hole targeted the best part of the mineralization. The WN2 Zone, which was previously known but poorly documented, is a 50 m wide x 300 m long zone of intense iron carbonate and lesser chlorite alteration in granite. Five samples in excess of 250 ppb Au were collected by TerraX, with a high of 952 ppb. TerraX obtained a value of 291 ppb at the historical G97 showing. Other isolated new showings contain up to 805 ppb Au.
Burger Lineament: This lineament contains anomalous gold over a 2.8 km strike length, and includes theBurger Zone, for which limited historic information is available. TerraX delineated this zone over a 400 m strike length; 28 of 34 samples collected were anomalous in Au (>20 ppb), including samples of 15.6 g/t, 6.14 g/t and 4.79 g/t Au. The best part of the zone contains a quartz-pyrite vein on the edge of a mafic dike cutting granite. No prior drilling has been reported on this lineament.
Roy Lineament: The Roy lineament contains anomalous gold over an 8.4 km strike length. This includes the Roy occurrence, historical X605, BG43 and B45 showings, and two newly discovered important gold zones. The Roy occurrence has four historical shafts; TerraX obtained up to 3.83 g/t Au from waste piles, and several anomalous gold values from altered granite nearby. New mineralization discovered by TerraX northeast of the Roy occurrence contains up to 3.27 g/t Au in quartz flooded granite with abundant pyrite, as well as strongly anomalous values on an extension of the lineament which was recently staked by TerraX. TerraX sampling yielded 1.54 g/t Au in altered granite from the X605 showing. A mineralized zone with up to 10.4 g/t Au was discovered in the southwest extension of the Roy lineament, in the southern part of the Sunbeam-Pettigrew property.
Sunbeam Lineament: This lineament features anomalous gold over at least 3.9 km of strike length, including the Road Zone, past-producing Sunbeam deposit (not owned by TerraX) and the AL198 Zone. Three historical shafts occur at the Road Zone, where TerraX's samples returned up to 2.6 g/t Au. Over a 190 m strike length, 19 of 24 samples collected were anomalous (>20 ppb Au), and 8 were over 0.5 g/t Au. A drill hole by Nahanni Mines Limited in 1981 at the Road Zone intersected 8.5 m @ 4.8 g/t Au, including 1.8 m @ 15.8 g/t Au. The AL198 Zone is exposed for 215 m, and is open in both directions. Of 21 samples collected, 14 were anomalous in gold, with a high of 16.2 g/t Au, and 7 with greater than 0.5 g/t Au. This zone has not been drill tested.
TerraX regards these results as very encouraging. Extensive zones of gold mineralization with local high grade values have been demonstrated to occur on the property. Further work will concentrate on focusing within the mineralized lineaments; numerous potential drill targets are evident from the sampling done to date.
TerraX also holds the Blackfly property, which consists of five claims totalling 64 claim units (~10.1 km2), 17 km southwest of Hammond Reef. The data from this fieldwork is being compiled and will be announced when complete.
The technical information contained in this news release has been verified by Dr. Tom Setterfield, P.Geo., Vice President Exploration, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Properties."
On behalf of the Board of Directors
"JOSEPH CAMPBELL"
Joseph Campbell, P.Geo
President
TerraX Stakes Additional Ground at Sunbeam gold project near Atikokan, Ontario and completes Second Field Program at nearby Blackfly gold project
The Sunbeam-Pettigrew property consists of 27 claims totalling 350 claim units (~55 km2), and is situated 15 km from Brett Resources' (TSX-V: BBR) Hammond Reef property, which contains a National Instrument 43-101 compliant resource of 155 Mt @ 1.04 g/t Au (approximately 5.2 Moz Au). The Blackfly property consists of five claims totalling 64 claim units (~10.1 km2), is 17 km southwest of Hammond Reef and appears to be along its strike trend. Both properties occur in the Archean Marmion Batholith, which contains a number of phases, varying from tonalite to quartz diorite. The geology and known mineralization on the properties are similar to the Hammond Reef property.
Four northeast-striking, mineralized lineaments have been identified to date on the Sunbeam property; intermittent alteration and mineralization over strike lengths of up to 9 km were noted in the field program. Five new showings with assays greater than 3 g/t Au were found during the exploration program - grab samples from these showings returned values from 3.3 to 10.4 g/t Au. In addition, historical zones were sampled in detail and their known extents were expanded. The highest assay from the Sunbeam property sampling was 16.2 g/t Au. TerraX has staked 18 additional claim units (~2.9 km2) on the eastern margin of the Sunbeam property to protect a 600 m strike length of mineralized lineament where sampling on previously open ground returned up to 0.714 g/t Au.
On the Blackfly property, sampling was concentrated in and around the northeast-trending, historical Blackfly Zone, where assays up to 167 g/t Au were obtained during TerraX's due diligence sampling in early 2009 (see July 8, 2009 TerraX news release). Sampling along the exposed 300 m strike length of this zone in September returned assays up to 85.6 g/t Au, with 11 samples in excess of 1 g/t Au. Sampling of a parallel structure 70 m northwest of the Blackfly Zone produced assays up to 1.10 g/t Au. Two additional zones of anomalous mineralization (assays up to 383 ppb Au) were discovered during limited examination of the remainder of the property. As a result, TerraX undertook a second field program on the Blackfly property in late October to extend the known mineralization and explore for new alteration/mineralization zones.
Mineralization discovered on the properties typically consists of quartz or quartz-iron carbonate veins with pyrite, surrounded by zones of granite (or mafic dikes) with strong iron carbonate alteration and 1 to 10% pyrite. While the highest gold grades are commonly associated with quartz veins, numerous samples of granite-only samples with potentially economic grades (up to 10.2 g/t Au, many in excess of 1 g/t Au) were collected in the September field program. This is important because altered and mineralized granite is much more areally extensive than mineralized quartz veins.
The technical information contained in this news release has been verified by Dr. Tom Setterfield, P.Geo., Vice President Exploration, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Properties."
On behalf of the Board of Directors
"Joseph Campbell"
Joseph Campbell, P.Geo
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.
Private Placement closed for $265,000
Each unit will consist of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional share at an exercise price of $0.25 per share until October 20, 2011. The shares and any shares acquired on the exercise of warrants will be subject to a hold period expiring on February 21, 2010. A finder's fee of $18,000 was paid with respect to a portion of this placement.
On behalf of the Board of Directors
"STUART ROGERS"
Stuart Rogers
Director
Private Placement of 1,000,000 Units
On behalf of the Board of Directors
"STUART ROGERS"
Stuart Rogers
Director
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.
TerraX commences fieldwork on its Sunbeam-Pettigrew and Blackfly Gold Properties, Atikokan area, Northwest Ontario; over 25 Structural Targets to Explore
The Sunbeam-Pettigrew property consists of 27 claims totalling 350 claim units (~55 km2), and is situated 15 km from Brett Resources' (TSX-V: BBR) Hammond Reef property, which contains a National Instrument 43-101 compliant resource of 155 Mt @ 1.04 g/t Au (approximately 5.2 Moz Au). The Blackfly property consists of five claims totalling 64 claim units (~10.1 km2), is 17 km southwest of Hammond Reef and appears to be along its strike trend. Both properties occur in the Archean Marmion Batholith, which contains a number of phases, varying from tonalite to quartz diorite. The geology and known mineralization on the properties are similar to the Hammond Reef property. Based on due diligence sampling by TerraX conducted in May 2009, both properties appear to have the potential to host large low grade deposits similar to Hammond Reef, and possibly smaller high grade deposits. Sampling by TerraX returned assays up to 167 g/t Au on the Blackfly property and 3.83 g/t Au on the Sunbeam-Pettigrew property (see June 1 and July 8, 2009 news releases).
Prior to commencing fieldwork, TerraX received the recently released government airborne magnetic survey. The survey is part of the Ontario Geological Survey's Atikokan Mineral Development Initiative, and is specifically designed to cover the promising Marmion Batholith that contains the Hammond Reef deposit. The geophysical signatures of the Hammond Reef deposit and of mineralization within the northeast-trending Sunbeam-Atiko and Pettigrew-Jack Lake shear zones on the Sunbeam-Pettigrew property was used to produce a template of the desired geophysical response. From this, more than 20 new geophysical targets were identified on the Sunbeam-Pettigrew property and five on the Blackfly property. Targets are defined by intersections of structural trends which appear to exert a control on known mineralization, and by magnetic features which may reflect hydrothermal alteration.
Immediate work will consist of prospecting, mapping and sampling of the numerous targets currently identified. It is anticipated that the present list of targets will be expanded during current fieldwork. In addition, there are numerous gold showings and small mine workings from the early 1900s that have had little or no exploration in over a century. At least 15 of these occurrences have not yet been visited by TerraX. The Company intends to investigate and systematically sample all known showings during its current exploration program in preparation for drilling to be conducted in early 2010. No exploration has been undertaken on either property for a low grade, Hammond Reef type deposit, so extensive rock sampling will be an integral part of the current program.
The work program at the Sunbeam-Pettigrew and Blackfly properties is being supervised by Tom Setterfield, PhD, P.Geo., and Joseph Campbell, P.Geo., who are qualified persons under the definition of National Instrument 43-101. The technical information contained in this news release has been verified by Dr. Setterfield, Vice President Exploration, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Properties."
On behalf of the Board of Directors
"JOSEPH CAMPBELL"
Joseph Campbell, P.Geo
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.