TerraX Minerals Inc. is focused on the Yellowknife City Gold project, which encompasses 783 km2 of contiguous land immediately north, south and east of the city of Yellowknife. The project lies on the prolific Yellowknife greenstone belt and covers 67 km of strike length on the southern and northern extensions of the shear system that hosts the high-grade Con and Giant gold mines. Innumerable gold showings and recent high-grade drill results serve to indicate the project's potential as a world-class gold district. Being within 10 km of Yellowknife, the project is close to vital infrastructure, including all-season roads, air transportation, service providers, hydroelectric power and skilled trades people.
783 km2 with 70 km of strike
Extension of Geology containing Con and Giant Mines
Con Mine - 6.1M oz @ 16.1g/t Au
Giant Mine - 8.1M oz @ 16.0g/t Au
YCG properties cover the most prospective geology of the Yellowknife greenstone belt
Mineralization, scale, and accessibility, analogous to world-class Timmins camp
Rare opportunity to control a major undeveloped high-grade Gold District in Canada -- analogous to having 100% control over the main Timmins Mining camp
Ideally located for new discoveries - 67 km of strike with multiple high-grade zones
The Yellowknife Gold Belt is recognized as one of the major Archean gold belts in Canada, with equivalent geology and deposit types to other major gold camps such as Timmins (Destor-Porcupine Break) and Val-d'Or (Cadillac-Larder Break). It has produced over 15 million ounces of gold. It is considered by TerraX and others as having the same potential as any of the other major gold belts in Canada. It is the least explored, both in terms of level of exploration activity, and in the search for variable deposit types that have become significant producers in other Archean gold belts.
TerraX Land Package Expansion 2013 – 2019
The YCG project began in the winter of 2013 with the acquisition of a property historically named Northbelt. This Northbelt property was in receivership and covers the recognized extension of the geology (approximately 15 kilometres of strike), deformation zones and mineralized shears that hosts the Giant and Con Mines on the west side of the 'main break' in the gold district. This property totalled approximately 37 km2 and was purchased for $211,000 in cash and it remains part of the core exploration area for TerraX.
Once initial research and compilation was completed on the Northbelt, it was recognized that there were significant areas of potential outside the property, specifically along the eastern side of the main break and to the south of the Con Mine where the strike of the host geology and mineralized shears from the Con mine appeared continue for several kilometres.
The second major acquisition was the Walsh Lake property in late 2013. This property is located east of and over the main break in the belt and is contiguous with the original Northbelt property. Around the same time ground was purchased directly east of the Giant Mine (Goodwin claims), and along the greenstone-felsic intrusive contact southwest of the original Northbelt property (U-Breccia property). These were direct purchases of 100% interest. By early 2014 TerraX's land position was approximately 100 km2. Through 2014 additional areas were purchased or staked as potential gold bearing areas were identified and became available.
In late 2015 TerraX staked the southern strike extension of the Con Mine (the Southbelt property), and TerraX has subsequently expanded this area, including staking under Yellowknife Bay along the strike extension of the Campbell Shear, which was the largest producer for the Con Mine (5 Moz Au). By the end of 2016 TerraX's land position was approximately 180 km2.
During the winter of 2016-2017 TerraX staked a large area (Eastbelt) along the eastern side of the main break from south of Yellowknife to the top of the known contiguous greenstone at the point where it becomes disarticulated along the main break. Eastbelt is contiguous with the Northbelt-Walsh Lake properties. Ground was also expanded out along the western extension of the mafic volcanics in the northwest of the Northbelt property, and into felsic intrusive terrain adjacent to the mafic volcanics. These areas have indications of porphyries and 'plugs' that are gold bearing. Subsequently in late 2017 and January 2018 TerraX made several smaller property purchases which included the Burwash and Ptarmigan mine areas, and strike extensions of the Ptarmigan gold bearing structure. TerraX's land position then stood at more than 430 km2.
In March of 2018 TerraX announced a major claim staking acquisition that was contiguous with the northern extension of the Northbelt property. This staking followed positive 2017 exploration results up to the previous northern boundary of the YCG, and a recognition that the gravity anomaly associated with the deep crustal feature (the main break) extended for several 10s of kilometers north. This staking added approximately 340 km2 of prospective ground. The total land holdings for TerraX's YCG now stand at more than 780 km2.
History of Exploration on YCG land pre-TerraX ownership:
The presence of the nearby Giant and Con deposits in similar rocks has strongly influenced exploration on the YCG. Initial discoveries in the late 1920s to early 1930s occurred on the east side of Yellowknife Bay (east side of main break). In 1935, a mapping party by the Geological Survey of Canada discovered gold on the west side of Yellowknife Bay in the Yellowknife Greenstone Belt near what is now the city of Yellowknife. This led to a staking rush and would eventually lead to discovery of the Con and Giant mines. The Con mine produced its first gold bar in 1938 under Cominco ownership. Apart from three years during World War II, the deposit was in continuous production until mine closure in 2003; it was purchased in 1986 by Nerco Minerals Inc. and then again in 1993 by Miramar Mining Corporation. Total production from Con was 6.1 Moz.
Production from the Giant deposit commenced in 1948 under the ownership of Giant Yellowknife Mines Limited and continued until 2004. Giant's discovery led to the discovery of the Campbell Shear on the Con Mine property by calculating the offset distance of the Giant shear along the West Bay fault. The Campbell Shear became Con's largest producer (5 Moz Au).
The Giant mine was sold to Jimberlana NL in 1986, which restructured to become Giant Resources Ltd. In 1990 Giant Resources passed into receivership and the deposit was sold to Royal Oak Mines Inc. In 1999, Royal Oak was placed into receivership and the mining rights to the Giant deposit were acquired by Miramar, who exploited the deposit until 2004. Total production from Giant was just over 8.1 Moz Au. The network of structures comprising the Giant and Con deposits continues north onto the Northbelt property, offset by the Akaitcho Fault, and south onto the Southbelt property.
The YCG has historically been subjected to intermittent, mostly localized, exploration by various companies. The area has traditionally been held by a patchwork of companies and it was never subjected to a coordinated exploration program.
Exploration commenced in the mid 1930s as part of a semi-regional land rush due to the Yellowknife discoveries. The shape of the present Northbelt property is mostly a function of historical claim group shapes, since converted to mining leases. Up to 1964, these claim groups were owned by a variety of companies. In 1964, Northbelt Yellowknife Mines Limited ("Northbelt YK Mines") was incorporated and by the end of 1966, this company controlled most of the present Northbelt property. Northbelt YK Mines, jointly owned by Giant, Falconbridge Nickel Mines and Transcontinental Resources, conducted exploration on the YCG until the end of 1974, with Giant being the operator.
The Walsh Lake mining leases have a similar long history with records of trenching dating back to the 1930s (e.g. Sam Otto). This area was largely consolidated by Walt Humphries by the mid 1970s.
Both properties had sporadic exploration with concentrated drilling campaigns in 1985 on the Crestaurum deposit (74 drill holes) and the south and central parts of the Northbelt property were explored from 1993-1996 by Nebex Resources Ltd, who also carried out limited exploration on parts of the Walsh Lake property. Walsh Lake received exploration attention sporadically from the late 1980s to 2000 through various companies (notably Barrick and Inmet) who carried out limited drilling at the Sam Otto and Dave's Pond prospects.
The Eastbelt area received even less exploration with a high point during exploration and production around the Ptarmigan and Tom deposits (approximately 120K ounces Au production) from 1988 to 1996.
Similar to the Northbelt and Walsh Lake properties, the Southbelt properties were a patchwork of claim ownership that eventually largely fell under the control of the Con Mine. Much of the work occurred in the northeastern corner of Southbelt where mine geologists explored likely extensions of the Con and Campbell Shears, and other intervening vein and shear structures. The last significant exploration campaigns occurred in the late 1990's and included drilling in Yellowknife Bay following the southward projection of the Campbell shear and other sub-parallel shear zones. Significant mineral resources (zones between 100-300,000 ounces gold) are reported from these campaigns. There has been no subsequent exploration on this ground up to TerraX's acquisitions in 2015 and 2016.
When Royal Oak went into receivership in 1999, the leases comprising the Northbelt property were transferred to the Department of Indian and Northern Affairs, thence to Miramar. Northbelt was then purchased by Century Mining Corporation, from whom TerraX purchased the property under receivership brought on by Century's default of loans associated with the Sigma-Lamaque mine in Val-d'Or Quebec. This purchase was the beginning of the YCGP. No exploration was completed on the YCGP subsequent to Royal Oak's involvement (1996) until TerraX began work in 2013.
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