Vancouver, B.C. - TerraX Minerals Inc. (TSX.V: TXR; OTC Pink: TRXXF; Frankfurt: TX0) is pleased to announce the initial surface sampling results from a property wide exploration program now underway on our Yellowknife City Gold project ("YCG"), immediately adjacent to the city of Yellowknife in the Northwest Territories. The two areas of most significance are Angel and Duck Lake, which can be viewed on a map by clicking here and are summarized below.
|Angel:||- 18 samples taken from outcrop over 250 m of north-south strike, with highlights that include:
|Duck Lake:||- 30 samples taken from outcrop over 500 m of east-west strike, with sampling to the west ending at Duck Lake.|
- Veins up to 1 metre thick in sericite schist zones, with highlights that include:
Joe Campbell, the Chief Executive Officer of TerraX, states "The discovery of high grade gold and silver during surface sampling on our newly acquired Eastbelt property is an excellent start to an extensive district scale exploration program now underway. The Angel and Duck Lake areas both have significant outcropping mineralization which occurs in a strong east-west structural trend that is due east of the past producing high grade Con gold mine. In addition, the impressive silver results at Angel indicate an exciting new style of mineralization that has not been previously reported in the camp."
Mr. Campbell further stated "We are impressed by the grade and the strike continuity seen on surface for both the Angel and Duck Lake zones. The identification of these zones confirms our belief that the Yellowknife City Gold project will provide many more opportunities for exciting new discoveries over the coming months. The company is rapidly advancing several property wide exploration programs ahead of an aggressive drill campaign to follow."
Surface exploration on the Yellowknife City Gold project is continuing, with a further 2,000 samples having recently been delivered to the assay lab, with assay results pending. TerraX will be conducting electro-magnetic, magnetic and radiometric geophysical surveys totaling approximately 3,200 line kilometres over all areas of the project that have not previously been surveyed. In addition, ground-based magnetic surveys will be conducted on these new areas and known high grade gold zones in preparation for drilling later this season.
Of the 520 samples taken at Eastbelt for which assays have been received, 34 returned values greater than 0.05 g/t Au, of which 25 samples were over 1.00 g/t Au, with highs of 65.7 g/t Au and 4,910 g/t Ag. 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. 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.
The technical information contained in this news release has been approved by Joseph Campbell, the Chief Executive Officer 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
Yellowknife City Gold ("YCG") encompasses 418 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 15 km of the City of Yellowknife, the YCG is close to vital infrastructure, including transportation, service providers, hydro-electric power and skilled tradespeople.
The YCG lies on the prolific Yellowknife greenstone belt, covering 45 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
For more information, please contact:
|Samuel Vella||Paradox Public Relations Inc.|
|Manager of Corporate Communications||Phone: 514-341-0408|
|Toll-Free: 1-855-737-2684||Toll-Free: 1-866-460-0408|
|[email protected]||[email protected]|
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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, future events or otherwise.