The Southbelt property is adjacent to the past-producing Con mine property, where over six million ounces of gold were mined at an average grade of 16.1 grams per tonne gold over a 60-year mine life. Mine workings at Con extend to within 0.5 kilometers of TerraX’s property. Terrax has identified extensions of several mineralized trends mapped from the Con mine onto the Southbelt property, including the namesake Con shear. The Southbelt property is a low cost accessible exploration project as a result of its location within 3 kilometers from the city of Yellowknife.
Mineralization on the Southbelt property is within shears and quartz veins hosted in the Kam Lake mafic volcanics, similar to the ore bearing structures in the Con Mine. Two predominant directions of shearing have been identified, northeast trends (Con Shear and New Vein) and north trending (Tent Lake Shear, No. 1 Shear and No. 2 Vein). The mineralization consists of sericite-chlorite-carbonate shears with the best mineralization associated with intense sericite and quartz veins. Gold bearing structures have been followed for several kilometers, including the namesake Con shear, which continues on to TerraX's property for up to 5 kilometers.
In addition to the mineralization in the mafic volcanics, TerraX has identified rocks of the Townsite Formation on the property, with mineralized zones similar to the ore bearing structures of the Campbell Shear, the largest producing structure from the Con mine (5 million ounces of gold produced).
The property was initially staked in the summer and fall of 2015. A short reconnaissance program was carried out in 2015, followed by more extensive mapping and sampling in 2016. Several high grade gold values have been collected in grab sampling, including on the New Vein shear which contains values up to 94.9 g/t Au (news release dated Sept. 23, 2015).