Combined with 2013 results, this summer's surface work on the YCGP has led to the generation of more than 10 additional discoveries which could be quickly made 'drill ready' in the short term. Several of the new high grade targets are oblique or high angle veins that occur near the main Crestaurum and Barney structures and they could be indicative of gold bearing vein sets common to large mineralized systems.
At least four new targets were identified in the Crestaurum area:
- Three grab samples were taken from a 20 cm wide, northwest trending quartz vein 250 m northwest of the Crestaurum structure. The vein contains visible gold; assay results from grab samples taken from this vein were 24.7, 157.5 and 878 g/t Au. This vein could intersect the Crestaurum structure at a high angle.
- The newly identified Milner SW structure 250 m northeast of the known extent of the Crestaurum structure was sampled over a strike length of 75 m. This structure could be an extension of, or a splay off, the main Crestaurum structure. Nine samples were collected, with seven grab samples returning results ranging from 1.05 to 712 g/t Au, including 326 and 103 g/t Au. Visible gold is apparent in the higher grade samples. Two of the samples were chip samples over 1 m intervals; these assayed 11.65 and 33.1 g/t Au.
- A grab sample taken from quartz stringers potentially on the southwest extension of the Crestaurum structure 230 m southwest of the main trenches ran 40.2 g/t Au.
- Four grab samples from a north-northwest trending, 15 cm wide quartz vein southeast of the Crestaurum structure assayed between 6.69 and 27.1 g/t Au. Minor visible gold was noted in this vein, which outcrops over a strike length of 30 m. This vein could be a splay off the Crestaurum structure or a new vein intersecting it at a low angle.
In the Barney area a 2 m wide shear zone trending north-northwest was discovered halfway between Crestaurum and the Barney Zone in the Milner Lake area. A grab sample from this zone assayed 44.3 g/t Au. A quartz vein/shear zone on the east edge of Milner Lake was channel sampled in three locations; the best result was 1.4 m @ 2.03 g/t Au. This vein is interpreted as the possible surface expression of the Barney Zone, where TerraX recently drilled 22.42 m @ 6.35 g/t Au, inclusive of 5.16 m @ 18.40 g/t Au (news release of August 25, 2014).
Geologists provided by Virginia Mines Inc. conducted reconnaissance mapping in the extreme southern portion of the YCGP, mapping the extension of the Barney Shear over a strike length of 1 km to within 100 m of the southern boundary of the property. They also noted a series of north-northeast trending shear zones on the Northbelt property which probably represent the northern extension of the Giant shear system. A grab sample from one of these shears ran 7.34 g/t Au.
Other areas sampled included:
- The AES structure, where a southwest extension of this structure was sampled. Ten grab samples were collected over a 400 m strike length; gold results ranged from 0.035 to 21.7 g/t Au, and five samples had values greater than 1 g/t Au. These results are up to 5 km from mineralization reported from the same structure last year (grab sample of 12.85 g/t Au, chip sample of 1 m @ 4.76 g/t Au; news release of Nov. 6, 2013), and indicate another promising long strike length target area on the YCGP.
- The Walsh Lake property, where previous chip sampling at the Sam Otto zone produced 5.0 m @ 1.90 g/t Au, and a historical drill intersection of 15.85 m @ 2.59 g/t Au was reported (see news release of Oct. 30, 2013). Chip sampling of a previously unsampled trench returned 8.0 m @ 0.89 g/t Au, and a grab sample from a quartz vein 100 m northeast of the main zone assayed 72.6 g/t Au. A newly discovered quartz vein in the eastern part of the Walsh Lake property ran 11.1 g/t Au.
About the Yellowknife City Gold Project
The Yellowknife City Gold Project encompasses 93.5 sq km 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 project lies on the prolific Yellowknife greenstone belt and covers 15 km of strike length on the northern extension of the shear system that hosts 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 historic high grade drill results. Since January 2013, TerraX has consolidated the project area by acquiring and optioning numerous properties, including: Northbelt, Goodwin, Ryan Lake, Walsh Lake, and U-Breccia, as well as staking additional contiguous lands. Being all-season road accessible and within 15 km of the City of Yellowknife, the YCPG is close to vital infrastructure, including transportation, service providers, hydro-electric power and skilled trades people.
For more information on TerraX and the Yellowknife City Gold Project, please visit our web site at www.terraxminerals.com.
On behalf of the Board of Directors
"JOSEPH CAMPBELL"
Joseph Campbell
President
info@paradox-pr.ca
Phone: 514-341-0408 Toll Free: 1-866-460-0408
or
Contact: Vanguard Shareholder Solutions
ir@vanguardsolutions.ca
Phone: 604-608-0824 Toll Free: 1-866-801-0779
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.
