- 22.42 m @ 6.35 g/t Au, inclusive of 5.16 m @ 18.40 g/t Au, in hole NB95-16W1 and
- 45.71 m @ 1.56 g/t Au, inclusive of 15.73 m @ 3.73 g/t Au, in hole NB96-16W3
Drilling at the Barney Zone was designed to test the interpreted up dip extension of the historically drilled mineralization by wedging off 1995 and 1996 drill holes that had been left with casing intact and capped collars to allow testing of strike/dip extension of the zone by re-entry of the original drill hole. The 1995/96 drill holes were originally reported by TerraX following sampling of recovered historical core (20.86 m @ 3.79 g/t Au, including 4.00 m @ 12.34 g/t Au in hole NB95-16 reported August 14, 2013 and 1.90 g/t Au over 27.00 m, including 8.97 g/t Au over 2.70 m in hole NB96-04 reported November 14, 2013). TerraX had anticipated that the drill holes would be in permafrost, which would require reaming of the holes, but both holes were open, confirming there is no permafrost in the area. This allowed TerraX to perform detailed down-hole directional surveying of several historical holes using Maxibor and also to complete multi-instrument geophysics and oriented teleview surveys of the 2014 drill program and the historical holes for interpretation of bedding and veining directions.
The first wedge drilled on historical drill hole NB95-16 (NB95-16W1) was set at 275 m down hole on NB95-16, approximately 75 meters above the center of the original mineralized intersection (20.86 m @ 3.79 g/t Au, including 4.00 m @ 12.34 g/t Au) drilled in 1995. The wedge successfully lifted and intersected the zone approximately 10 meters directly above the original intersection. Hole NB95-16W1 hit 22.42 m @ 6.35 g/t Au, inclusive of 5.16 m @ 18.40 g/t Au, and confirmed a nearly vertical steep westerly dip for the zone, with an estimated true thickness of approximately 17 m.
The second wedge on NB95-16 failed and a third was set at 200 m down the original hole (NB95-16W3) approximately 150 meters above the center of the original mineralized intersection. This wedge hole turned to the north and intersected the zone approximately 10 m up dip and 7 m to the north of the original hole. The hole intersected a broad zone of mineralization with 45.71 m grading 1.56 g/t Au, inclusive of 15.73 m @ 3.73 g/t Au, which also included 5.39 m @ 5.42 g/t Au and an additional 2.73 m @ 7.25 g/t Au.
The second series of wedges were set by re-entry from drill hole NB96-04, located approximately 80 m north of NB95-16. The first wedge on this hole, NB-96-04W1, was set at 275 m down the original hole, approximately 135 meters above the mineralized zone intercepted in NB96-04 of 1.90 g/t Au over 27.00 m, including 8.97 g/t Au over 2.70 m. This wedge hole appears to indicate that the main mineralized zone pinches out in the location of NB96-04W1, but this hole intersected two additional polymetallic zones interpreted to be in the hanging wall of the main zone higher up the hole, with 15 m grading 0.79 g/t Au, 10.5 g/t Ag and 0.43% Pb, inclusive of 3.00 m @ 3.01 g/t Au; and a second zone of 19 m @ 0.78 g/t Au, 35.6 g/t Ag, and 1.32% Pb inclusive of 6.51 m @ 1.90 g/t Au, 58.5 g/t Ag, and 1.13% Pb. This second zone correlated with a zone originally intersected in NB96-04 of 17.5 m of 0.38 g/t Au, 13.8 g/t Ag and 0.55% Pb.
The second wedge off of NB96-04 (NB96-04W2) was set at 175 m down the original drill hole, approximately 235 m above the mineralized zone (27 m @ 1.90 g/t Au) intercepted in 1996. This hole also intersected two zones, including 2.00 m @ 2.91 g/t Au and a lower zone of 14.51 m @ 1.59 g/t Au, 15.1 g/t Ag and 0.36% Pb inclusive of 3.83 m @ 5.30 g/t Au, 16.4 g/t Ag and 0.36% Pb.
A further hole (TNB14-013) was designed to cross the mineralized zone up dip and between holes NB95-16 and NB96-04. This hole hit the zone but intersected weaker alteration, shearing and mineralization, supporting the indications that gold mineralization at the Barney Zone is stronger with depth. The hole intersected a few weak polymetallic zones similar to hole NB96-04 and its wedges, including 7.5 m @ 0.38 g/t Au, 6.4 g/t Ag and 0.35% Pb, and a second high grade silver and lead zone of 1.66 m @ 0.58 g/t Au, 228.1 g/t Ag, and 4.61% Pb.
Joseph Campbell, P. Geo, President of Terrax, states "The mineralization encountered in this drilling, particularly around drill hole NB95-16, supports the popular theory that the Barney Zone is the northern extension of the shears that hosted the historic Con and Giant gold mines immediately to the south in Yellowknife, and shows that it has the potential to contain widths and grades equivalent to those high grade deposits. TerraX intends to aggressively explore, in future drill programs, the more than 4.5 km trend of this zone that has been identified to date on the Norhbelt property, and which has not been tested to the north or south of the current drilling."
Barney Zone Drilling
| Hole | From | To | Interval (m) | Au g/t | Ag g/t | Pb % | Cu % |
|---|---|---|---|---|---|---|---|
| NB95-16W1 | 327.60 | 350.02 | 22.42 | 6.35 | 6.0 | 0.13 | |
| incl. | 328.40 | 332.89 | 5.29 | 5.48 | 5.0 | - | |
| and incl. | 342.93 | 348.09 | 5.16 | 18.40 | 6.5 | 0.13 | |
| NB95-16W3 | 199.70 | 201.50 | 1.80 | 0.24 | 168.9 | 0.37 | 0.22 |
| and | 299.29 | 345.00 | 45.71 | 1.56 | 5.6 | 0.14 | |
| incl. | 327.00 | 342.39 | 15.73 | 3.93 | 7.4 | 0.22 | |
| incl. | 327.00 | 332.39 | 5.39 | 5.42 | 5.3 | - | |
| and incl. | 340.00 | 342.73 | 2.73 | 7.25 | 7.3 | 0.26 | |
| NB96-04W1 | 313.00 | 328.00 | 15.00 | 0.79 | 10.5 | 0.43 | |
| incl. | 316.00 | 324.45 | 8.15 | 1.33 | 11.1 | 0.55 | |
| and incl. | 316.00 | 319.00 | 3.00 | 3.01 | 5.6 | 0.10 | |
| and | 339.00 | 358.00 | 19.00 | 0.78 | 35.6 | 1.32 | |
| incl | 349.67 | 356.18 | 6.51 | 1.90 | 58.5 | 1.13 | |
| NB96-04W2 | 305 | 307 | 2.00 | 2.91 | 1.9 | - | |
| and | 350.49 | 365 | 14.51 | 1.59 | 15.1 | 0.36 | |
| incl. | 354.90 | 358.72 | 3.83 | 5.30 | 16.4 | 0.36 | |
| TNB14-013 | 254.59 | 255.49 | 0.90 | 1.38 | - | - | |
| and | 271.00 | 278.50 | 7.50 | 0.38 | 6.4 | 0.35 | |
| and | 283.60 | 285.26 | 1.66 | 0.58 | 228.1 | 4.61 | |
TerraX collected 639 samples from the Barney Zone drilling. Results ranged from below detection in all metals to highs of 37.70 g/t Au, 373 g/t Ag, and 7.52% Pb in separate samples. Cross-section interpretations of the above drill holes are being prepared and will be posted on our web site at www.terraxminerals.com when completed.
Assay results are pending from the nine holes drilled at the nearby Crestaurum deposit, TerraX's other high priority gold target at Northbelt. Results will be released once received and interpreted.
Drill hole collar locations were surveyed to sub-meter accuracy. Down hole surveys (Maxibor) were completed on all holes. Core sampling included insertion of certified standards and blanks. Drill core samples are cut by diamond saw at TerraX's core facilities in Yellowknife. A halved core sample is left in the core box. The other half core is sampled and transported by TerraX personnel in securely sealed bags to ALS Chemex's preparation laboratory in Yellowknife. After sample preparation, samples are shipped to ALS Chemex's Vancouver facility for gold and ICP analysis. Gold assays of >3 g/t are re-assayed on a 30 gm split by fire assay with a gravimetric finish. Silver ICP results over 100 g/t and lead ICP over 5000 ppm are subjected to ore grade analyses. ALS is a certified and accredited laboratory service. ALS routinely inserts certified gold standards, blanks and pulp duplicates, and results of all QC samples are reported.
TerraX and GeoVector Management Inc. were responsible for planning the drill holes at Barney Lake. GeoVector was also responsible for the management and supervision of the drill program. The technical information contained in this news release has been approved by Joseph Campbell, the President 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
The Yellowknife City Gold Project encompasses 9,349 hectares 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, YCPG is close to vital infrastructure, including: supplies, service providers, hydro-electric power and skilled tradespeople.
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
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Contact: Vanguard Shareholder Solutions
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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.
