The Ryan Lake Pluton is immediately east of Ryan Lake on the western margin of the YCGP, 500 m northwest of the Crestaurum Shear. Maps showing the location of the Ryan Lake Pluton and the sampling results being reported today are available on our web site at www.terraxminerals.com under the Northbelt property section. This pluton is granodiorite to quartz diorite in composition, and contains numerous thin quartz veins, some with apparent potassium feldspar, near its margins. A number of wider (0.5 to 2 m), north-northwest trending quartz veins are present; these contain variable amounts of molybdenite, pyrite and lesser chalcopyrite. The veins intrude the pluton and the surrounding mafic stratigraphy. The most significant structure is Shear 17, which can be traced for 1.2 km. This shear zone/vein system and nearby veins were tested with 31 drill holes by Jacknife Mines in the mid-1940's. Unfortunately, no drill records are available and the core is poorly preserved and not useable.
TerraX collected 84 samples, including 24 chip samples, from veins within Shear 17 and from nearby subparallel veins. Gold results varied from below detection to 141 g/t Au, which was from a grab sample of a vein close to Shear 17. Silver values ranged from below detection to 445 g/t Ag. Copper varied from 7 ppm to 3.01% Cu, the highest value obtained to date from the YCGP. Molybdenum ranged from 1 ppm to 6.32% Mo; 16 samples had >0.1% Mo. A chip sample from the northern portion of Shear 17 returned 6 m @ 2.03 g/t Au, 0.09% Cu and 0.05% Mo. The highest copper and silver values were from a grab sample at the northern end of Shear 17. A chip sample from the trench that produced the 6.32% Mo ran 0.5 m @ 1.75% Mo and 88 g/t Ag; both samples had greater than 1% bismuth. The vein that produced these extremely high grade Mo samples is 100 m west of Shear 17. Sampling completed in 2014 in this area is 150 to 500 m east of the molybdenite-bearing quartz vein sampled in 2013 that returned up to 0.85% Mo (news release of November 6, 2013).
TerraX is very encouraged by the results of the brief examination of this area. Widespread anomalous to ore grade values of Mo, Au, Ag and Cu were encountered; TerraX does not pretend to fully understand the metal distribution of this area as yet. The mineralization style is different than the mesothermal gold style that comprises the bulk of the YCGP (except Homer Lake); the abundance of molybdenum and copper, and the spatial association with the Ryan Lake Pluton, would point to a more porphyry style of mineralization. Known historical drilling tested a 500 m strike length of Shear 17, and has not necessarily tested the best area - in particular, the highest molybdenum, copper and silver values encountered by TerraX are removed from the area that was drill tested.
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 Tom Setterfield, Vice President Exploration 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 is host to multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district and contains 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, power, water, and skilled tradespeople.
For more information on TerraX and the Yellowknife City Gold Project, please visit our web site at www.terraxminerals.com.
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