Sixty samples were collected from a northeast-trending corridor 1.3 km long by 300 m wide, parallel to and including the Crestaurum Shear, a southeast-dipping shear that hosts the Crestaurum gold deposit, which has been drill tested by almost 200 holes, with drill intercepts that include 5 m at 62.90 g/t Au (news release of October 2, 2013).All but two of TerraX's samples from this prospecting campaign were grab samples. Assay values ranged from below detection (16 samples) to 547 g/t Au. Twelve samples had greater than 5 g/t Au. Notable values were taken from three separate locations:
- the newly discovered VSB Vein
- an easterly-trending quartz vein; and
- a northwest-trending quartz vein.
The easterly trending quartz vein is exposed in three trenches over a strike length of 15 m. It is 30 cm wide and is highly contorted over its exposed length. It contains arsenopyrite, sphalerite and galena. All six samples collected in this campaign were anomalous, with values ranging from 8.18 to 40.7 g/t Au. Two of the samples were 1 m chip samples; these ran 18.3 and 28.3 g/t Au. The vein also contains significant amounts of lead and zinc-up to 1.47% Pb and 7.96% Zn. The vein is immediately east of the trace of the Crestaurum Shear, which is not exposed at surface in this area.
The northwest trending quartz vein is exposed in four trenches over a 55 m strike length, and may be the south-easterly extension of a vein that was traced by TerraX in 2013 over 150 m. The vein varies from 15 to 50 cm in width. Grab samples from this vein ranged from 0.37 to 19.75 g/t Au.
Table 1: High Grade 2014 Grab Samples from Crestaurum Area
|Easting||Northing||Au (g/t)||Ag (g/t)||Pb %||Zn %|
Sample locations and gold results are shown on a map available on the TerraX website at www.terraxminerals.com.
The northeast trending Crestaurum Shear outcrops only in its southwestern end, where it has been trenched and where a 2013 TerraX chip assay ran 4 m @ 24.26 g/t Au. The Crestaurum shear was not sampled during this current prospecting campaign, which focused on subparallel structures and northwest trending quartz veins and shears.
Joseph Campbell, P.Geo and President of TerraX, comments: "We continue to find new and compelling high-grade showings throughout the Yellowknife City Gold Project, including these recent exploration results from the area around the Crestaurum Shear.This includes multiple northwest trending structures that project to intersect with the Crestaurum Shear and may provide some control on the higher grade lodes found within that deposit. Collectively, these veins could also contribute significantly to potential gold resources in the area and, in particular, we regard the VSB Vein as an exploration target in its own right."
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 approximately 8,400 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, the YCGP is close to vital infrastructure, including supplies, service providers, power, water, and skilled tradespeople.
For more information on the Yellowknife City Gold Project, please visit our web site at www.terraxminerals.com.
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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.