The Stewart property features an east-northeast striking, 6 km long by up to 1.4 km wide epithermal to porphyry style alteration zone with extensive low grade gold-copper mineralization, of which less than 15% has been drill and trench tested. The target type for the Stewart property is a mineralized system similar to Oyu Tolgoi in Mongolia. Strong IP anomalies were identified with a Titan 24 survey over a strike length of 2.5 km, with widths up to 800 m and vertical extents in excess of 500 m (see news release of May 9, 2011). A geologic model of the anomalies identified at Stewart, with a comparison to those at Oyu Tolgoi, is available on our web site at www.terraxminerals.com.
This first hole was drilled in a southeast direction along a Titan 24 section line which contains a 250 m wide by 300 m deep chargeability anomaly that intersects the surface. This anomaly is semi-coincident with the Vinjer trench, which contains extensive hydrothermal alteration and anomalous metals. The hole was 440 m long, of which the upper 433 m consistently contains between 1 and 5% pyrite. This interval is also strongly altered; mineralogical analysis with a Terraspec instrument confirmed that the interval is dominated by varying amounts of pyrophyllite and illite, both of which are common in porphyry to epithermal environments. Stockwork quartz veins, chalcopyrite and molybdenite all occur locally within the hole. The upper 185 m of the hole contains strongly altered quartz diorite, tentatively interpreted as the mineralizing intrusion for the extensive hydrothermal system. The lower 7 m of the hole contains a fresh felsic volcanic rock. The contact between the altered rock and the unaltered felsic volcanic corresponds to the edge of the chargeability anomaly.
TerraX is encouraged by the presence of strong alteration to a vertical depth of 307 m in this location, and by the apparent close correspondence between sulphide distribution and the Titan chargeability anomaly. This suggests that TerraX's interpretation of a major porphyry system on the Stewart property is correct. Readers are cautioned that the presence of strong alteration and extensive pyrite development need not be indicative of significant quantities of gold or other metals and that, prior to receipt of assay results, no conclusions can be drawn as to the nature or extent of any metal content.
The Stewart property is comprised of 242 claims totalling 60.5 sq. km, located 30 km north-northeast of the town of Marystown on the Burin Peninsula. For more information on Stewart and TerraX's other properties, please visit our website at www.terraxminerals.com.
All drill core from the 2011 drill program at Stewart is logged, split and sampled at a secure core facility in Marystown. Samples are collected from this facility by a shipping company for onward transportation to the Actlabs facility in Fredericton. Actlabs is an ISO/IEC 17025 accredited analytical laboratory. Gold analysis is by fire assay with AA finish; other elements of interest (silver, copper, molybdenum etc) are obtained by ICP. Analytical accuracy and precision are monitored at the laboratory by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. TerraX routinely inserts blanks and certified standards into the sample stream in order to independently assess analytical accuracy.
The technical information contained in this news release has been verified by Dr. Tom Setterfield, P.Geo., who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Properties."
On behalf of the Board of Directors
Joseph Campbell, P.Geo.
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