- 2.85 m @ 33.60 g/t Au in hole TNB14-019,
- 3.07 m @ 13.84 g/t Au in hole TNB14-015; and
- 5.10 m @ 7.01 g/t Au in hole TNB14-022
Of the nine holes reported today, four holes (TNB14-0015 to 018) were drilled into the South Shoot; two holes (TNB14-019 and 020) were drilled 1 km north along strike in the North Shoot; one hole (TNB14-021) was drilled 125 m further north along strike in the North Extension Shoot; and two holes (TNB14-022 and 023) were step-out holes drilled a further 65 m north, intercepting high-grade gold mineralization and extending the strike length of the North Extension Shoot. During surface exploration in 2013 and 2014, sampling by TerraX has indicated that the Crestaurum shear extends up to 650 m to the southwest and up to 2 km to the northeast of the area of the historic Crestaurum deposit for an overall potential strike length of over 4 km. In addition, many new oblique and high angle gold veins were identified and sampled this summer near the main Crestaurum zone as well as the nearby (< 1.5 km) Barney structure that could be indicative of gold bearing vein sets common to large mineralized systems. A map showing the locations of the drill results reported today will soon be available on our web site at www.terraxminerals.com.
Crestaurum Summer 2014 Drill Results
Drill holes were all drilled approximately normal to the interpreted strike and dip of the mineralized zone, and the mineralized intersections reported today represent approximately 93-100% of true thicknesses of the zone. | Drill Hole | UTM Location (NAD 83) | Azimuth | Dip | From (m) | To (m) | Interval (m) | Au g/t | ||
|---|---|---|---|---|---|---|---|---|---|
| Easting | Northing | ||||||||
| TNB14-015 | 635641 | 6941546 | 302 | -45 | 70.40 | 73.47 | 3.07 | 13.84 | |
| TNB14-016 | 635641 | 6941546 | 302 | -68 | 73.00 | 76.60 | 3.60 | 4.48 | |
| TNB14-017 | 635604 | 6941576 | 306 | -45 | 29.50 | 33.44 | 3.94 | 0.91 | |
| TNB14-018 | 635582 | 6941529 | 314 | -60 | 36.00 | 38.33 | 2.33 | 3.21 | |
| TNB14-019 | 636008 | 6942149 | 310 | -45 | 49.00 | 51.85 | 2.85 | 33.60 | |
| TNB14-020 | 635939 | 6942093 | 296 | -45 | 31.00 | 32.78 | 1.78 | 1.38 | |
| TNB14-021 | 636051 | 6942266 | 311 | -45 | 8.50 | 10.50 | 2.00 | 3.66 | |
| and | 50.98 | 57.20 | 6.22 | 4.34 | |||||
| incl | 50.98 | 53.74 | 2.76 | 7.52 | |||||
| TNB14-022 | 636079 | 6942322 | 299 | -49 | 27.22 | 28.10 | 0.88 | 1.65 | |
| and | 49.28 | 58.28 | 9.00 | 4.69 | |||||
| incl | 49.28 | 54.38 | 5.10 | 7.01 | |||||
| TNB14-023 | 636079 | 6942322 | 298 | -65 | 33.50 | 34.32 | 0.82 | 1.65 | |
| and | 53.00 | 57.40 | 4.40 | 2.18 | |||||
| and | 68.50 | 70.00 | 1.50 | 3.79 | |||||
In 2013, TerraX recovered core from 74 drill holes drilled by Giant Mines Ltd. in 1985 to assist them in open-pit and underground planning on the Crestaurum deposit. TerraX was able to re-sample and re-assay this core, with assay results that included 5.00 m @ 62.90 g/t Au (news release Oct 2, 2013). A further 117 holes were drilled into the Crestaurum Zone between 1945 and 1980 over a strike length of 1.4 km for which drill collar locations were found in the field but for which no drill core has been recovered by TerraX. Based on this information, TerraX drilled a total of 12 holes this year (three in winter and nine this summer) to verify historical information from drill logs and possibly allow these 117 drill holes to be incorporated into a future NI 43-101 resource estimate.
TerraX previously released assay results for the three Crestaurum holes (see news release June 2, 2014) that were drilled in the 2014 winter program, including 10.02 m @ 4.17 g/t Au inclusive of 2.89 m @ 10.88 g/t Au in hole TNB14-011 and 1.47 m @ 8.73 g/t Au in TNB14-006.
TerraX collected 370 samples for assay from the summer Crestaurum drilling program. Results for gold ranged from below detection to highs of 100.0 g/t Au.
Drill hole collar locations were surveyed to sub-meter accuracy. Down hole surveying (Easy Shot) was 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. 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.
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 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 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
Contact: Paradox Public Relations
info@paradox-pr.ca
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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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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.
