- 7.00 m @ 10.23 g/t Au, inclusive of 2.97 m @ 23.69 g/t Au, in hole TCR15-003, and
- 6.73 m @ 3.36 g/t Au, inclusive of 2.50 m @ 8.79 g/t Au, in hole TCR15-002.
Joe Campbell, P. Geo, President of TerraX, states "We are extremely pleased by the high grade intercepts reported today, and are encouraged by the confirmation of the continuity in the mineralized structure as well as the extension of the plunge and dip on the high grade mineralized portions of the South Shoot evidenced by this drilling. We look forward to the receipt of assays from the other high-grade shoots at Crestaurum that have been tested by this drill program, further expanding the mineralized zones identified to date at Crestaurum.
The Crestaurum Zone is a discrete shear striking northeast and dipping southeast. It has been followed on surface for approximately 4 km. It has been drilled over 1.2 km of strike length up to a depth of approximately 100 meters vertical from surface by approximately 200 drill holes. The shear consistently contains moderate to low grade gold, and the higher gold grade mineralized shoots within the shear contain quartz veins and minor sulphide mineralization.
These three holes reported today from the current drill program were collared on the South Shoot where TerraX reported prior drill results that included 5.00 m @ 12.43 g/t Au (hole 85-173), 5.00 m @ 8.03 g/t Au (hole 85-174), and 3.07 m @ 13.84 g/t Au (hole TNB14-015). The current drilling tested further down dip and down plunge from previous drilling on the South Shoot to establish shoot geometry and extend the size of the high grade shoots. Results for the three Crestaurum South Shoot holes reported today are tabulated below. A map showing the drill collar locations is available on our web site at www.terraxminerals.com.
| Drill Hole | UTM Location (NAD 83) | From (m) | To (m) | Interval (m) | Au g/t | Zone | ||
|---|---|---|---|---|---|---|---|---|
| Easting | Northing | |||||||
| TCR15-003 | 635712 | 6941567 | 95.00 | 102.00 | 7.00 | 10.23 | South Shoot | |
| Incl. | 99.03 | 102.00 | 2.97 | 23.69 | ||||
| TCR15-002 | 635689 | 6941546 | 96.00 | 102.73 | 6.73 | 3.36 | South Shoot | |
| Incl. | 99.00 | 101.50 | 2.50 | 8.79 | ||||
| TCR15-001 | 635664 | 6941510 | 59.85 | 61.00 | 1.15 | 1.04 | ||
| and | 82.40 | 83.10 | 0.70 | 3.18 | ||||
| and | 100.45 | 102.20 | 1.75 | 3.87 | South Shoot | |||
Drill intersections at Crestaurum are designed to be normal to strike and near normal to dip and represent 95-98% of true thickness of the zone based on interpreted strike and dip of the zone.
A total of nineteen holes have been drilled so far during this current winter drill program, with drilling scheduled to continue through March and early April prior to spring breakup. Assay results for the remaining holes are pending and will be released once received and interpreted. Drilling completed to date has tested dip and strike extensions on the Central Shoot (5.00 m @ 20.66 g/t Au in hole 85-187) and North Extension Shoot (5.00 m @ 62.90 g/t Au in hole 85-150 and 9.00 m @ 4.69 g/t Au in hole TNB14-022). Following completion of drilling currently underway at the North Extension, the drill will be moved 400 m northeast to test the strike extension of the Crestaurum vein structure at the interpreted intersection of the Crestaurum Shear and Shear 20 (21.12 m @ 2.97 g/t Au in hole 94-01A), providing a test of the intersection zone of two well mineralized shears.
TerraX collected 116 samples for assay from the South Shoot drilling. Results ranged from below detection in all metals to a high of 50.90 g/t Au. Drill hole collar locations were surveyed to sub-meter accuracy. Down hole surveying (Easy Shot) was completed on all holes. TerraX inserts certified standards and blanks into the sample stream as a check on laboratory QC. 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 (ALS) preparation laboratory in Yellowknife. After sample preparation, samples are shipped to ALS'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.
TerraX and GeoVector Management Inc. were responsible for planning the drill holes. 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 approximately 94.9 sq km of contiguous land immediately north of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX now controls one of the six major high-grade gold camps in Canada - and the least explored.
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 high grade drill results this past year that serve to indicate the project's potential as a world-class gold district. Since February 2013, TerraX has consolidated the project area by acquiring, optioning and staking 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 YCG 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
info@paradox-pr.ca
Phone: 514-341-0408 Toll Free: 1-866-460-0408
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.
