To prepare for the 2015 drill program, TerraX has continued to evaluate and re-assay historical drill core from holes drilled within the Core Gold Area and carried out selected surface sampling and mapping prior to winter freeze-up. The Core Gold Area covers at least a 3km x 5km NNE trending area bounded by the Barney Lake Shear Corridor in the east and the Ryan Lake Pluton to the west; it remains open along strike (see TerraX presentation at www.terraxminerals.com). The drill holes and surface results reported here were sampled to better understand the relationships between the multiple known gold structures, and to help characterize the geological controls on the mineralized zones within these structures.
DRILL CORE RESULTS
The eight drill holes reported in this news release were drilled between 1994 and 1996. The core from these holes is part of the 30,000 m of core recovered in 2013 from the Giant Mine core yard and relocated to TerraX's core facility in Yellowknife. Logging has been carried out on drill holes that cored through multiple areas of geological interest to TerraX.
Four drill holes reported below are from the Barney Lake Shear Corridor. These holes were logged and sampled to expand our knowledge of what is already considered a promising zone of gold mineralization within the Core Gold Area (2014 drill results include hole 95-16W1 with 22.42m @ 6.35 g/t Au inclusive of 5.16m @ 18.40 g/t Au reported August 25th, 2014). Results of sampling of the historical core include:
- Hole NB96-21 returned 18.54 m @ 2.15 g/t Au and 6.2 g/t Ag, including 3.94 m @ 5.04 g/t Au and 13.2 g/t Ag. This intersection was missing 81 cm of the highest grade core from selective samples taken for display purposes in 1996. Hole NB96-21 was drilled on section and west of hole NB96-04 (1.90 g/t over 27.00 m, including 8.97 g/t Au over 2.70 m -- see news release of November 14, 2013) NB96-21 and NB96-04 were the two most northerly holes drilled on the Barney Lake Shear Structure prior to TerraX drilling during the winter of 2014.
- Hole NB96-13 was drilled 30 m to the south and 60 m west of NB96-21 and intercepted 2.67 m @ 7.83 g/t Au and 8.1 g/t Ag in a zone interpreted to be in the hanging wall of the zone intersected in NB96-21. Extensive alteration and mineralization were encountered, with stronger gold mineralization consistent with a close approach to the interpreted strongest portion of the known Barney Mineralized Zone.
- Hole NB96-09 drilled 50 m down dip of the gold zone in NB96-13 was interpreted to be in the hanging wall of the zone intersected in NB96-21 and returned 6.38 m @ 2.74 g/t Au and 5.2 g/t Ag.
- Hole NB96-15 was drilled west of the previously known Barney Zone and up dip of NB96-24 (which returned 4.0 m @ 7.73 g/t Au - see news release December 3, 2013). Results include a gold zone of 5.01 m @ 3.14 g/t Au.
Drill Hole Intervals from Barney Lake Shear Zone
|Drill Hole||UTM East||UTM North||Azimuth||Dip||FROM (m)||TO (m)||Width (m)||Au g/t||Ag g/t|
|* Previously reported - see text above|
A map showing the location of these drill holes is available under "2014 Field Exploration" on our web site at www.terraxminerals.com
Four holes were re-logged from areas that are between the Crestaurum Zone, 20 Shear and 19 Shear, which collectively lie to the west and south of the Barney Zone (see table below), and form part of the mineralizing structures within the Core Gold Area. These holes were drilled in 1994 and are not directly associated with the two best known zones of gold mineralization (Crestaurum, Barney), but were logged and sampled by TerraX to gain a better understanding of the relationship of these zones to each other, and to ascertain the controls on their gold mineralization. Results include 1.45 m @ 6.05 g/t Au in hole NB94-03; 11.36 m @ 0.92 g/t Au in hole NB94-05; 1.50 m @ 5.36 g/t Au in hole NB94-13; and 1.90 m @ 5.05 g/t Au from in hole NB94-15 (see table below).
Assay Intervals from Areas between the
Crestaurum Shear and Shears 20 & 19
|Drill Hole||UTM East||UTM North||Azimuth||Dip||FROM (m)||TO (m)||Width (m)||Au g/t|
The drill core was subjected to a full geological and geotechnical analysis which included refitting of the core, revealing 100% recovery except for selected mineralized core intervals (10-20 cm) that had been removed for display or other test work by past workers. Core showed excellent geotechnical rock quality values. Core distances were converted from the original imperial measurements (feet) to metric (meters) and new core sampling intervals were designated from the metric measurements.
TerraX collected 241 samples for assay from the Barney Lake Shear Corridor area and 239 samples from other areas within the Core Gold Area. Results ranged from below detection to a high of 22.7 g/t Au. Core samples were cut with a diamond saw blade. Sampling over several intervals was done by quarter core sampling of half sawn core that remained from previous sampling in 1994, 1995 and 1996. In these areas a quarter core sample remains in the core boxes for further examination if required. True thickness of the zones of mineralization is unknown at present. Based on core foliation angles it is estimated to be between 65-95% of drill intersection width.
A map of the new shear surface samples and the drill holes reported above from Barney, Crestaurum, 20 Shear and 19 Shear is available under "2014 Field Exploration" on our web site.
SURFACE SAMPLING RESULTS
Surface sampling and mapping was carried out in early fall on the YCGP. The assay results reported here were from structural mapping of known mineralized features within the Core Gold Area, and sampling of strike extensions to these structures. Results included:
- A grab sample with 126 g/t Au in veining within a new shear in the Core Gold Area that is 300 m north of a sample grading 44.3 g/t Au (news release of Sept 8th, 2014) taken during prospecting this summer. Both samples are interpreted to be on the same northerly trending shear structure, which is sub-parallel to and 150 m west of the main Barney Shear, with today's sample approximately 500 m south of drilling completed this summer at the Barney Shear
- A grab sample with 6.42 g/t Au from a NNW structure within the Core Gold Area that is sub-parallel to and 50 m east of Shear 17. This sample is 85 m from a channel sample on Shear 17 that ran 6 m @ 2.03 g/t Au, 0.09% Cu and 0.05% Mo (news release Aug 19th, 2014).
- Grab samples of 2.82 and 13.95 g/t Au from the NNE trending Finger Lake Shear on the U-Breccia property which is in the southwest portion of the YCGP, and approximately 2 km south of the current southern boundary of the Gold Core Area, potentially expanding our area of interest.
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 surface program consisted of 62 samples with grades ranging from below detection limit to 126 g/t Au. Certified standards and blanks were inserted 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.
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.
On behalf of the Board of Directors
Contact: Paradox Public Relations
Phone: 514-341-0408 Toll Free: 1-866-460-0408
Phone: 514-341-0408 Toll Free: 1-866-460-0408
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.