TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TX0; OTC Pink: TRXXF - http://www.commodity-tv.net/c/mid,36622,VRIC_2017/?v=297281) is pleased to announce that it has commenced a 17,000 meter drill program at its Yellowknife City Gold project adjacent to the City of Yellowknife in the Northwest Territories. This program will incorporate up to four drill rigs that will be primarily testing a number of new drill targets identified during 2016 field exploration. A map showing the location of the initial drill targets is available on our web site under “2017 Winter Drilling.”
Joe Campbell, CEO of TerraX, states “Our 2017 winter drill programs will focus on four of our high priority gold targets with a goal of significant new discoveries and the expansion of known zones of gold mineralization. The next six months will be exciting for shareholders as there should be a steady flow of exploration drilling news that will highlight the growing potential of this exciting district.”
Terrax will be drilling at the following targets:
A new discovery by TerraX in 2016, the Mispickel target is known for high grade gold (8.0 m @ 60.6 g/t Au reported June 6, 2016) contained in quartz veins within shear zones. Mineralization occurs on multiple horizons and previous drilling has indicated good potential for additional high grade zones along the Mispickel structure. This structure has been defined over 5 km of strike length by 2016 surface sampling and magnetic surveys and is open in all directions. The first drill hole of the 2017 campaign has been collared on a new high grade gold target located north of the 2016 Mispickel discovery zone.
Sam Otto is a disseminated wider zone of gold mineralization with the potential to yield both a large bulk tonnage deposit at the main Sam Otto target and a high grade deposit at the Dave’s Pond target (2.4 meters @ 9.89 g//t Au reported January 11, 2017). A second drill will be mobilized into the Sam Otto area in the next few days to follow up on high grade gold structures identified by surface sampling (grab samples up to 66.7 g/t Au – News release of December 1, 2016) west of the main zone of mineralization (129.35 meters @ 0.52 g/t Au, including 32.13 meters @ 1.24 g/t reported January 11, 2017).
Banting Lake consists of a series of high grade gold mineralized structures similar to the Mispickel zone. It occurs 2 km north of Mispickel along a parallel continuation of the Mispickel structure and has been defined over more than 2 km of strike length by 2016 field work and historical exploration. Preparations are being made to move a third drill into the Banting Lake area to test these high grade zones.
The Southbelt property encompasses multiple high grade structures made up of quartz veins with sericite-chlorite shear zones that extend from the previously producing Con Mine site (6.1M oz produced @ 16.1 g/t Au) for up to 5 km on our property and have returned up to 94.9 g/t Au in surface samples (News release of September 23, 2015). The area has high potential for additional discoveries of the Con Mine ore type. In late February, following completion of access trails, a fourth drill will mobilize into the Southbelt property to test along strike of multiple gold-bearing structures.
This area is the strike extension of the Supercrest Zone, the highest grade gold deposit mined at the Giant Mine immediately to the south. Comprehensive mapping in the summer of 2016 indicates large areas of quartz sericite-chlorite schist, a rock type known to host many of the Yellowknife deposits. Drilling will commence on Townsite in March once drill programs in the Sam Otto and Mispickel areas have been completed.
About the Yellowknife City Gold Project
Yellowknife City Gold ("YCG") encompasses 382 sq km of contiguous land immediately north and south of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX controls one of the six major high-grade gold camps in Canada. Being within 15 km of the City of Yellowknife, the YCG is close to vital infrastructure, including transportation, service providers, hydro-electric power and skilled tradespeople.
The YCG lies on the prolific Yellowknife greenstone belt, covering 40 km of strike length along the main mineralized break in the Yellowknife gold district, including the southern and northern extensions of the shear system that hosted 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 recent high grade drill results that serve to indicate the project's potential as a world-class gold district.
For more information on the YCG project, please visit our web site at www.terraxminerals.com.
On behalf of the Board of Directors
For more information, please contact:
Swiss Resource Capital AG
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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.