VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 14, 2013) - TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TX0) is pleased to report the first assay results from re-logged and re-sampled drill core from its Northbelt property in the Yellowknife gold camp. TerraX is currently recovering core from more than 175 drill holes that had been previously stored in the core yard at the Giant Mine site in Yellowknife (see our news release of July 22, 2013). The first hole that has been re-sampled, NB95-16, was drilled on the Barney Shear by Nebex Resources Ltd. in 1995. TerraX's assay results include an interval of 20.86 m @ 3.79 g/t Au, inclusive of 4.00 m @ 12.59 g/t Au.
TerraX had previously discovered drill logs with hand written assay results (no assay certificates have been discovered), and TerraX had the hole collar location of NB95-16 surveyed along with 154 other drill holes in June of this year. Hole NB95-16 has a capped casing which will allow re-entry into this hole to follow-up on the known mineralization. The ready accessibility of 100% of the core from NB95-16, with the exception of 94 cm of high grade core which was taken as display core in 1995, coupled with the known hole collar location, the recorded hole orientation and downhole surveys, and the written annotations and assay values that indicated that NB95-16 had discovered a new zone of mineralization, made NB95-16 the first choice to be re-logged and re-sampled.
The core was subjected to a full geological and geotechnical analysis which included refitting of the core, revealing excellent 100% recovery and excellent geotechnical rock quality values. Core distances were converted from the original imperial measurements (feet) to metric (meters), and new core sampling intervals designated from the metric measurements. Logging of NB95-16 revealed an extensive zone of alteration (siliceous, carbonate, sericitic, +/- chlorite) and shearing from 265 m to the end of the hole at 408 m. Within this wide zone of alteration were several zones of quartz veining and mineralization (pyrite, arsenopyrite, galena, sphalerite, chalcopyrite and stibnite), with an area of concentrated mineralization and veining from 334.06 to 362.38 m.
TerraX collected 66 samples for assay from hole NB95-16. Results ranged from below detection to a high of 38.1 g/t Au. Best results were obtained between 334 and 362 meters, but anomalous values (0.1-1.18 g/t Au) occur in several other intervals. Sampling by TerraX over the interval from 333.56 to 362.88 m was done by quarter core sampling with a diamond saw of the half sawn core remaining from previous sampling. A quarter core sample remains in the core boxes for further examination if required.
TerraX believes the results of the assaying were excellent confirmation of this important zone of mineralization, especially considering the exclusion of 94 cm of the richest core which was taken in 1995 as display core and therefore was not available for sampling by TerraX. Significant assay results include:
| NB95-16 Assay Results | ||||||
| From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | ||
| Total Zone | 334.06 | 362.38 | 28.32 | 2.94 | 13.11 | |
| including | 337.00 | 357.86 | 20.86 | 3.79 | 17.13 | |
| including | 337.00 | 348.00 | 11.00 | 6.11 | 28.23 | |
| including | 337.00 | 341.00 | 4.00 | 12.59 | 64.63 | |
True thickness of this zone is unknown at present, but based on shear foliations (70-75° to core axis) it is believed that the intersections are 90-95% true width. Depth from surface for this intersection is approximately 240 vertical meters.
The assay results from NB95-16 hole confirm the important potential of the Barney Shear located on the Northbelt property. The Barney Shear has been delineated by previous workers over a strike length of 4.5 km, and has been drill tested over 600 m of strike length. As follow-up, TerraX has just completed re-logging and re-sampling drill hole NB96-04, which was drilled 60 m to the north of NB95-16, and appears to have intersected the same mineralized system. Assay results are pending.
In addition TerraX is re-logging and re-sampling mineralized core intervals from 73 holes drilled in 1985 on the Crestaurum deposit by Giant Mines. The Crestaurum deposit received the vast majority of exploration attention by the Giant Mine, including in-fill drilling, advanced mine planning and metallurgical testing. The Crestaurum, although important to TerraX as a potential resource, is considered a smaller target than several other shear zones on Northbelt, including the Barney Shear. Results of all re-logging and re-sampling will be reported as they are received from the lab.
Core sampling included insertion of certified standards and blanks. Samples were prepared at ALS Chemex's laboratory in Yellowknife and shipped to their Vancouver facility for gold and ICP analysis. ALS is a certified and accredited laboratory service.
The technical information contained in this news release has been approved by Joseph Campbell, P. Geo, the President of TerraX, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
The Northbelt gold property encompasses 3,562 hectares on the prolific Yellowknife belt, 15 km north of the city of Yellowknife, and covers 13 km of strike on the northern extension of the geology that contained the Giant (7.6 Moz) and Con (5.5 Moz) gold mines. The Northbelt property is host to multiple shears that are the recognized hosts for gold deposits in the Yellowknife camp and it contains innumerable gold showings.
On behalf of the Board of Directors
Joseph Campbell, President
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.
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