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TerraX explores new Yellowknife gold zones

North of 60 Mining News – August 1, 2018


Last updated 9/25/2020 at 5:59am

TerraX gold exploration Yellowknife City Gold Project Northwest Territories

TerraX Minerals Inc.

Using a saw, channels are cut across outcrops and the material removed is sent to a lab for analysis. Such sampling near the historical Ptarmigan Mine has returned high-grade gold mineralization.

TerraX Minerals Inc. July 25 said its summer field program has extended gold zones on its Yellowknife City Gold project in Northwest Territories.

This 771.6-square-kilometer project is divided into three claim blocks – Northbelt, which extends north of Yellowknife, Southbelt, which lies south of the NWT capital city, and Eastbelt, a newly acquired land package immediately to the east.

Earlier in July, the company reported assay results from channel sampling around the past producing Ptarmigan Mine on Eastbelt, which was acquired earlier this year. These channels were cut from outcrop along the Ptarmigan vein trends and sampled across the gold mineralized structures.

Highlights include 25.75 g/t gold over 5.5 meters in channel ECH18-037; 5.39 g/t gold over 7.5 meters in channel ECH18-036; and 2 meters of 4.25 g/t gold in channel ECH18-035.

The latest batch of results are from channel sampling about 400 meters to the northwest. Highlights include 2 meters of 4.76 g/t gold in ECH18-034; 2.1 meters of 6.6 g/t gold in ECH18-038; 1.8 meters of 58.85 g/t gold in ECH18-039; and 3.1 meters of 18.13 g/t gold in ECH18-034.

"The high-grade channels from the Ptarmigan area continue to impress, and the extension of the zone through prospecting 400 meters to the northwest greatly expands the target area for developing potential mineral resources," said TerraX Executive Chairman Joseph Campbell. "The channels from the Ptarmigan area have grades very much in line with its historical high-grade production and our initial work at both these areas confirms continuity within these large mineralizing systems."

In addition to the channel samples, a grab sample collected from a gossanous quartz vein 2,700 meters west of the Ptarmigan Mine returned 5.17 g/t gold. The company said further work here is warranted.

"We are continuing to work in these areas and additional results are pending," Campbell added.

On July 12, TerraX reported assay results from sampling completed at Gull Lake and Rater Lake, two new gold zones identified toward the southern end of the Northbelt property. TerraX said these new targets are in the same mafic volcanic geology that hosts the historical Giant and Con mines on the outskirts of Yellowknife.

Highlights from these newly discovered zones include 43.7 grams per metric ton, 28 g/t, and 19.1 g/t gold from samples taken from Gull Lake; and several other samples ranging from 1 to 5 g/t collected from both zones.

"These veins look to be a continuation of prolific mineralized zones mined in the past at the high-grade Giant Mine immediately to the south," said Campbell.

The company said these gold zones warrant immediate further work along these structural trends.

"The summer program continues to yield results that confirm the potential of the Yellowknife City Gold Project as a district-scale camp," said TerraX President and CEO David Suda. "Surface results, magnetic imaging, and geochemistry data will provide a roadmap to future drilling on our most prospective targets. The Northbelt remains our core area of focus but we are systematically sampling 10 kilometers (six miles) away on the Eastbelt with encouraging results"



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