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ME2018: TerraX Minerals Inc.

 

Last updated 11/1/2018 at 9:55am

Gold exploration drilling near Giant and Con Mines NWT

TerraX Minerals Inc.

An aerial view of the Sam Otto gold target on TerraX' Yellowknife City Gold Project in Northwest Territories.

TerraX Minerals Inc. has set its sights on unlocking a multimillion-ounce gold district at the Yellowknife City Gold Project, a 772-square kilometer (298 square miles) property north, south and east of the capital of Northwest Territories.

Blanketing the same geological trend that hosts the historic Con and Giant mines, which produced a combined 14.2 million oz of gold, the three properties that make up the YCGP – Northbelt, Southbelt and Eastbelt – cover a region known for yielding deposits of the scale and grade to be counted among Canada's great gold camps.

Northbelt is the first of these properties acquired by TerraX and the "core gold area" there extends north from Yellowknife and the historic mines. TerraX says the main gold targets it has identified along this 10-kilometer- (six miles) long corridor – Walsh Lake, Sam Otto, Barney, Herbert-Brent, Shear 20, Crestaurum and Homer – are indicative of a larger mineralized system.

An 11-hole (3,681 meters) winter drill program targeted extensions of the wide gold zones at Sam Otto and high-grade gold structure at Crestaurum gold.

Drilling at Sam Otto extended the zone to 2,200 meters. Hole TSO18-035, drilled 1,500 meters south of the Sam Otto main zone cut 27.16 meters averaging 2.16 grams per metric ton gold; and TSO18-037, drilled 377 meters north of TSO18-035, cut 11.52 meters of 1.92 g/t gold. TerraX said the grades cut in TSO18-035, which are higher than typical for Sam Otto, demonstrate the bulk tonnage potential for the zone, which might extend for 3,500 meters as indicated by sampling, mapping and drilling.

The winter drilling included four holes testing the depth extensions of the high-grade gold at Crestaurum, all of which hit gold mineralization. Highlights from this drilling include 2.49 meters of 8.84 g/t gold from a depth of 223.7 meters and 0.63 meters of 5.38 g/t gold from 326.73 meters in hole TCR18-076; 2.06 meters of 5.57 g/t gold from 227.09 meters in TCR18-078; and 1.24 meters of 13.3 g/t gold from 102.88 meters and 0.8 meters of 4.41 g/t gold from 280.56 meters in TCR18-079. The deeper intercepts are well below the 150-meter depth previously tested at Crestaurum.

"The 300-meter vertical depth tested with these holes is still considered very shallow for Archean lode gold deposits and mineralization remains open for further expansion, both along strike and at depth," said TerraX Executive Chairman Joe Campbell.

This summer, TerraX sampled Gull Lake and Rater Lake, new gold zones at the southern end of Northbelt. Highlights from these newly discovered zones include gold grades of 43.7 g/t, 28 g/t, and 19.1 g/t in samples taken from Gull Lake; and several other samples ranging from 1.0-5.0 g/t collected from both zones.

TerraX also investigated Eastbelt, a recently acquired land package east of Yellowknife.

Channel sampling around the past-producing Ptarmigan Mine on Eastbelt returned 25.75 g/t gold over 5.5 meters; 5.39 g/t gold over 7.5 meters; 4.25 g/t gold over two meters; 4.76 g/t gold over two meters; 6.6 g/t gold over two meters; 58.85 g/t gold over 1.8 meters; and 18.13 g/t gold over 3.1 meters.

TerraX said these grades are comparable to historical production at the Ptarmigan Mine and the explorer's initial work confirms continuity of the large mineralizing systems there.

-SHANE LASLEY

TerraX Minerals Inc. - TSX-V: TXR

Executive Chairman: Joseph Campbell

President and CEO: David Suda

YCGP Project Manager: Alan Sexton

1605 - 777 Dunsmuir St., P.O. Box 10442, Vancouver, BC V7Y 1K4

Tel: 604-689-1749

 

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