The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
TXR: TSX.V
President and CEO: Joseph Campbell
Vice President, Exploration: Tom Setterfield
Chief Financial Officer: Stuart Rogers
TerraX Minerals Inc. is focused on exploration of its Yellowknife City Gold Project, a 93.5-square-kilometer (36.1 square miles) land package immediately north of the Northwest Territories capital.
The property consists of five claim groups that TerraX has assembled since early 2013.
The company's 2014 exploration focused on the Northbelt property, which covers 13 kilometers (eight miles) of strike on the northern extension of the geology that hosts the historical Giant and Con gold mines.
The Northbelt property is host to multiple shears that are the recognized hosts for gold deposits in the Yellowknife camp and contains innumerable gold showings and historic high grade drill results.
A winter program that got underway in March, marks the first drilling at Northbelt since 1996.
During this program, TerraX drilled 14 holes totaling 2,305 meters, including four holes at the Homer Lake base metal target (1,001 meters), four holes on Crestaurum (533 meters), and five holes on the northern extension of the Barney Shear (751 meters).
The company followed this up with another 14 holes drilled during the summer.
Drilling at Homer Lake tested a 400-meter-long electromagnetic anomaly with an interpreted steep westerly dip that had been identified by airborne surveying in 2013 and continues for a further 1,000 meters to the south as a weaker electromagnetic anomaly.
TNB14-004, the best of the four holes drilled at Homer Lake during the winter program, cut 71 meters of sulfide mineralization, including 3.42 meters of massive sulfides grading 3.41 grams per metric ton gold, 69.3 g/t silver, 3.67 percent lead and 3.17 percent zinc.
Three of the holes drilled at Crestaurum were designed to twin historic drill holes for which no drill core is available and confirmed the correlation with historic drill results.
Highlights include 10.02 meters grading 4.17 g/t gold in hole TNB14-011.
During its summer drill program TerraX closed in on high grade mineralization at Crestaurum, including 3.1 meters of 13.8 g/t gold in TNB14-015 and 2.9 meters of 33.6 g/t gold in TNB14-019.
In 2013, TerraX recovered core from 74 drill holes drilled by Giant Mines Ltd. in 1985.
TerraX was able to re-sample and re-assay this core, including 5.0-meter intercept grading 62.9 g/t gold.
A further 117 holes were drilled into the Crestaurum Zone between 1945 and 1980 over a strike length of 1,400 meters for which drill collar locations were found in the field but for which no drill core has been recovered by TerraX. Based on this information, TerraX drilled a total of 12 holes this year (three in winter and nine this summer) to verify historical information from drill logs and possibly allow these 117 drill holes to be incorporated into a future NI 43-101 resource estimate.
TerraX said drilling at the winter drilling at the Barney zone was purely exploratory and designed to test the interpreted northern strike extension of historically drilled mineralization.
TNB14-010 cut multiple zones of mineralization at this Barney North Extension, including a central zone of 12.5 meters grading 1.40 g/t gold, 20.3 g/t silver and 1.69 percent lead.
The company completed another five holes at Barney during the summer, four of which were wedged off of holes drilling in 1995 and 1996.
One such hole, NB95-16W1, cut 22.4 meters grading 6.35 g/t gold.
NB95-16W3, wedged 200 meters down the same hole, cut 45.7 meters grading 1.56 g/t gold.
The company said these and historical intercepts support the theory that the Barney Shear zone is an extension of the shears that supported the Giant and Con mines.
In late September, TerraX raised roughly C$2.1 million to fund a winter drill program at the Yellowknife City gold project.
Cash and short-term deposits: C$1.66 million (July 31, 2014)
Working capital: C$860,768 (July 31, 2014; completed
C$2.1 million in September)
Market capitalization: C$102.8 million (Sept. 30, 2014)
1066 West Hastings Street,
23rd Floor
Vancouver, B.C., V6E 3X2
Tel: 604-689-1749
Fax: 604-648-8665
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