Historical core identifies Giant extension

TerraX Minerals Inc. March 18 reported that relogging and sampling of core from historical drilling at the Giant gold mine has confirmed that the same structure mined at Giant extends at least 4,000 meters north onto TerraX' Yellowknife City Gold Project (YCGP).

"Results from historical core assays have led to a pivotal moment in TerraX' advancement toward a potentially significant gold discovery," said TerraX Minerals President and CEO David Suda.

The Giant and Con mines, located on the outskirts of Northwest Territories' capital, produced a combined 14.2 million ounces of gold.

In cooperation with The Geological Survey of the Northwest Territories and The Giant Mine Remediation Project, TerraX was able to recover 16,000 meters of core from historical drilling on Northbelt, one of the properties that make up the company's 783-square-kilometer (302 square miles) YCGP.

TerraX said results from sampling of roughly 10 percent of the recovered core provide further evidence that the Barney Deformation Corridor (BDC) target on Northbelt is a northern extension of the structure that hosted the Giant Mine.

Mineralization within the historical drill core is adjacent to historical high-grade assays within vein and shear zone structures across broad zones of alteration similar to Giant.

"Assay results indicate that gold structures mined by Giant just south of TerraX property continue north for four kilometers on our BDC target. The results underpin data which drove the BDC as a top target and provide significant technical insight for future drill targeting along the trend," said Suda.

Sampling of this core during the 1960s involved the removal of high-grade quartz veins for assays. TerraX geologically logged and sampled core along the margins of these quartz veins immediately adjacent to the gaps left from the original samples.

Because of the historical whole-core sampling method, TerraX cannot verify the reported historical assays of the high-grade sections but the adjacent core that was sampled demonstrates significant gold mineralization within the shear zones.

Individual assay values from the margins of the historical sampling included 5.06 grams per metric ton, 2.74 g/t, 1.65 g/t, 0.99 g/t, and 0.96 g/t gold.

These results are from four holes within the BDC zone at the southern boundary of the Northbelt property, providing further evidence that this corridor is a fault offset continuation of the structure mined at Giant.

"The core combined with the historic descriptions of the veining provides compelling evidence that there are potentially four kilometers of strike extension onto TerraX' claims," said TerraX Minerals Executive Chairman Joe Campbell.

BDC is a priority target for TerraX' 2019 exploration program and the company is planning surface work to further develop targets along the gold bearing structures indicated by the historical core.

–SHANE LASLEY