TSX-V Symbol: TXR
VANCOUVER, Aug. 28 /CNW/ - TerraX Minerals Inc. (TSX.V: TXR) has begun
drilling at the Needle Gold Property in Nunavut, Canada. The Needle Lake
property is comprised of two contiguous claims with a total area of
2,090.21 hectares located in Nunavut, approximately 460 kilometres northeast
of Yellowknife, 204 km southeast of the Lupin mine owned by Wolfden Resources
Inc., and 70 km south of the George and Goose Lake deposits owned by Dundee
Precious Metals Inc. TerraX has an option to earn up to a 60-per-cent interest
in the Needle Lake property from Kaminak Gold Corp (TSX-V:KAM).
The 2008 exploration program is comprised of a minimum five hole drill
program that will test extensions from the main Needle Gold Zone, which was
drilled by previous workers in 1990. Data examination revealed evidence that
the three mineralized intercepts from the 1990 drill program occur on the same
structure, which remains untested along strike or down dip. Drill results from
1990 at the Needle Zone include 9.46 g/t Au over 3.43m of core length and
11.58 g/t Au over a 2.02m core length.
In addition, the current drill program will test a new vein structure
identified during fieldwork conducted by TerraX in 2007 (486 g/t Au assay from
a large ((greater than) 1 cubic m), angular boulder/subcrop), located within
100 metres of the mineralized structure described above. No previous drilling
has been completed over this target.
Finally, the drill program will test a new style of mineralization that
was discovered on the property and consists of zinc and lead-rich precious
metal occurrences. An outcropping surface grab sample from one such discovery
yielded 24 g/t Au, 70 g/t Ag, 1.7% Zn and 0.5% Pb. This occurrence is
coincident with a geophysical conductor which has yet to be fully defined.
Previous prospecting along this conductor has resulted in 7 anomalous Au
samples (3.0 g/t to 41.7 g/t). A GPS controlled VLF survey will be completed
over this target area to help determine drill collar locations and
orientation. No previous drilling has been completed over this target, and two
holes are planned to test this area during the current drill campaign.
The contents of this press release have been reviewed and approved by
Joseph Campbell, P.Geo., TerraX's President and CEO, who serves as a
Qualified Person as defined under National Instrument 43-101. Historical gold
assays from surface sampling and drilling prior to 2007 were obtained from
publically available, archived, assessment reports and government publications
and the data has not been verified by TerraX staff.
On behalf of the Board of Directors
Joseph Campbell, P. Geo President
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Stuart Rogers, Tel: (604) 689-1749,