TerraX Completes Due Diligence and Options Sunbeam-Pettigrew Gold Property, Atikokan Area, Northwest Ontario; Grab Samples Return Assays up to 3.83 g/t Au



    TSX-V Symbol: TXR

    VANCOUVER, June 1 /CNW/ - TerraX Minerals Inc. has satisfactorily
completed its due diligence on the Sunbeam-Pettigrew gold property in
Northwest Ontario (see our news release dated April 16, 2009), and is
proceeding with the option agreement with the vendors for a 100% interest in
the property, subject to a 2.5% NSR. The Sunbeam-Pettigrew property consists
of 27 claims totalling 350 claim units (~55 km(2)), and occurs 25 km northeast
of the town of Atikokan, which is in turn 180 km west of Thunder Bay. The
property is 15 km from Brett Resources' (TSX-V: BBR) Hammond Reef property,
which contains a National Instrument 43-101 compliant resource of 141.5 Mt @
1.05 g/t Au (approximately 4.8 Moz Au). The Brett Resources technical report
is available at www.sedar.com.
    The Sunbeam-Pettigrew property occurs in the Archean Marmion Batholith,
which contains a number of phases, varying from tonalite to quartz diorite.
The geology and known mineralization on the property are similar to the
Hammond Reef property. The property contains two northeast-trending
intermittently mineralized zones: the so-called Sunbeam-Atiko Shear Zone and
the Pettigrew-Jack Lake Shear Zone. Both shear zones contain significant gold
occurrences, including past producers, over approximately 15 km of strike
length. The majority of the previous work on the property was done around
1900; exploration activity since then has been highly intermittent, and no
work has been completed since 1990. The presence of regional shear zones as
controls on mineralization does not appear to have been recognized during
previous exploration.
    The due diligence period in the option agreement allowed TerraX to carry
out site investigations in the area of old mine workings (circa 1900) and
known Au showings to confirm that the property has the geological attributes
for a Hammond Reef type mineralization model. During prospecting and sample
collection, emphasis was placed on finding Hammond Reef style mineralization
in and adjacent to quartz vein systems within shear zones, with associated
pyrite and alteration consisting of sericitization, saussuritization,
carbonatization and chloritization.
    TerraX collected 53 samples from seven locations along the 15 km strike
length of the mineralized structures on the property (four on the
Sunbeam-Atiko, and three on the Pettigrew-Jack Lake). These samples displayed
weak to intense alteration and shearing, and minor to 5% pyrite
mineralization. These areas were consistent with the known visual
mineralization associated with the Hammond Reef deposit, and the samples taken
were expected to be representative of the large, low grade Au target potential
on the property.
    Of the 53 samples taken, 36 analyses contained measurable Au, and 24 of
these were significantly anomalous ((greater than)100 ppb Au) and collectively
averaged 1.0 g/t Au, with values ranging up to 3.83 g/t Au. In addition a hand
sample (not assayed) collected on the property near one of the historical
workings contained visible coarse-grained Au which confirmed historical
reports of visible Au found on the property. These results are consistent with
expected Au grade distribution in a Hammond Reef style system.
    Of particular interest, seven samples taken by TerraX at the Roy Showing
on the Sunbeam-Atiko structure, over an area of 60 by 40 meters, averaged 1.34
g/t Au. Historically (1898-1904) this area had mineralization exposed in
underground workings, pits and trenches for 180 m along the strike of the main
vein.
    At the Road Showing on the Sunbeam-Atiko structure, two samples were
collected grading 1.48 g/t Au in a quartz vein and 2.12 g/t Au in altered
granites. This area had a drill intersection reported by Nahanni Mines Limited
in 1981 of 1.8 m @ 15.8 g/t Au within a zone of 8.5 m @ 4.8 g/t Au.
    On the Pettigrew showing of the Pettigrew-Jack Lake structure, six TerraX
samples over a 30 by 50 meter area averaged 0.90 g/t Au. This is comparable
with previous work in the Pettigrew area, including 1983 drilling by Canadian
Nickel Company Ltd with reported intersections of 1.81 g/t Au over 18.5 m in
borehole 57751 and 0.41 g/t Au over 27.56 m in borehole 57766. In 1987
rehabilitation of the historical underground workings (1898-1900) by Canadian
Nickel resulted in wall chip assays of 0.70 g/t Au over 21 m across the strike
of the mineralized zone, and an average grade from seven bulk samples of 1.33
g/t Au.
    All of these results support the potential for a Hammond Reef style
deposit on the property.

    
                 Significant Au Analyses from TerraX Sampling

    -------------------------------------------------------------------------
    Structure   Grade   Description
               (g/t Au)
    -------------------------------------------------------------------------
    Sunbeam-     3.83   highly altered granite, green mica, carbonate,
    Atiko                3-5% coarse-grained py.
               --------------------------------------------------------------
                 2.79   quartz with minor sericite, 4% coarse-grained pyrite
               --------------------------------------------------------------
                 2.12   Altered pink-green granite, 2-3% coarse-grained py
               --------------------------------------------------------------
                 1.49   granite with iron carbonate, sericite, 4% py
               --------------------------------------------------------------
                 1.48   Altered quartz vein selvage, pale green mica, 2-3%
                         coarse py cubes
               --------------------------------------------------------------
                 1.18   Quartz vein, green mica, brown carbonate, minor py
               --------------------------------------------------------------
                 0.87   highly altered granite, green mica, hematite,
                         carbonate, quartz, minor py
    -------------------------------------------------------------------------
    Pettigrew-   3.42   Quartz vein with 2% galena, 2% py
    Jack Lake  --------------------------------------------------------------
                 0.98   Sheared, green granite, hematite clots, 3-5% py
                         cubes
               --------------------------------------------------------------
                 0.84   Sheared, altered and oxidized granite, hematite,
                         minor py
    -------------------------------------------------------------------------
    

    Activation Laboratories Ltd. (Actlabs) carried out the sample analysis in
their Thunder Bay, Ontario facility. Samples were subjected to Actlabs' RX2
sample preparation which consists of crushing the entire sample to a nominal
10 mesh (1.7 mm) size, and pulverizing a 100 g sub-sample to 150 mesh (105
mm). A 50 g sub-sample of the pulverized sample was subjected to Actlabs'
1A2-50 analysis (Fire Assay with AA finish) and any analysis over 3000 ppb was
re-assayed using Actlabs' 1A3-50 analysis (Fire Assay with gravimetric
finish).
    Initial work programs at Sunbeam-Pettigrew will include property-wide
mapping and prospecting of the two main structural targets, and possibly wide
spaced soil geochemistry to help define anomalous areas. This will be followed
by ground geophysical surveys and stripping and trenching of prospective
showings to help define structural controls and areal extent of the Au
mineralization.
    The discovery of the Rubble showing (up to 48.6 g/t Au grab sample)
during staking in 2008 attests to the strong possibility of finding additional
mineralization at surface on the property. Results from a government-sponsored
airborne magnetic survey, justified in part by the results of Brett Resources'
exploration, will be released in the next several months. This data should
help TerraX develop additional targets on the property.
    The option agreement on the Sunbeam-Pettigrew property was subject to a
due diligence period that expired on May 30, 2009. TerraX can earn a 100%
interest in the property over a three year period by making option payments
totalling $210,000 (of which $50,000 has now been paid), issuing 600,000
shares (of which 100,000 shares have been issued, subject to a hold period
expiring on September 29, 2009), and funding $450,000 of exploration and
development work, of which $150,000 must be spent in the first year. The
vendors will retain a 2.5% NSR, 1% of which can be purchased by TerraX for
$1,000,000. An annual pre-production royalty of $20,000 will also be in
effect, commencing on April 15, 2013.
    The work program at the Sunbeam-Pettigrew property was designed and
conducted by Tom Setterfield PhD, P. Geo., and Joseph Campbell, P. Geo., who
are qualified persons as defined under National Instrument 43-101. They are
responsible for all aspects of the work including the quality control/quality
assurance program. All samples collected were delivered directly to Activation
Laboratories Ltd. Actlab's quality control system complies with ISO/IEC 17025
and CAN-P-1579.
    The technical information contained in this news release has been
verified by Dr. Tom Setterfield, PhD, P. Geo., Vice President Exploration, who
is a Qualified Person as defined in "National Instrument 43-101, Standards of
Disclosure for Mineral Properties."

    
    On behalf of the Board of Directors

    "JOSPEH CAMPBELL"

    Joseph Campbell, P.Geo
    President

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.
    

    Certain statements contained in this press release may be considered as
"forward looking". Such "forward looking" statements are subject to risks and
uncertainties that could cause actual results to differ materially from
estimated or implied results. These forward-looking statements are identified
by their use of terms and phases such as "believe,' "expect,' "plan,'
"anticipate" and similar expressions identifying forward-looking statements.
Investors should not rely on forward-looking statements because they are
subject to a variety of risks, uncertainties and other factors that could
cause actual results to differ materially from the Company's expectations, and
the Company does not undertake any duty to update forward-looking statements.
These factors include, but are not limited to the following: the Company's
ability to obtain additional financing, geological, mechanical or difficulties
affecting the Company's planned geological work programs, uncertainty of
estimates of mineral potential of properties and other factors which may cause
the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements.





For further information:

For further information: Stuart Rogers, Tel: (604) 689-1749,
www.terraxminerals.com

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