TSX-V Symbol : TXR
VANCOUVER, Feb. 2 /CNW/ - TerraX Minerals Inc. has received the final results from a total of 276 samples collected on its Blackfly gold property in Northwest Ontario during the spring and fall 2009. The sampling has defined a northeast-striking, mineralized lineament with intermittent alteration and mineralization noted over a strike length of 4.4 km on the property. The highest assay from the lineament was 167 grams per tonne ("g/t") Au (reported July 8th, 2009). This lineament is subparallel to and potentially along strike with the nearby Hammond Reef deposit of Brett Resources Inc. (TSX-V: BBR). Induced Polarization ("IP") surveys will commence shortly on all three of TerraX's Atikokan properties in preparation for drilling mid-year.
The Blackfly property consists of five claims totaling 64 claim units (~10.1 km(2)), situated 15 km southwest of Brett Resources' Hammond Reef property, which contains a National Instrument 43-101 compliant inferred resource of 259.4 Mt @ 0.8 g/t Au (approximately 6.7 million ounces of gold). The Brett Resources technical report is available at www.sedar.com. The property occurs in the Archean Marmion Batholith, which contains a number of phases, varying from tonalite to quartz diorite. The geology and known mineralization of Blackfly is very similar to the Hammond Reef property.
Updated graphics and maps are available on our website at www.terraxminerals.com and should be reviewed to assist in understanding the following detail.
Four northeast-striking lineaments with alteration have been identified to date on the Blackfly property, but anomalous gold has so far only been detected on the main lineament, which has a strike length of 4.4 km. TerraX collected 179 grab samples from this lineament; assays ranged from below detection to 167 g/t Au. Fifty-four samples had greater than 50 ppb Au, 37 had greater than 250 ppb Au and 16 had more than 1,000 ppb Au (1 g/t), including the highest values of 85.6 and 167 g/t Au. Fifty-one samples were collected from a 410 m long high grade section of the lineament called the Blackfly Zone; 35 of these samples had greater than 50 ppb Au, 26 had greater than 250 ppb Au and 15 had more than 1,000 ppb Au. The Blackfly Zone has several historical pits along it, but has never been drill tested.
A line-cutting crew is presently cutting grids on all three of TerraX's Atikokan properties, and IP surveying will commence shortly. These surveys will target mineralized lineaments identified on each property. Mineralization on TerraX's properties occurs in quartz veins and altered granites. In both cases, gold content appears to be roughly proportional to the amount of pyrite in the rock. IP surveying is the best method to detect disseminated pyrite, thus IP anomalies will constitute priority drill targets. Drilling on such targets is planned for mid-year.
On the Blackfly property, TerraX will conduct detailed IP (50 to 100 m line spacing) over a 500 m strike length containing the Blackfly Zone, and reconnaissance IP (150 m line spacing) over a 1.8 km strike length of the main lineament in the northeast part of the property.
On the Sunbeam-Pettigrew property, TerraX will survey a 1.6 km strike length of the Sunbeam lineament, including the AL198 Zone which returned 16.2 g/t Au, and a 2 km strike length of the Pettigrew lineament, including a zone which ran up to 10.2 g/t Au (TerraX news release December 5, 2009).
On the Central Canada property, IP surveying will cover the main mineralized zone, which returned grab sample values up to 22.9 g/t Au (TerraX news release, January 5, 2010). The total amount of IP surveying contracted is 16.8 line km on the Blackfly property, 22.7 line km on the Sunbeam-Pettigrew property and 4 line km on the Central Canada property.
The technical information contained in this news release has been verified by Dr. Tom Setterfield, 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
Joseph Campbell, P.Geo
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.
SOURCE TerraX Minerals Inc.
For further information: For further information: Stuart Rogers, Tel: (604) 689-1749