VANCOUVER, Jan. 19 /CNW/ - TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has received assay results from a channel sampling program undertaken at
its Central Canada gold property in Ontario during the fall of 2010.
The current channel sampling program followed up on assay results from
prospecting undertaken at Central Canada in early 2010 that returned a grab sample of 39.6 g/t gold. Highlights from the current program include an interval of 2.0 m @ 2.51 g/t Au, which includes 0.45 m @ 7.5 g/t Au. The Central Canada property consists of seven claims totaling 3.8 sq
km, straddling the southern margin of the Archean Marmion Batholith, in
a similar geological environment to the nearby Hammond Reef gold
deposit, presently being explored by Osisko Mining Corporation.
One hundred and twenty-three channel samples were collected over a
strike length of approximately 120 m, perpendicular to a series of
easterly trending quartz-carbonate-pyrite veins and felsic dikes.
Twenty-four samples contained anomalous gold (20 ppb or higher), with a
high value of 7.5 g/t Au. The lowest values were below detection
levels. Four separate anomalous intervals were obtained, namely;
2.0 m @ 2.51 g/t Au (including 0.45 m @7.5 g/t Au);
12.0 m @ 334 ppb Au;
6.2 m @ 325 ppb Au; and
2.65 m @ 754 ppb Au.
Based on these results and historical information, TerraX is designing a
drill campaign for Central Canada that will take place as soon as
practicable after completion of the drilling currently underway at the
nearby Blackfly and Sunbeam-Pettigrew properties.
TerraX has recently resumed drilling at Blackfly property following the
Christmas break. Four holes totaling more than 800 m were drilled
prior to the break in the southern part of the property. Here previous
drilling by TerraX in 2010 encountered mineralized intersections
including 8.26 m @ 0.94 g/t Au and 1.07 m @ 15.1 g/t Au on two separate northeast-trending vein systems. A fifth hole is
currently being drilled in this area, to be followed by two holes in
the northern part of the property, where previous drilling produced an
intersection of 1.47 m @ 2.7 g/t Au. On completion of drilling at Blackfly, TerraX plans to drill ten
holes (approximately 1500 m) on four different and distinct target
areas of the nearby Sunbeam-Pettigrew property, as more fully outlined
in our news release of October 28, 2010.
Samples were delivered by Terrax personnel to the Activation
Laboratories facility in Thunder Bay. Actlabs is an ISO/IEC 17025
accredited analytical laboratory. Analysis was by fire assay with AA
finish. Analytical accuracy and precision are monitored at the
laboratory by the analysis of reagent blanks, reference material and
replicate samples. Quality control is further assured by the use of
international and in-house standards.
For more information on TerraX's properties, please visit the company's
website at www.terraxminerals.com.
The technical information contained in this news release has been
verified by Dr. Tom Setterfield, P.Geo., who is a Qualified Person as
defined in "National Instrument 43-101, Standards of Disclosure for Mineral
About TerraX Minerals
TerraX Minerals Inc. is one of the major landholders of prospective
ground in the burgeoning Marmion Batholith gold district near Atikokan,
Ontario, host to Osisko Mining Corporation's (TSX-V: OSK) Hammond Reef
gold deposit which contains a National Instrument 43-101-compliant
inferred resource of 259.4 million tonnes at 0.8 grams per tonne Au.
The Brett Resources Technical Report on this project is available on
SEDAR. TerraX is actively exploring three wholly-owned gold
exploration projects, the Sunbeam-Pettigrew, Blackfly and Central
Canada properties, all of which are located within 20 km of the town of
Atikokan, 180 km west of Thunder Bay, and are within 19 km of the
Hammond Reef gold deposit. TerraX recently optioned the ~43 sq km
Stewart property in the Burin Peninsula, which is part of the Avalon
terrane, a geologic structure which can be traced from eastern
Newfoundland through Nova Scotia and New Brunswick into New England,
the Carolinas and northern Georgia. The Avalon terrane hosts several
epithermal/porphyry gold-copper deposits.
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.
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