VANCOUVER, June 3, 2013 /CNW/ - TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has commenced exploration on its wholly-owned Northbelt property in the
Yellowknife gold camp, Northwest Territories with an airborne survey to
acquire detailed magnetic, electromagnetic (EM) and radiometric data
that began on May 30, 2013 and is expected to be completed within the
The Northbelt gold property encompasses 3,562 hectares on the prolific
Yellowknife belt, only 15 km north of the city of Yellowknife, and
covers 13 km of strike on the northern extension of the geology that
contained the Giant (7.6M oz) and Con (5.5M oz) gold mines. The
Northbelt property is host to multiple shears that are the recognized
hosts for gold deposits in the Yellowknife camp and it contains
innumerable gold showings.
The shears that control gold mineralization on the property are thought
to have higher magnetic signatures than the surrounding rocks, and
therefore the detailed magnetics should be an effective targeting tool.
In addition, the alteration associated with gold mineralization has
been shown to have a potassic component which can be picked up by the
radiometric survey. Together, magnetic and radiometric data should be
helpful in targeting the best portions of the mineralized shears.
The EM survey is designed to identify anomalies associated with
volcanogenic massive sulphide deposits that occur in the north of the
property. Initial site reconnaissance carried out earlier in May on
outcrop exposures of Zn-Pb-Cu-Ag-Au massive sulphide zones indicates
they have sufficient thickness and strike continuity for EM response.
In addition to preliminary exploration work, TerraX has also begun
community engagement meetings within Yellowknife, and within the First
Nations communities of N'Dilo and Dettah. Initial responses to the
introduction of TerraX's exploration plans have proven to be positive.
TerraX has begun reviewing a proposal for an Akaticho First Nations
Exploration Agreement to help guide its interaction with these First
Nations groups during its future exploration programs.
More detailed prospecting and ground truthing of historical work is
scheduled to begin with a small field crew on June 10th. Initial contacts have been made with the Mackenzie Valley Land and
Water Board (MVLWB) for preparing applications for drill permits on the
Northbelt property. The MVLWB will be responsible for issuing the
permits to TerraX for its drilling programs, which are tentatively
scheduled to begin in Q4 2013 or Q1 2014. TerraX is responsible for,
and has already begun, carrying out community engagement prior to
completing a permit application for this drilling.
TerraX has acquired additional property in the Yellowknife gold camp
through the purchase of the Goodwin gold property from Sonde Resources
Corp. The Goodwin property occurs 8 km north-northeast of Yellowknife
and consists of 12 mineral claims totalling 619.8 acres (250.82 ha)
that lie to the south of, and are contiguous to, the southern boundary
of the Northbelt property. TerraX acquired a 100% interest in the
claims, which have no underlying royalties and are in good standing
until 2058. The Goodwin property abuts the Giant Mine property
(historical production of 7.6 Moz Au, source: Guide to Mineral Deposits, Northwest territories, 2007), which lies immediately to the west. Like the Giant and Northbelt
properties, the Goodwin property is predominantly underlain by Archean
mafic volcanics of the Yellowknife Volcanic Belt.
The Goodwin property is 2.6 km long in a north-south direction and
almost 1 km wide. The property is known to host one mineral
occurrence, the Goodwin showing. Government records indicate that a
chip sample of unspecified length assayed 6.86 g/t Au at the Goodwin
showing. The sample was said to contain schist and quartz vein
material. TerraX does not have complete records of all previous work
completed on this property. According to historical maps, at least 37
drill holes have been drilled on the property, but TerraX only has logs
for 14 of these holes, and assays from only 3 holes. All known holes
are in the southern 1 km of the property, adjacent to the Giant
property, although the Goodwin showing is in the northern portion of
the property. TerraX expects to be able to use knowledge gained from
the Northbelt property to generate targets on the Goodwin property.
TerraX has now closed off its recently announced non-brokered private
placement (see our news releases of April 4 and May 8, 2013) with the
issuance of a further 125,000 units at $0.20 per unit, bringing the
aggregate gross proceeds raised in this private placement to
$1,382,217. Each unit consists of one common share and one half of one
share purchase warrant, with each full warrant entitling the holder to
purchase an additional common share at an exercise price of $0.30 per
share until May 30, 2016. The shares and any shares acquired on the
exercise of warrants will be subject to a hold period expiring on
September 31, 2013.
On behalf of the Board of Directors
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.
This news release contains forward-looking information, which involves
known and unknown risks, uncertainties and other factors that may cause
actual events to differ materially from current expectation. Important
factors - including the availability of funds, the results of financing
efforts, the completion of due diligence and the results of exploration
activities - that could cause actual results to differ materially from
the Company's expectations are disclosed in the Company's documents
filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The company disclaims any intention or obligation,
except to the extent required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE: TerraX Minerals Inc.
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