VANCOUVER, March 13, 2012 /CNW/ - TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0) has completed a 797 meter drill program at its wholly-owned Sunbeam-Pettigrew gold project near Atikokan, Ontario, as announced February 15, 2012. During this program, TerraX drilled the WN-2 and Rubble showings, as originally planned, and was also able to drill a 119 m hole in the Sunbeam area, targeted on the structure exploited by the past producing Sunbeam mine. On completion of this drilling, the rig was moved to the Company's nearby Central Canada gold project and three holes were drilled to test a 100 m strike length of the main mineralized structure. Assay results from all drill holes are pending.
The Sunbeam-Pettigrew property consists of 36 claims totaling 425 claim units (~67 km2) within the Archean Marmion Batholith, in a similar geological environment to the Hammond Reef gold deposit, presently being developed by Osisko Mining Corporation. The Central Canada property consists of seven claims totaling 24 claim units (~3.8 km2) on the southern margin of the Marmion Batholith.
The first three holes (326 m) of the current program were drilled at the WN2 showing, where channel sampling in 2011 produced an intercept of 23 m @ 0.28 g/t Au (see news release of Feb 12, 2012). Two holes tested underneath the 75 m wide, intermittently mineralized stripped outcrop, and the third hole was drilled 50 m along strike. Three holes (352 m) were then drilled at the Rubble showing to test a 150 m strike length of a north-northeast trending structure where previous channel sampling results included 11 m @ 0.50 g/t Au. The final hole at Sunbeam-Pettigrew was a 119 m hole drilled in the Sunbeam area, targeted on the structure exploited by the past-producing Sunbeam gold mine.
The three holes drilled at Central Canada (total of 363 m) tested a 100 m strike length of the main mineralized structure. TerraX's grab samples along this structure included results up to 39.6 g/t Au and channel samples of 2.0 m @ 2.51 g/t Au (news release of January 19, 2011).
All drill core from the 2012 drill program was logged, split and sampled at a secure core facility near Atikokan. Samples were delivered by TerraX personnel to the Activation Laboratories ("Actlabs") 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. TerraX routinely inserted blanks and certified standards into the sample stream in order to independently assess analytical accuracy.
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 global inferred resource of 530.6 million tonnes at 0.62 grams per tonne Au (10.52 million ounces gold). The Osisko 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 is also actively exploring the 60.5 sq km Stewart property in the Burin Peninsula, which is part of the Avalon Terrane. The Avalon Terrane hosts several epithermal/porphyry gold-copper deposits, including the past-producing Hope Brook deposit in Newfoundland. Exploration at Stewart by TerraX in 2011 indicated the property likely hosts porphyry style mineralization. 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 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.
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, 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.
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