TerraX Discovers Three New Areas With Replacement Style Mineralization at Yellowknife City Gold Project; Samples 133.5 g/t Au and 108 g/t Au in New Quartz Veins
January 6, 2016
YELLOWKNIFE, NORTHWEST TERRITORIES--(Marketwired - Jan 5, 2016) - TerraX Minerals Inc. (TSX VENTURE:TXR)(TX0.F)(OTC PINK:TRXXF) has received and interpreted final results from the summer surface exploration program on its Yellowknife City Gold Project ("YCG"), immediately north of Yellowknife in the Northwest Territories. Highlights from this program, which focused on the Core Gold Area, include:
- Visible gold in a newly discovered vein approximately 200 m southeast of the Pinto structure (Pinto South). Assays from grab sampling include 108.00 g/t Au, 65.7 g/t Au and 35.2 g/t Au.
- Numerous quartz veins in the JED area west of the Barney Shear returned assays of 133.5 g/t Au, 30.4 g/t Au and 20.6 g/t Au.
- Mineralization in the felsic portion of the Ryan Lake pluton returned polymetallic assays of up to12.35 g/t Au, 45 g/t Ag, 3.23% Pb, 1.31% Zn, and 0.53% Mo in separate samples. Assays up to 6.32% Mo had been obtained in this area previously (News Release August 19, 2014).
- Sampling at the Shear 17/18 intersection that revealed polymetallic veining similar to the Ryan Lake East area reported above. Assay values include up to 4.94 g/t Au, 51.9 g/t Ag, 1.24% Cuand >1.0% Mo (over detection limit assays pending) in separate samples. This sampling expands to the north and east the area of polymetallic mineralization associated with the Ryan Lake pluton.
- Three new areas were identified as having alteration, structure and stratigraphy that are similar to the Hebert-Brent area (11.0 m @ 7.55 g/t Au in channel samples and 10.26m @ 3.69 g/t Au in drill hole TNB15-024) (news release November 18th, 2015). With the success of the Hebert-Brent discovery, these areas are priority targets for continued exploration. These three new areas are:
Hebert-Brent Southern Fault Offset - Structural interpretation indicates that the southern extension of the favourable Hebert-Brent stratigraphy (altered mafic volcanics, felsic dykes, gabbros and sediments) is offset approximately 500 meters northeast along the Daigle Lake Fault, a prominent feature extending through the Barney Deformation Corridor. The Southern Offset contains all the favourable rock types, and is transected by mineralized structures that include gold assays up to 19.7 g/t Au in grab sampling. Importantly these samples contain anomalous levels of antimony (up to 188 ppm) and arsenic, which are characteristic of the Hebert-Brent replacement style gold mineralization.
Sericite Zone - Located approximately 1 km northeast of Hebert-Brent the Sericite Zone was first identified as a large (300 m by >500 m zone of intense sericite alteration, similar to alteration identified at Hebert-Brent. The Sericite Zone is a much larger area of alteration (5 times greater in area than Hebert-Brent) and also contains the favourable Hebert-Brent stratigraphy. Sampling in this area has returned spatially extensive low grade gold (up to 1.24 g/t Au), with anomalous silver up to54 g/t Ag. Sampling in this area has also returned highly anomalous antimony (up to 708 ppm Sb). Favourable geology, alteration, and geochemistry make the Sericite Zone a top priority target for exploration.
Townsite Formation - The Townsite Formation is a package of felsic, intermediate, and mafic volcanics; felsic intrusive; and sediments that has been identified proximal to both the Con and Giant deposits and appears similar to the Hebert-Brent geology. It has its largest areal extent in the Yellowknife camp on the Northbelt property of TerraX's YCG. Here the north-northeast orientation of the main mineralizing system in the Yellowknife Gold Belt intersects the northeast trending Townsite Formation as it abuts the Jackson Lake Formation to the east. The Jackson Lake Formation is equivalent to the Temiskaming Formation in the Abitibi gold belts and, like the Temiskaming, defines the 'Major Break" in the Yellowknife Gold Belt. The Townsite Formation has extensive sericitic and carbonate alteration with associated gold mineralization. Grab sampling in 2015 returned large areas of anomalous gold up to 6.57 g/t Au, base metals (up to 1.00% Cu) and silver (up to 25 g/t Ag). Importantly the sampling in the Townsite has returned highly anomalous antimony (up to 1905 ppm Sb). Surprisingly, this area has received very little exploration attention over the years; TerraX intends to carry out detailed mapping and sampling of the Townsite Formation in the 2016 field season.
A map showing the areas described in this news release is available under "2015 Field Exploration" on our web site at www.terraxminerals.com.