TSX-V: TXR
Frankfurt: TX0
VANCOUVER, July 12 /PRNewswire-FirstCall/ - TerraX Minerals
Inc. (TSX.V: TXR; Frankfurt: TX0) has received assay results from
the recently completed core drilling at its wholly-owned Blackfly
gold property near Atikokan,
Ontario, where mineralization was identified over a strike
length of 4.4 kilometres during the 2009 field program and grab
samples returned assays up to 167 g/t Au. This first phase Blackfly
drill program comprised six shallow holes testing near-surface
Induced Polarization ("IP") chargeability and resistivity anomalies
on the Blackfly and Blackfly Northeast targets. These targets are
on the western margin of the Marmion Batholith, in a similar
geological environment to Brett Resources' (TSX.V: BBR) nearby
Hammond Reef gold deposit. These target areas are considered to
have potential for both high grade gold related to quartz veins of
significant width, and for lower grade, bulk mineable gold. This
initial drill program successfully encountered both styles of
mineralization, intersecting 8.26 m @ 0.94 g/t Au in altered
tonalite, and 1.07 m @ 15.1 g/t Au in a high grade quartz vein (the
"Blackfly Vein") that is open down-dip and along strike. In
addition, some of the better disseminated mineralized zones were
encountered near the ends of the drill holes. On the Blackfly
target, hole BF10-02 was drilled behind hole BF10-01 and stopped
short of the gold zone encountered at the bottom of this hole. At
Blackfly Northeast, BF10-05 hit its best mineralization (1.47
metres of 2.7 g/t Au) in altered quartz diorite near the end of the
hole. Hole BF10-06 was stopped short just as it entered this rock
unit, prior to intersecting the better alteration and
mineralization.
Four holes totaling 670 metres were drilled at the Blackfly
Target, which consists of the Blackfly Vein and a coincident
chargeability/resistivity anomaly identified during TerraX's IP
survey earlier this year. Each drill hole encountered extensive
silicification with associated pyrite, an important feature in this
gold camp, as well as abundant quartz-ankerite veining. Hole
BF10-01 intersected 3.96 m @ 0.79 g/t Au in weakly sericitized
tonalite near the end of the hole at 130 metres (see Table 1
below). As well, erratic anomalous values (20 to 685 ppb Au) were
encountered throughout the entire length of the hole. Hole BF10-02
also intersected locally anomalous values (up to 214 ppb Au)
throughout much of the hole. Hole BF10-03 intersected 0.51 m @ 2.22
g/t Au in the Blackfly Vein, and 8.26 m @ 0.94 g/t Au in silicified
tonalite with minor pyrite and chalcopyrite. Hole BF10-04
intersected 1.07 m @ 15.1 g/t Au in the Blackfly Vein and 1.48 m @
0.81 g/t Au in a sericitized mafic dike that has mineralized
tonalite shoulders for a total intersection of 3.2 m @ 0.47 g/t
Au.
An initial drill test of the Blackfly Northeast Target comprised
two drill holes totaling 293 metres, targeted solely on IP
anomalies. These holes also encountered extensive silicification
and pyrite development. Hole BF10-05 intersected 1.23 m @ 0.57 g/t
Au, 1.47 m @ 2.70 g/t Au and 1.47 m @ 0.73 g/t Au, as well as
intermittent anomalous gold values. The latter two intersections
were in a magnetic quartz diorite not previously noted on the
property. An intersection of 1.11 m @ 0.79 g/t Au occurred in hole
BF10-06 in strongly silicified tonalite with minor pyrite. Numerous
isolated intervals of anomalous gold (up to 431 ppb) were present
in the hole.
TerraX has so far tested only the upper parts of a gold-bearing
hydrothermal system, and it is encouraged by the extent of the
alteration zones and the associated gold mineralization. It is
considered significant that the small drill program on the Blackfly
Target encountered both high grade gold associated with major
quartz veins, and several intersections of low grade material (the
average grade of the nearby Hammond Reef deposit is 0.8 g/t Au)
associated with alteration and narrow veins. The Blackfly Vein has
been tested only in the upper ten vertical meters; it is open
down-dip and along strike. Brett Resources' experience in similar
alteration systems is that the width and continuity of the ore
improve with depth. In the Hammond Reef A Deposit, many of the
shallow drill holes encountered grades of 0.30-0.50 g/t Au
overlying much wider and higher grade mineralization. It is also
significant that TerraX has only tested a 100 m strike length of
the Blackfly Target and a 150 m strike length of the Blackfly
Northeast Target, both of which occur on the 4.4 kilometer Blackfly
lineament. The remainder of the strike length of this lineament has
never been drill tested.
TerraX believes the first phase of drilling has revealed
significant zones of gold mineralization which are incompletely
understood. Our strategy for moving forward at Blackfly will
include detailed surface mapping to identify the areal extent of
the distinctive rock units encountered in the drilling that
contained the gold mineralization. Follow-up trenching and channel
sampling will provide better understanding of the structural
controls and orientation of these zones. This surface work, which
is scheduled for the fall of 2010, will then be used to more
accurately locate the second phase of drilling on these gold
zones.
A map showing the location of the drill holes completed at
Blackfly will be available soon on our web site at
www.terraxminerals.com.
Table 1: Mineralized Intersections on the Blackfly Property
Target Hole From (m) To (m) Intersection
Blackfly BF10-01 130.14 134.10 3.96 m @ 0.79 g/t Au
Blackfly BF10-03 11.43 11.94 0.51 m @ 2.22 g/t Au
Blackfly BF10-03 84.92 93.18 8.26 m @ 0.94 g/t Au
Blackfly BF10-04 13.00 14.07 1.07 m @ 15.1 g/t Au
Blackfly BF10-04 80.32 81.80 1.48 m @ 0.81 g/t Au
Blackfly Northeast BF10-05 47.45 48.68 1.23 m @ 0.57 g/t Au
Blackfly Northeast BF10-05 105.58 107.05 1.47 m @ 2.70 g/t Au
Blackfly Northeast BF10-05 118.81 120.28 1.47 m @ 0.73 g/t Au
Blackfly Northeast BF10-06 22.88 23.99 1.11 m @ 0.79 g/t Au
All drill core from the 2010 drill program was logged, split and
sampled at a secure core facility in 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.
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."
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 Brett Resources' 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 (approximately 6.7 million
ounces of gold). The Brett Resources Technical Report 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. For more information on TerraX, please
visit the company's website at www.terraxminerals.com.
On behalf of the Board of Directors
"JOSEPH CAMPBELL"
Joseph Campbell, P.Geo
President
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.