TSX-V: TXR
Frankfurt: TX0
VANCOUVER, March 4 /PRNewswire/ - TerraX Minerals Inc.
(TSX.V: TXR; Frankfurt: TX0) has received assay results from
the seven holes drilled in December 2010/January 2011 on its Blackfly gold property near
Atikokan, Ontario. At Blackfly
Northeast, where TerraX drilled two holes, hole BF11-11 intercepted
2.0 m of 10.96 g/t Au, including 0.7 m of 29.8 g/t
Au, at a vertical depth of 93 meters. Drilling is
continuing at the nearby Sunbeam-Pettigrew property.
The Blackfly property consists of five claims
totaling 10.1 sq km, straddling the western margin of the Archean
Marmion Batholith, in a similar geological environment to the
Hammond Reef gold deposit, presently being explored by Osisko
Mining Corporation. The Hammond Reef deposit 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).
TerraX completed two drill holes in the
northeastern portion of the Blackfly property, testing along strike
from a TerraX drill intersection of 1.47 m @ 2.7 g/t Au in hole
BF10-05, which was obtained from veins within a distinct, highly
magnetic mafic intrusive. The holes were collared 75 m on
either side of BF10-05. Both holes intersected mineralization
within the same geological setting, presumably part of the same
structure. BF11-11, drilled northeast of BF10-05, had an
intersection of 2.0 m of 10.96 g/t Au, which includes 0.7
m @ 29.8 g/t Au with an adjacent sample of 1.3 m @ 0.821 g/t
Au. Hole BF11-12, drilled southwest of BF10-05, returned 1.4
m @ 0.452 g/t Au on this same structure. This hole also
had isolated intersections of 3.34 m @ 0.396 g/t Au and
0.76 m @ 0.777 g/t Au related to individual quartz-ankerite
veins. The mineralized structure is open along strike and
down-dip, and will be the target of future drill testing.
Previous work in the southern part of the
property has established that there are two mineralized trends,
Blackfly Main and Blackfly Northwest. Blackfly Main is a
narrow, locally high grade system which has returned grab samples
up to 167 g/t Au and drill intercepts up to 1.07 m @ 15.1 g/t Au.
Blackfly Northwest is wider and lower grade, of a similar style to
mineralization in the Hammond Reef deposit. It has returned
grab samples up to 2.08 g/t Au and drill intersections up to 8.26 m
@ 0.94 g/t Au. Five holes were drilled in this area but the
first hole was abandoned so only four holes were completed,
intersecting both mineralized zones.
The Blackfly Main vein system was recognized in
two of the holes. In hole BF10-07, multiple
quartz-ankerite-sericite-pyrite veins returned 1.1 m @ 361 ppb
Au. In hole BF10-09, the structure occurs as a 0.8 m
shear zone which ran 82 ppb Au. The vein system was
not recognized in the other two holes. These results
corroborate surface observations that the thickness and grade of
this vein system fluctuate dramatically along strike; clearly the
same behaviour occurs down dip. The Blackfly Northwest
mineralized trend was recognized in all four holes. In hole
BF10-07A it is a pyrite-rich shear zone which returned 0.91 m @
0.873 g/t Au. In hole BF10-08, the Blackfly Northwest
trend is a quartz vein-rich zone which ran 12.06 m @ 77 ppb
Au. In hole BF10-09 the zone produced 6.37 m @ 98 ppb
Au. Hole BF11-10, drilled 50 m along strike from all previous
drilling, generated two intersections which could plausibly be
related to Blackfly Northwest: 3.75 m @ 611 ppb Au, and 2.16
m @ 124 ppb Au.
The Blackfly Main trend has now been identified
on surface over a strike length of 345 m and drill tested over a
strike length of 210 m. It has been tested by a total of
seven holes, to a maximum vertical depth of 70 m. Although
high grade in places, the trend is a challenge to quantify because
it varies erratically in character. The Blackfly Northwest
trend appears to be relatively continuous over the 210 m strike
length of drill testing, to a vertical depth of at least 135
m. It contains significant widths of anomalous gold (true
thicknesses up to 9.5 m encountered to date). Future
exploration will concentrate on delineating higher grade portions
of this mineralized trend.
Three holes have been completed at the Road
prospect on the nearby Sunbeam-Pettigrew property and assay results
are expected shortly. A further three holes have been
completed at the AL198 prospect on Sunbeam-Pettigrew, where TerraX
grab samples returned up to 16.2 g/t Au. Two holes are
presently being drilled at the Roy prospect, where TerraX grab
samples returned up to 3.83 g/t Au.
For more information on TerraX's properties,
please visit our 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 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 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, including the
past-producing Hope Brook deposit in
Newfoundland.
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.
